Tesco Current A/C Faster Payments delays

diamonds

anoncol wrote: »

Mountain out of a mole hill strikes to mind.

I was left with no access to any of my own money, floating somewhere in bank cyberspace for 17 hours.

Thankfully I had a credit card for back up, imagine I or anyone did not have a cc and had to wait until the next day needing to buy medical purchases, which was the position I found myself in.


Faster Payments
http://www.fasterpayments.org.uk/about-us/benefits-faster-payments



Single Immediate Payments
Customers can initiate these one-off payments with their bank online, using a mobile device, over the phone or in a branch.

Single immediate payments can be sent 24 hours a day, seven days a week (subject to the service offering of your bank).

Up to £250,000 can be sent per transaction (although individual banks may impose lower limits). You can check the current limit here http://www.fasterpayments.org.uk/about-us/transaction-limits

***The money must be available in the receiving customer account within two hours***but generally is available within minutes.

***The central Faster Payments infrastructure provides a response to the sending bank within 15 seconds, confirming that the receiving bank has accepted or rejected the payment.*** When rejected, the receiving bank will also provide a reason for the rejection.

***Sometimes the receiving bank is unable to take the payment immediately, in which case the customer should be given a response indicating when they can expect the funds to reach the account.*** Reasons for this include an operational issue at the receiving bank or if the receiving account does not permit immediate posting of the payment.




^Perhaps my expectation my bank conform to the FP rules is too high for other MSE :rotfl:

Goldiegirl

I've noticed that Tesco FP may take a few minutes rather than being 'instant'.

How much was this FP that took 17 hours? You said you had £1000's in the Nationwide, so you weren't REALLY left penniless with no access to any money.

molerat

diamonds wrote: »

I was left with no access to any of my own money, floating somewhere in bank cyberspace for 17 hours.

Thankfully I had a credit card for back up, imagine I or anyone did not have a cc and had to wait until the next day needing to buy medical purchases, which was the position I found myself in.


Faster Payments
http://www.fasterpayments.org.uk/about-us/benefits-faster-payments



Single Immediate Payments
Customers can initiate these one-off payments with their bank online, using a mobile device, over the phone or in a branch.

Single immediate payments can be sent 24 hours a day, seven days a week (subject to the service offering of your bank).

Up to £250,000 can be sent per transaction (although individual banks may impose lower limits). You can check the current limit here http://www.fasterpayments.org.uk/about-us/transaction-limits

***The money must be available in the receiving customer account within two hours***but generally is available within minutes.

***The central Faster Payments infrastructure provides a response to the sending bank within 15 seconds, confirming that the receiving bank has accepted or rejected the payment.*** When rejected, the receiving bank will also provide a reason for the rejection.

***Sometimes the receiving bank is unable to take the payment immediately, in which case the customer should be given a response indicating when they can expect the funds to reach the account.*** Reasons for this include an operational issue at the receiving bank or if the receiving account does not permit immediate posting of the payment.




^Perhaps my expectation my bank conform to the FP rules is too high for other MSE :rotfl:

Two different sets of rules come into play here. Faster Payment scheme rules which give 2 hours and Payment Services Regulations which give until end of next day. I had a couple of payments once that failed the FP rules but went through next day in accordance with PSRs and it was down to fraud checks as I made several multi £K payments to different people in a short period.

YorkshireBoy

diamonds wrote: »

^Perhaps my expectation my bank conform to the FP rules is too high for other MSE :rotfl:

I'm afraid The Payment Services Regulations (the UK's way of ensuring compliance with the Payment Services Directive, a piece of EU legislation) trump the "FP rules".

diamonds

Goldiegirl wrote: »

I've noticed that Tesco FP may take a few minutes rather than being 'instant'.

How much was this FP that took 17 hours? You said you had £1000's in the Nationwide, so you weren't REALLY left penniless with no access to any money.

NWide card arrived the next day...thankfully the NWide Select credit card had arrived a day earlier or I would have been royally *bleep*


If I remember correctly it was £500 or £700...I forget exactly as I have been doing a lot of transfers out of Tesco since because of the situation, balance down to £100 now (spending money for the rest of the month).

Ballard

diamonds wrote: »

I was left with no access to any of my own money, floating somewhere in bank cyberspace for 17 hours.

Thankfully I had a credit card for back up, imagine I or anyone did not have a cc and had to wait until the next day needing to buy medical purchases, which was the position I found myself in.

diamonds wrote: »

NWide card arrived the next day...thankfully the NWide Select credit card had arrived a day earlier or I would have been royally *bleep*


If I remember correctly it was £500 or £700...I forget exactly as I have been doing a lot of transfers out of Tesco since because of the situation, balance down to £100 now (spending money for the rest of the month).

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

There's a lot that doesn't add up here. You were topping up TSB for contactless use that day but the payment for between £500-£700. Did you really spend that amount on contactless? That's a heck of a lot.

Being as you have a TSB card why couldn't you use that one for your medical supplies or didn't you have any money left in it? If it was empty, why are you running a Tesco account (soon to be two) when TSB pays a higher rate of interest.

Note to self: I really shouldn't get involved.

diamonds

Ballard wrote: »

There's a lot that doesn't add up here. You were topping up TSB for contactless use that day but the payment for between £500-£700. Did you really spend that amount on contactless? That's a heck of a lot.

Being as you have a TSB card why couldn't you use that one for your medical supplies or didn't you have any money left in it? If it was empty, why are you running a Tesco account (soon to be two) when TSB pays a higher rate of interest.

Note to self: I really shouldn't get involved.

I was transferring to TSB to then transfer to Halifax to save setting up a new payment direct to Halifax as I was in a taxi using TescoBank app. My TSB sits at £2000, I left the TSB card at home & took my Halifax Reward card knowing money was about to go over to it, I except Tesco is not as fast as others...but 17 hours??

No TSB/Halifax/Tesco account was empty ? The only empty part was a missing amount in FP cyberspace.


Tesco account(s) to transfer out for incentives. Will leave one open for 3% but know never to bank everything in there given FP with Tesco is a slower payment than the other banks.

I could have just taken the cash out at a ATM with Tesco and paid it into TSB/Halifax next morning myself a lot quicker than wait 17 hours.

Ballard

That all sounds utterly credible. I for one believe you and I hope that no one else on here is left in any doubt. You've really gone up in my estimation.

steve65e

The £20 I sent from Santander to my Tesco internet saver yesterday lunchtime has only just arrived. It usually takes about an hour so I'd say something's not right.

(And it's cost me 0.074p in interest.)

diamonds

Thankfully my risk management is always to look way ahead, why I ended up in that industry


Risk management: pick up new NWide credit card with Halifax debit card (to activate 'offers' by using C&P) running out the door, just in case.


Did not expect a 17 hour delay, others should just be aware.

Tarting is a serious business, esp if you automate payments and Tesco delay 1 payment so then a long a list of tarting transfers may end up in a list of accounts in disarray because of Tesco Bank cant stand by FP rules of within 2 hours.


Anyhow that new NWide Select credit card and me taking it on the off chance worked out for the best because I future planned.


Just be aware Tesco FP delays may cause problems, 17 hours is the next working day, not good if you have one or more automated transfers between accounts for tarting purposes to benefit - someone may end up with negative balances.