Slow transfers from bank to bank

Maureen43

Morning All

I've recently opened an account with the West Bromwich building society.

I've set up various transfers out of this account and I am finding that transfers are taking no less than 3 working days to reach their destination.

This seems really long. Are there any rules/standards on how long transfers between institutions should take?

Many thanks
Maureen

xylophone

Have you checked the T&Cs?

http://www.westbrom.co.uk/faqs/savings/operating-your-savings-account/how-do-i-make-withdrawals-from-my-savings-account

agrinnall

Is there any reason why the society should not be required to meet the demands of the Payment Services Regulations 2009, particularly section 70 clause 1?

http://www.legislation.gov.uk/uksi/2009/209/regulation/70/made

eskbanker

The Ts & Cs linked from post #2 do indeed specify end of next working day for transfers from WebSave accounts (OP hasn't said yet which account she's referring to):

When transferring money from your Savings Account to your nominated account, payments should reach your account by the end of the business day following the date of withdrawal. Requests to transfer money out of your account received before 3.30pm on a working day will be processed the same day. Requests received after 3.30pm will be processed the next working day.

The 3.30 cutoff can effectively add an extra day as it's stating that the transfer doesn't actually start until the next working day, so, if a transfer is requested after 3.30pm on day 1 then it's not guaranteed to arrive until the end of day 3, which some might (harshly) portray as taking three working days in total?

Maureen43

It's actually a regular transfer that I've set up.

So really Day 1 should be first thing in the morning.

I will take it up with them.

agrinnall

Maureen43 wrote: »

It's actually a regular transfer that I've set up.

So really Day 1 should be first thing in the morning.

I will take it up with them.

I take it by that you mean a Standing Order, which as you say should be sent early in the morning. So if you have one that is scheduled to be sent early in Tuesday morning, when does it arrive? It should be by the end of day on Wednesday, are you saying it takes longer than that?

It would also help if you answer the question about which specific account it is.