Faster Payment date issues?

TrustyOven

Hi all,

Just noticed, while doing my monthly transfers between my accounts, that my HSBC SO to my Halifax has not occured.
That's very odd - worked fine for at least a year.

Then, I transferred money from TSB to Tesco and notice that the date from HSBC to TSB is dated 3rd April, instead of 1st April, and my transfer to Tesco also 3rd April.

Why is this?

Luckily for me it's not urgent, but I am fairly sure that FP transfers over the weekend have worked correctly over the past year or two. Why the sudden date weirdness?

Anyone else seeing this issue?

agrinnall

They have still worked, but most banks will use a posting date of Monday for transfers done over the weekend, which is what has happened here. It may be that you simply haven't spotted it before. The one I'm slightly surprised about is Tesco as I was under the impression they did post 7 days a week but I don't think I've ever done a transfer to them at the weekend so I can't be sure.

ceredigion

Faster payments over the weekend dated next working day.

Standing orders to be paid on over the weekend will be processed on the next working day, except Tesco who send over the weekend but date next working day.

TrustyOven

Ok thanks!
It's probably that I've not noticed it before.
I was wondering if I was going to cause some causality loop or something. Since HSBC -> TSB transfer occured on 3rd April, but also on 1st I did TSB -> Tesco. TSB thinks it's also 3rd, and I've not checked Tesco but I guess it's not going to show the funds until Monday. Hah!

Shakin_Steve

This business/working day thing must surely end soon. It's a bit archaic in today's world. You can get through to customer services at the weekend, and computers only know it's the weekend if you tell them.
I have a direct debit paid to a credit card payed on 1st. Of course, if I check my current account now, there will be nothing showing, it will appear tomorrow. But if I check my CC account, it's showing as paid, but dated tomorrow. So, according to the CC company it's been paid, but not the bank.

badger09

I'm not complaining about this 'archaic' system.

I have a payment of £6600 which was due to go from Santander 123 to Santander Consumer Finance on 1st April. It won't go until 3rd:)

Neither will all the SOs to feed my multiple Virgin regular savers, but overall, I gain:beer:

clivep

The faster payment system works 7 days a week e.g. I made a payment yesterday (Saturday 1st) from my Santander 123 account into my Nationwide Flexaccount. The payment showed up as cleared funds at Nationwide within second and I was then able to move it to my Nationwide Loyalty Savings a/c.

On the other hand, a standing order due to be paid out from the Santander 123 a/c on the 1st of each month will not be processed until tomorrow (3rd).

I can (just about) understand why direct debits are not requested by the payee until the next working day but cannot see why standing orders cannot be sent on the date specified.