Faster Payment...not so fast.

agrinnall

Anthorn wrote: »

Probably the banks and building societies are not very good at displaying relevant information. For example Nationwide displays 7 days per week in the setup in online banking but they only do it on a working day. So if you requested a payment on a Saturday it won't go until Monday - if that's a working day.

As noh says that is generally untrue, Nationwide FPS will normally be same day at the weekend if the receiving bank is able to accept payments, which most can. It may not be credited at the other end until Monday, but that's not anything that Nationwide can control.

Anthorn

noh wrote: »

Not my experience.
Faster payments from Nationwide go immediately 24/7.

Future dated payments (standing orders) are processed only on working days

From the information in the OP I deduced that the payment had not in fact gone by the FPS which is why I quoted "Transfers". Indeed Nationwide only transfers on a working day and not at weekends while they do provide the facility to enter saturday and sunday dates.

Most internal transfers between Nationwide accounts now happen on the same working day and payments to other organisations will reach their destination no later than the end of the next working day.

http://your.nationwide.co.uk/your-news/articles/Pages/faster-payments.aspx


Please try to actually read my posts in future, thank you.

Archi_Bald

desthemoaner wrote: »

Thanks again for all replies.

The reason for my query is that almost without exception, payments that I have made from my Halifax account have been in the receiving account within an hour at most, even if being paid to a new payee, and even at weekends; and this particular version of Faster Payment was a new experience for me.

Fortunately, the money is in the receiving account this morning and the panic of last night seems like a foreign country.

I use Santander a lot, to transfer money to my other accounts at other UK banks, and my experience is that literally all payments arrive instantly.

Very occasionally, there is some technical issue, e.g. a problem at the receiving bank and it takes several hours for the payment to show. Even more occasionally, and very annoyingly, the Santander fraud prevention kicks in, and then it can take up to the end of the next working day for the money to arrive.

To be fair, Santander do confirm your payment with this message

Your payment request is being processed and will show on your account and statement at the latest by the end of the next working day subject to normal bank checks, please do not attempt this transaction again.

Despite the message, your payment can arrive instantly the other end - I have just made a payment to Tesco Bank, got the above message, and the money is already in Tesco.

DesG

Santander are a real pita for this.

For new payees the anti-fraud checks nearly always kick in, very rarely for frequent payees.

DesG

Anthorn wrote: »

From the information in the OP I deduced that the payment had not in fact gone by the FPS

You made a mistake.

Please try to actually read my posts in future, thank you.

And yet you get your panties in a twist when your mistake is corrected, nice.

agrinnall

Anthorn wrote: »

From the information in the OP I deduced that the payment had not in fact gone by the FPS which is why I quoted "Transfers". Indeed Nationwide only transfers on a working day and not at weekends while they do provide the facility to enter saturday and sunday dates.
http://your.nationwide.co.uk/your-news/articles/Pages/faster-payments.aspx


Please try to actually read my posts in future, thank you.

What a strange response. That link is to a page that's over 3 years old, although the information in it happens to still be correct. But it doesn't in any way contradict noh's post (or mine) as it's simply stating the position under the Financial Services Directive for when FPS transfers have to arrive, there's nothing to say they can't get there earlier even on non-banking days, and in fact they usually do. Rather than criticise other people, do yourself a favour and try to understand how the system really works.

Edit: And just to add, in case you are still confused, Nationwide internal transfers can be done on any day and are about as instant as you can get - I've just done one from my Flexaccount to my Flexdirect.

Where I was wrong was in saying that the information in your link was correct. Some of it still is, but the correct and up to date information can be found on this page (including details on internal transfers).

http://www.nationwide.co.uk/support/support-articles/important-information/faster-payments

noh

Anthorn wrote: »

From the information in the OP I deduced that the payment had not in fact gone by the FPS which is why I quoted "Transfers". Indeed Nationwide only transfers on a working day and not at weekends while they do provide the facility to enter saturday and sunday dates.
http://your.nationwide.co.uk/your-news/articles/Pages/faster-payments.aspx


Please try to actually read my posts in future, thank you.

I did read your post and the information you gave is incorrect.

Nationwide transfers to external accounts (which are also known as faster payments) are sent immediately 24/7.

Standing orders are sent only on working days.

desthemoaner

Archi_Bald wrote: »

I use Santander a lot, to transfer money to my other accounts at other UK banks, and my experience is that literally all payments arrive instantly.

(Quote cropped)



Which was why I was surprised, because this was the first time this had happened since we first banked with Santander at the beginning of this year. I've just transferred a tenner back to my wife's Santander account from the Halifax, and by the time she logged on, about two minutes later, it was in there.


Yesterday it was explained to me by Santander that the delay might be due to security checks because she had sent the payment to me as a new recipient, although I don't recall a similar delay with first payment to any other payee. What really threw me was that the payment had left her account but the Faster Payment (and it was marked as such) was showing as "rejected", although maybe this status is normal when a payment is awaiting approval. Perhaps they should mark it as "pending" instead, to save frightening the plebs.


Main thing is, the money is in there, and I've just trimmed my laburnum without falling off the ladder.

Anthorn

noh wrote: »

I did read your post and the information you gave is incorrect.

Nationwide transfers to external accounts (which are also known as faster payments) are sent immediately 24/7.

Standing orders are sent only on working days.

I did provide a link which states transfers are only done on a working day but you obviously haven't read it!

noh

Anthorn wrote: »

I did provide a link which states transfers are only done on a working day but you obviously haven't read it!

I have read the link you provided.

It is you who is mistaken. I suggest you re read it.
Here it is again to make it easy for you.
http://your.nationwide.co.uk/your-news/articles/Pages/faster-payments.aspx


Nowhere on that page is it stated that transfers are only done on a working day.

I suggest that it is your understanding of the English language that is causing you to come to the conclusion that you have.

The link agrinnall provided http://www.nationwide.co.uk/support/support-articles/important-information/faster-payments
will clarify the situation for you.

Nationwide has been my main current account for the past 27 years. The published information is the same as my experience.
Faster payments are sent 24/7.
Internal payments are immediate.
Standing orders are sent only on working days.

The information in your op in this thread is simply wrong.