Tesco Current A/C Faster Payments delays

diamonds

Anyone else get delays when doing FP ?

Took 17 hours the other day, but on average it takes longer than a FP with NWide, RBS, LBG etc..

agrinnall

Tesco Bank are not a full member of the Faster Payments system according to the list here which i assume means that they only send in batch rather than real time.

diamonds

agrinnall wrote: »

Tesco Bank are not a full member of the Faster Payments system according to the list here which i assume means that they only send in batch rather than real time.

Ah, guess one of my accounts is becoming a incentive switcher then, the other will bank my savings over RS amounts, tiny as such, but every little helps

colsten

I have been making 6-10 faster payments each week from Tesco to my various other accounts with Lloyds, BOS, Halifax, TSB, FD, COOP, Santander, HSBC, Natwest and Nationwide for many months now. Sometimes they take a few minutes arrive but it's never been more than 5, and most are complete within 60 seconds.

diamonds

colsten wrote: »

I have been making 6-10 faster payments each week from Tesco to my various other accounts with Lloyds, BOS, Halifax, TSB, FD, COOP, Santander, HSBC, Natwest and Nationwide for many months now. Sometimes they take a few minutes arrive but it's never been more than 5, and most are complete within 60 seconds.

Lucky you, 17 hours is unacceptable though....time to stop transfer banking on Tesco for efficiency reasons.

oldagetraveller

I must be "lucky" too!
Similarly to colsten and jus the opposite to the o.p.'s, all FP transfers from/to my Tesco current and savings accounts take only minutes to complete. Sometimes only seconds. So I presume they are "real time", not "batch" transfers.
That's of no help to diamonds though.:o Have you asked Tesco Bank why this is happening? They are usually, in my experience, very helpful and knowlegeable.

xylophone

I have never had any delays with FP to and from Tesco current accounts.

colsten

diamonds wrote: »

Lucky you, 17 hours is unacceptable though....time to stop transfer banking on Tesco for efficiency reasons.

17 hours is well within the legal requirement, which is that payments must arrive at their destination by the end of the next business day (provided they are not considered fraudulent).

Delays of several hours do occur randomly at various banks at various times. People have reported them happening at Santander, Lloyds and Halifax. These delays are due to referrals to the fraud department for investigation. The investigation usually concludes there is no fraud and the payment gets completed within the legally allowed timeframe.

diamonds

17 hours means missing out on interest when my TSB dips just under 2K...17 hours is the next day. Obviously I transfer in any amount the same day I have used on contactless in that same day, given contactless payments do not show as pending and come straight off my account at times or the next day 17 hours is not acceptable to me

System

It has been pointed out here (many times) the the FPs only have to reach the recipient by the end of the next business day.

If you are unhappy, you can move to another provider, but the legislation also applies to them...

If you want same day - then spend some pennies on CHAPS payments.

agrinnall

diamonds wrote: »

17 hours means missing out on interest when my TSB dips just under 2K...17 hours is the next day. Obviously I transfer in any amount the same day I have used on contactless in that same day, given contactless payments do not show as pending and come straight off my account at times or the next day 17 hours is not acceptable to me

Well the amount of interest that you'll miss out on by a day's delay is minimal, maybe 20p.

Heng_Leng wrote: »

It has been pointed out here (many times) the the FPs only have to reach the recipient by the end of the next business day.

If you are unhappy, you can move to another provider, but the legislation also applies to them...

If you want same day - then spend some pennies on CHAPS payments.

And even if CHAPS payments are allowed from Tesco accounts I'd imagine the cost will be considerably greater than the amount of interest foregone!