Faster Payment Not Received...

Westie983

I would take the silence as no!!!

FP sent on a Tuesday would have hit the account EOD Wednesday, BACS transfer would have been received today, although only sent this way if the account doesnt accept FP but as we dont know the recipient bank this could be the case, but this information would have been viewable on the buyers screen when payment was sent,

Maybe they (buyer) have recalled the payment, when they knew it was sent as a BACS transfer, just a possibility.

newlywed

At work we have a free faster payment option that takes 3 days to be received....

eskbanker

newlywed wrote: »

At work we have a free faster payment option that takes 3 days to be received....

....which therefore isn't a faster payment, either in literal terms or in the context of the rules of the Faster Payments scheme, as per http://www.fasterpayments.org.uk/faqs:

How long do Faster Payments take?
Provided both banks are direct participants in Faster Payments, payments are usually available almost immediately, although they can sometimes take up to two hours. These timescales can still apply if either the sending or receiving bank is not a direct participant of Faster Payments, however some payments will take longer, especially outside normal working hours. You should talk to your bank if the speed of the payment is particularly important. As a minimum, all electronic payments must be made available by the end of the next business day.

Where is 'work' and where would payments be going from and to under the option you refer to? Presumably not between major banks....

agrinnall

eskbanker wrote: »

....which therefore isn't a faster payment, either in literal terms or in the context of the rules of the Faster Payments scheme, as per http://www.fasterpayments.org.uk/faqs:

Where is 'work' and where would payments be going from and to under the option you refer to? Presumably not between major banks....

The only real options are that it is a Faster Payment but it's Future Dated, or it's a BACS DC.

Rubin2016

The funds weren't received through the Faster Paymemt, they were deducted from the payers bank account but never moves by the bank to my bank. I've now received the funds in cash from the buyer.

The error lay with the sending bank.

System

Cash is often best - only 25 notes to check!

Rubin2016 wrote: »

The funds weren't received through the Faster Payment, they were deducted from the payers bank account but never moves by the bank to my bank. I've now received the funds in cash from the buyer.

The error lay with the sending bank.