Transfer money by 12pm next day?????

timbo86

Hi there, a couple of elderly relatives of mine were giving the grandchildren financial gifts. With regards mine they had told me they had transferred the money across from a building society account to my bank account and it would be done by 12pm the next day. With that I just assumed it would go in overnight as I've never known money to clear during the morning when the transaction took place the day before. Could someone help clear this up for me? How does it sound like it has been transferred and is it likely to clear by 12pm midday now It hasn't gone in overnight?
Thankyou kindly for your help

grumbler

timbo86 wrote: »

...is it likely to clear by 12pm midday now It hasn't gone in overnight?

It is likely. Don't expect to get any exact estimation of the probability though.
Fast Payments are usually (almost) instant, but the deadline is the end of the next business day.

timbo86

That's great thankyou. As I mentioned before whenever I have transferred money it's been pretty much straight away or overnight In worst cases. I've never known money to go in during the day which has been processed the day before

PeacefulWaters

There is no such time as 12pm.

Is it noon or midnight?

timbo86

Sorry was still half asleep when I posted. 12 midday have been told it will be in by. Still nothing as yet.

bengal-stripe

In case of a new payee and/or large amounts, banks tend to do fraud-prevention checks which will hold up transfers.

As long as the Faster Payment arrives before the end of the next working day, everything is still within the correct time-frame for FP transfers.

colsten

Faster Payments are to arrive by end of next business day.