Slow faster payment

OceanSound

Deleted_User wrote: »

Basically faster payments isn't the promise of near instant payments it was made out to be, just merely 50/50 chance it will be made same day.

Do you mean for newly created payments? because for already established payments (recipients) I've found the odds of the payment going through instantly are much much higher.

For newly created payments, if you do a small payment, then follow it up with a large payment, seems the chances of it being instant are a lot less than 50/50 (with FD bank anyway).

OceanSound

YorkshireBoy wrote: »

Check your FD account T&Cs, page 15. See the word "usually"? That's their get-out should they wish to carry out additional checks.

The terms (13 January 2018) available online says this:

Faster Payments is a UK payment system that means electronic payments will arrive usually within a few hours and sometimes even faster than that.

and it's on 15 not page 11.

"Usually within a few hours..." is really vague, when the fasterpayments site itself says:

Provided the sending and receiving bank/building society are Direct Participants of Faster Payments, payments are usually available almost immediately, although they can sometimes take up to two hours.

BTW, the terms and conditions aren't a be-all and end-all. Other info (or lack of it) on website, emails etc become relevant. See:

http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=46486

Also, terms can be deemed as unfair by a Court.

Aside from any legal implications, not having any info (about a delay due to fraud checks) certainly didn't do any justice to my levels of worry and anxiety. Too much to ask from FD to be concerned about the customers well-being?, as long as they may have covered themselves legally?

Anyway, I've only been with FD about two months, and have already started to see some cracks (that make them not quite the same as hsbc generally).

YorkshireBoy

YorkshireBoy wrote:

Check your FD account T&Cs, page 15. See the word "usually"? That's their get-out should they wish to carry out additional checks.

OceanSound wrote: »

The terms (13 January 2018) available online says this:


and it's on 15 not page 11.

"Usually within a few hours..." is really vague, when the fasterpayments site itself says:

I believe I said page 15. Maybe consider actually reading the replies you're getting before hitting the keyboard, because that was a poor attempt at points scoring.

PeacefulWaters

Also, terms can be deemed as unfair by a Court

This is true.

I bet that particular term would be seen as acceptable though.

mgdavid

You have no contract with Faster Payments (system).
You need to read your bank's Ts & Cs **and nothing else**.
I think you are looking to make a problem where none exists.
Do your transfers on the basis of 'by the end of the next working day' and you cannot go wrong. Anything quicker should be treated as 'exceeding expectations'.

KJSmith

OceanSound wrote: »

...the fasterpayments site itself says:..

The Faster Payments process itself can take a maximum of 2 hours. Any delays that you observe would be down to the sending or receiving bank - e.g. perhaps there are additional checks they feel they need to make, maybe they process their transactions in batches. However, as long as the funds are credited by the end of the next working day this would be compliant with the law.

Mulder00

It may not have been held for checks. The payment might have gone slower or appeared to go slower due to system maintenance (either upgrades or daily maintenance). Banks tend to do routine and ad hoc maintenance over weekends mostly at night and in the early hours of the morning. Since at least two parties were involved, the hold up could have been on either side.

This also seems to be supported by the fact that you made another payment which was significantly slower than would usually be expected.

OceanSound

mgdavid wrote: »

....
You need to read your bank's Ts & Cs **and nothing else**.

Not quite. Other info such as emails and website info come in to play. You will see that if you read the link I posted earlier to the ombudsman decisions website.

Do your transfers on the basis of 'by the end of the next working day' and you cannot go wrong.

Now I know that. But didn't at the time, due to poor information displayed on the FD website (just before payment).

OceanSound

Mulder00 wrote: »

It may not have been held for checks....
This also seems to be supported by the fact that you made another payment which was significantly slower than would usually be expected.

If this was so, how would that other payment (made three hours after) be processed a lot earlier than the payment in question?

OceanSound

YorkshireBoy wrote: »

I believe I said page 15. Maybe consider actually reading the replies you're getting before hitting the keyboard, because that was a poor attempt at points scoring.

That's a bit below the belt.

I meant to say "and it's on 11 not page 15" and I did read your post properly as you may be able to tell from my extensive reply (simple errors like this can happen when the reply isn't a one liner). I was concerned that you may not be quoting the most recent terms. I believe 13 January 2018 is the currently effective terms.

If the "usually..." part is on page 15 of the terms you are looking at, we may not be looking at the same terms.

I think it would have been beneficial to the users of the forum if you posted the source to the terms you were looking at.

BTW, do you still think it was point scoring?