Faster Payment Not Received...

Rubin2016

Hi

Looking for some advice on Faster Payments and payments not being received.

I sold an item on Tuesday for almost £2500. The payment was made by the buyer by Faster Payment from her Natwest Business Account. I had all the screenshots of the payment set up (so could see my details were correct), and also of the confirmation that the transaction had been confirmed. By the time she came to pick up the item the funds were not in my account. She came across as genuine, had spoken to her bank who confirmed payment would be in my account by 12 and showed me evidence the payment had been completed. I felt she gave me enough evidence and so let her taken the item before the funds were in my account (I'm well aware it wasn't a great idea so I'm not looking for a lecture or judgement on that from anyone!)

Well it's now 2 days later and the funds still haven't been received in my account. Her bank have confirmed the funds have left her account, I have a screenshot of confirmation of the payment being completed on 10th Aug to me and with the correct sum.

I've requested her bank put a trace on the funds and they've come back with a reference for the transaction and advising they will receive 24 hours after its shown on the statement.

My question is whether this is normal and how long it's likely for the Faster Payment to come to my account? I'm aware they say 2 hours but this isn't always the case...

Thanks in advance

bigadaj

They normally guarantee faster payments will be received by the end of the working day after they were made, though normally within two hours.

What does your bank say, have they any indication of a payment neighbors received or processed?

anselld

24 hours after the 10th is today. I would wait until tomorrow before panicking.

FP spec is end of next working day which could still be end of today if made after cut-off on Tuesday.

agrinnall

anselld wrote: »

24 hours after the 10th is today. I would wait until tomorrow before panicking.

FP spec is end of next working day which could still be end of today if made after cut-off on Tuesday.

If the 12 referred to in the OP was noon on Tuesday then the payment should have been received by end of day on Wednesday. I suspect that there may be some AML investigation going on, but the banks won't tell the OP whether that is the case or not.

System

As others have said - FPs can take up to end of the next business day.

BACS payments are still available to business customers - she may have sent one of those instead and they take 3/4 working days.

jonesMUFCforever

Why would her bank speak to you at all?

I hope I'm wrong but to me it looks like you have been had.

Thrugelmir

Buyer pays £2,500 and wants to instantly collect. Alarm bells ring.

Rubin2016

I have no concerns about the buyer, she's local and has stayed in contact. As I said, I'm not looking for judgement on my actions but information on faster payment time frames.

Many thanks for the useful advice!

LuSiVe

For the future I wouldn't trust a screenshot of a web page in any case. Too easy to edit the html source and make it look like a payment has gone somewhere it hasn't.

Archi_Bald

Rubin2016 wrote: »

I have no concerns about the buyer, she's local

All fraudsters are local to somebody

jonesMUFCforever

Rubin2016 wrote: »

I have no concerns about the buyer, she's local and has stayed in contact. As I said, I'm not looking for judgement on my actions but information on faster payment time frames.

Many thanks for the useful advice!

Has the money arrived in your account?