Tesco Current A/C Faster Payments delays

anoncol

steve65e wrote: »

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.)

You should write an official complaint about that. Its really out of order.

anoncol

diamonds wrote: »

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.

I've never heard this expression before and it sounds horrible.

But how on earth are you in risk management and yet you dont realise the "possible" legitimate delays FPs can take whilst setting up standing orders to move money about?

Very risky. I would say "dont give up you day job", but oops.

bigadaj

diamonds wrote: »

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.

What do you do?

steve65e

anoncol wrote: »

You should write an official complaint about that. Its really out of order.

I would, but what with the electricity for the email, wear and tear on my fingers, and lost weekend quality time, I doubt it's worth it.

Sometimes you just have to let these things go.

diamonds

anoncol wrote: »

I've never heard this expression before and it sounds horrible.

But how on earth are you in risk management and yet you dont realise the "possible" legitimate delays FPs can take whilst setting up standing orders to move money about?

Very risky. I would say "dont give up you day job", but oops.

I dont do SO, others do...thats risk management - manually I know every month is dependant on me, not some software or bank employee that can mess up more than I ever will


WAS employed in risk management, left due to illness which could not have been foreseen unfortunately, even the NHS could not see it in 37 years but that was professional negligence not perceived risk or correct health management. I could not manage the full time hours anymore

diamonds

bigadaj wrote: »

What do you do?

Risk management in a non financial or H&S setting now, assisting others to manage life whom have various wide background issues life/time/planning/financial management. Back to basics of where I started in Health & Safety only with at risk persons and not a group of employees.

diamonds

steve65e wrote: »

I would, but what with the electricity for the email, wear and tear on my fingers, and lost weekend quality time, I doubt it's worth it.

Sometimes you just have to let these things go.

You forgot your biological time, mind you like you said, better to let it go - use your feet over anything else

KJSmith

diamonds wrote: »

...Tesco Bank cant stand by FP rules of within 2 hours...

It isn't a rule as such and Tesco Bank certainly hasn't broken it. The Faster Payment process itself may take up to 2 hours. The Faster Payment process is not controlled or maintained by Tesco Bank.

Any delays you experience would be because the sending bank hasn't actually started the Faster Payment process yet OR the receiving bank has received the funds through the Faster Payment Service but hasn't applied it the beneficiary's account yet.

In both these cases, this may be a result of how the bank's systems process payments or it might be because they are conducting further fraud/AML/other checks on the payment.

diamonds

KJSmith wrote: »

It isn't a rule as such and Tesco Bank certainly hasn't broken it. The Faster Payment process itself may take up to 2 hours. The Faster Payment process is not controlled or maintained by Tesco Bank.

Any delays you experience would be because the sending bank hasn't actually started the Faster Payment process yet OR the receiving bank has received the funds through the Faster Payment Service but hasn't applied it the beneficiary's account yet.

In both these cases, this may be a result of how the bank's systems process payments or it might be because they are conducting further fraud/AML/other checks on the payment.

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.

---

https://yourcommunity.tescobank.com/t5/Internet-Saver/How-long-will-it-take-to-make-a-payment/ta-p/561



***Faster Payments are fully supported by Tesco Bank***

anoncol

diamonds wrote: »

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.

---

https://yourcommunity.tescobank.com/t5/Internet-Saver/How-long-will-it-take-to-make-a-payment/ta-p/561



***Faster Payments are fully supported by Tesco Bank***

What is the point of this post? FP can legitimately take over 2 hours.