Faster payments

dazzaofdagenham

Hi
Are faster payments limited to banking hours or days?

So in a shift worker and during the early hours of today at approx 2.30am I made a transfer from my Halifax account to my American Express card.

Normally, if I've done this on a weekday during banking hours the money will reach and show on my Amex card within 30 mins.

However the payment I made more than 14 hours ago is still not showing as being on my card.

Thanks

bengal-stripe

A number of Credit Cards will only allocate payments to the respective account during Mon-Fri working hours. Maybe AX works the same way.

Leave it to Monday lunchtime before you do anything.

agrinnall

As bengal-stripe says, Halifax will have sent the money and Amex (or their bank, I'm not sure how they work) will have received it, but it is pretty certain that it won't be allocated to your Amex account until the next business day. I would expect almost all credit cards to work this way at best, many will not do the allocation in near-real time but wait until a batch run overnight.

Also, the Payment Services Directive requires payments to be made by the end of the next business day, so it is possible (but unlikely) that either Halifax or Amex/their bank have not completed the transfer yet and will have up to the end of day on Monday to do so without breaching the rules.

dazzaofdagenham

I'm more than 100% sure that if I've done the transfer on a weekday then it will show as a credit on my Amex account within the hour

david39

With MBNA they send an acknowledgement of receipt of the money within a few minutes by email but the credit doesn't show on the account until next working day.
I'm sure Amex will have received the money just as quickly and it will show a credit in due course.

agrinnall

dazzaofdagenham wrote: »

I'm more than 100% sure that if I've done the transfer on a weekday then it will show as a credit on my Amex account within the hour

More than 100% sure? That is extremely sure indeed. And you may be right, but that's just luck, there is no requirement for it to happen that quickly.

pinkdalek

Credit card firms vary but most acknowledge the day it was received even if it does not appear immediately on your credit account.
Vanquis can be awkward, from experience but others I have dealt with have always been fine.

If you needed the money urgently for future it would be better to have it paid to a personal bank account with your own sort code and account number., which accepts Faster payments in.

Credit card payments go to a collective account to be then allocated to their relevant credit card debts.

bigadaj

agrinnall wrote: »

More than 100% sure? That is extremely sure indeed. And you may be right, but that's just luck, there is no requirement for it to happen that quickly.

I believe 110% is now a reasonable minimum to expect, anything up to 200% is certainly not beyond expectation.

dazzaofdagenham

agrinnall wrote: »

More than 100% sure? That is extremely sure indeed. And you may be right, but that's just luck, there is no requirement for it to happen that quickly.

Yes when I've paid it before, within a few mins I get a email from Amex telling me payment has been received and my available credit is updated to reflect the payment.

dazzaofdagenham

Any ways, had a email at 04.19am this morning showing payment has been received and credited to my account