Tesco Current A/C Faster Payments delays

Archi_Bald

Tarting current accounts is serious business, don't under-estimate the dangers.

diamonds

anoncol wrote: »

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

The FP requirements of 2 hours and Tesco being a FULL FP authorised processor.... which contradicts (mis)information posted by other people.


FP is owned by all those authorised by and using it.



My original enquiry was have others experienced such with Tesco, others led away from that and I have posted the CORRECT info from the FP website itself.

diamonds

Archi_Bald wrote: »

Tarting current accounts is serious business, don't under-estimate the dangers.

Indeed, dont bank on a 2 hour window with a full member of FP service = TescoBank!

Archi_Bald

For the avoidance of doubt, I was joking.

Westie983

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

Contactless payments with TSB don't come out of the account straight away, they sit pending for up to 3 days, sometimes they show as contactless otherwise they just show as pending without mentioning how they have been processed.

They don't come straight out of the account, only the available balance is reduced till they are debited. So the payment to cover the contactless spending from Tesco to TSB will have been sent before the payment made via contactless is actually debited.

**edit on reading the rest of the post, it sounds like it was for a account funding not contactless after all, but as you can fund anytime over the month.

Tesco do take longer then all of the other accounts transfers but never takes 17 hours, maybe there was a issue on the day transfer was done.

diamonds

Westie983 wrote: »

Contactless payments with TSB don't come out of the account straight away, they sit pending for up to 3 days, sometimes they show as contactless otherwise they just show as pending without mentioning how they have been processed.

They don't come straight out of the account, only the available balance is reduced till they are debited. So the payment to cover the contactless spending from Tesco to TSB will have been sent before the payment made via contactless is actually debited.

**edit on reading the rest of the post, it sounds like it was for a account funding not contactless after all, but as you can fund anytime over the month.

Tesco do take longer then all of the other accounts transfers but never takes 17 hours, maybe there was a issue on the day transfer was done.

Sometimes TSB contactless dont show as pending and come out that day or the next, they dont always show until debited even on available balance. Thats why I contactless and transfer in to cover to keep £2000 in, the £500 funding is direct and transfer to Halifax Reward to cover that £750 minimum, then off to Tesco for 3% (or was, will be NWide 5% May onwards )


Defo a transfer issue that day ? Not going to happen again now Hali-->NWide and me knowing never to bank on Tesco meeting the FP 2 hour rule. I would understand a delay for thousands for security but not under £1000

diamonds

Archi_Bald wrote: »

For the avoidance of doubt, I was joking.

As was I, factually but with humour

KJSmith

diamonds wrote: »

The FP requirements of 2 hours and Tesco being a FULL FP authorised processor.... which contradicts (mis)information posted by other people.


FP is owned by all those authorised by and using it.



My original enquiry was have others experienced such with Tesco, others led away from that and I have posted the CORRECT info from the FP website itself.

You've mis-interpreted my post and mis-interpreted the information on Faster Payments website.

diamonds

KJSmith wrote: »

You've mis-interpreted my post and mis-interpreted the information on Faster Payments website.

A direct copy and paste and link from FP website and their authorised partner TescoBank is me mis-interpreting?


More like if you are indeed correct Faster Payments Scheme Limited, 2 Thomas More Square, London, E1W 1YN is misleading and misrepresenting themselves.

Them.

Not me, not I.

KJSmith

diamonds wrote: »

A direct copy and paste and link from FP website and their authorised partner TescoBank is me mis-interpreting?

That's not what I'm saying.

I think you've mis-understood my post and mis-understood the information on the FP website.

diamonds wrote: »

More like if you are indeed correct Faster Payments Scheme Limited, 2 Thomas More Square, London, E1W 1YN is misleading and misrepresenting themselves.

Them.

Not me, not I.

Your payment may take longer than 2 hours for reasons that are nothing to do with the Faster Payment process - I gave some likely examples of why in my first post. The actual Faster Payment process always takes 2 hours or less (unless there is a technical issue with the Faster Payment Service infrastructure). The infrastructure and handling of the Faster Payment process is the responsibility of the Faster Payment Service (not Tesco Bank).