Tesco Current A/C Faster Payments delays

colsten

eskbanker wrote: »

(unlike badger09's post I make it closer to 0.5p on your £100 rather than 1.37p if it's coming from a 3% account)

1.37p looks more correct to me than 0.5p. I don't think you'd still get interest in Tesco as the money will have left your Tesco balance even if the transaction gets held up for fraud checks.

Given that £100 @ 4.89% would earn £4.89 in a year, and that the daily interest is the annual interest dived by 365, the interest for 1 day would be 1.34p.

Whichever amount if correct, it's clearly a life changing amount.

Ballard

colsten wrote: »

1.37p looks more correct to me than 0.5p. I don't think you'd still get interest in Tesco as the money will have left your Tesco balance even if the transaction gets held up for fraud checks.

Given that £100 @ 4.89% would earn £4.89 in a year, and that the daily interest is the annual interest dived by 365, the interest for 1 day would be 1.34p.

This doesn't account for the loss of interest at Tesco, though.

colsten

OK, so absolute worst case you would neither get 0.81p at Tesco nor 1.34p at TSB, a whopping 2.15 pence. That is if there was any massive delay in the first place.

diamonds

colsten wrote: »

That is if there was any massive delay in the first place.

Read the OP

System

I am more than aware of average CHAPS cost.
I didn't literally mean pennies

agrinnall wrote: »

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!

agrinnall

Heng_Leng wrote: »

I am more than aware of average CHAPS cost.
I didn't literally mean pennies

I know you know, it wasn't you that my comments were aimed at, I was using your post to illustrate the pointlessness of worrying about a day's delay at current levels of interest.

diamonds

agrinnall wrote: »

I know you know, it wasn't you that my comments were aimed at, I was using your post to illustrate the pointlessness of worrying about a day's delay at current levels of interest.

The principle is I had no access to MY money nor was I receiving interest at the agreed rate as per T&C, one should not be forced to use a credit card when transferred funds should be available.



Anyway I did not call Tesco, it should not have happened in the first place. Tesco transfers are not Faster Payments within 2 hours, many of mine go over that time period, all to the major UK banks.

colsten

diamonds wrote: »

Anyway I did not call Tesco, it should not have happened in the first place. Tesco transfers are not Faster Payments within 2 hours, many of mine go over that time period, all to the major UK banks.

I'll try again: Tesco transfers are Faster Payments and normally arrive pretty instantly, as most people have indicated in their responses. TESCO, like other banks, are allowed to take until the end of the next business day, and they do say so in their T&Cs. If you are unhappy that one or more of your payments have been processed in line with the agreed T&Cs, you still have the right to move to another bank.

diamonds

colsten wrote: »

I'll try again: Tesco transfers are Faster Payments and normally arrive pretty instantly, as most people have indicated in their responses. TESCO, like other banks, are allowed to take until the end of the next business day, and they do say so in their T&Cs. If you are unhappy that one or more of your payments have been processed in line with the agreed T&Cs, you still have the right to move to another bank.

Try again...which if you read back you will see, I stated I intend to move bank.

anoncol

Mountain out of a mole hill strikes to mind.