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Charter Savings Bank
Comments
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That makes no sense - Charter Savings Bank aren't a directly connected participant in the faster payments scheme (as you recognise by referring to the need for Barclays to be in the loop) and therefore sending a payment to them via that means isn't guaranteed to reach them until the end of the next business day.
Hence clause 11.4 in those CSB Ts & Cs explicitly specifying this for outbound FPs ("The payment will reach your Nominated Account no later than the end of the Working Day following the Working Day on which we receive your Payment Instruction").
In other words, a payment initiated from another bank at 1pm may reach CSB by 4pm but realistically it's unlikely, so your self-imposed deadline of 1pm is completely arbitrary.
It makes perfect sense about 1 pm because FP can take up to two hours and then it goes via Barclays, thus getting there by the 4 pm cut off.
To get there for 4pm, what time would you suggest to send it?
And have you ever sent money to Charter?
I would also say that if you ring Charter and ask what time it needs to be sent, they will also tell you 1 pmto be safe for it to show the same day.0 -
The time to transfer money end-to-end to Charter obviously varies from one financial institution to another and isn't within Charter's control so they can't make any meaningful statements about how long it takes, which is of course why their Ts & Cs only talk about the time of receipt!
Don't get me wrong, sending at 1pm may work, but equally sending at 2 or 3 may too, while sending at 11 or 12 may not, so the point I'm making is that there is no 1pm deadline as such....0 -
The time to transfer money end-to-end to Charter obviously varies from one financial institution to another and isn't within Charter's control so they can't make any meaningful statements about how long it takes, which is of course why their Ts & Cs only talk about the time of receipt!
Don't get me wrong, sending at 1pm may work, but equally sending at 2 or 3 may too, while sending at 11 or 12 may not, so the point I'm making is that there is no 1pm deadline as such....
You don`t appear to have an account with CSB and are therefore just guessing.
I have phoned CSB in the past to find out when the money would show.
I was advised that anytime before 1 pm would show the same day and anytime after would show the next day after 9 am.
And, so far, this has always been the case.
Their T&C gives a "receive by time"(4 pm), so there must be some sort of calculation by CSB of the time the money must be sent by.
Which they give over the phone as 1 pm.
Why don`t you ring them and ask instead of guessing what happens?0 -
I do have an account with CSB as it happens but that's irrelevant - I'm not sure I can come up with any more ways of phrasing it but CSB don't have control of the (full end-to-end) timescales it takes for money to reach them from other institutions so they can't give any meaningful commitment. Obviously the time to apply money to your account after receipt is within their control, which is why they specify 4pm, but what happens before 4pm isn't something they can give any valid assurances on, so there's no point in asking them!You don`t appear to have an account with CSB and are therefore just guessing.
I have phoned CSB in the past to find out when the money would show.
I was advised that anytime before 1 pm would show the same day and anytime after would show the next day after 9 am.
And, so far, this has always been the case.
Their T&C gives a "receive by time"(4 pm), so there must be some sort of calculation by CSB of the time the money must be sent by.
Which they give over the phone as 1 pm.
Why don`t you ring them and ask instead of guessing what happens?
I'm not disputing that in your experience you've been able to make transfers from your own bank(s) to CSB within those timescales, but am just highlighting that you can't extrapolate that to what others will find....0 -
I do have an account with CSB as it happens but that's irrelevant - I'm not sure I can come up with any more ways of phrasing it but CSB don't have control of the (full end-to-end) timescales it takes for money to reach them from other institutions so they can't give any meaningful commitment. Obviously the time to apply money to your account after receipt is within their control, which is why they specify 4pm, but what happens before 4pm isn't something they can give any valid assurances on, so there's no point in asking them!
I'm not disputing that in your experience you've been able to make transfers from your own bank(s) to CSB within those timescales, but am just highlighting that you can't extrapolate that to what others will find....
You seem to be arguing about nothing.
I posted an indication of when to expect to see the money in the account from what I was told by CSB.
As I already said if their T&C have a cut off time for same day money showing in an account, then it`s common sense that CSB know what time it needs to be sent by for it to show the same day.
All I can say is try it.
Send a payment at 12 noon and one at 2 pm and then see when it shows in your account.0 -
You were stating that there's a 1pm cutoff as if it was a fact, when it clearly isn't - as above, even if a CSB customer service rep stated that, it isn't something they can commit to as the timescales are outside their control. That's why it's not in their Ts & Cs....I posted an indication of when to expect to see the money in the account from what I was told by CSB.
No, CSB neither know nor care how long it takes money to reach them, which could of course be days rather than hours - all they're saying is that if it reaches them by 4pm then it'll be credited to the customer's savings account that day.As I already said if their T&C have a cut off time for same day money showing in an account, then it`s common sense that CSB know what time it needs to be sent by for it to show the same day.
Do you understand that Faster Payments is a next working day service, even though institutions who are direct participants (unlike Charter) are expected to achieve sub two hours?0 -
You were stating that there's a 1pm cutoff as if it was a fact, when it clearly isn't - as above, even if a CSB customer service rep stated that, it isn't something they can commit to as the timescales are outside their control. That's why it's not in their Ts & Cs....
No, CSB neither know nor care how long it takes money to reach them, which could of course be days rather than hours - all they're saying is that if it reaches them by 4pm then it'll be credited to the customer's savings account that day.
Do you understand that Faster Payments is a next working day service, even though institutions who are direct participants (unlike Charter) are expected to achieve sub two hours?
You`re posting for the sake of posting.
Anyone reading this thread would send the money before 1 pm if they wanted it in their account on the same day.
All you have to do is ring them, as I did, and ask.
It`s unlikely you`ll get the same adviser I asked, so there must be a known cut off and they`re saying 1 pm.
Either ring up and ask or try to send money at 12 noon or 2 pm, or are you afraid what you will find out.0 -
No, I was posting for the sake of anyone who may have believed your misleading post about the mythical 1pm cutoff, but I don't think it'll be necessary to continue as most people reading will undoubtedly be capable of understanding logic and facts rather than blindly believing what someone in a call centre says when clearly not in a position to comment with any authority....You`re posting for the sake of posting.0 -
No, I was posting for the sake of anyone who may have believed your misleading post about the mythical 1pm cutoff, but I don't think it'll be necessary to continue as most people reading will undoubtedly be capable of understanding logic and facts rather than blindly believing what someone in a call centre says when clearly not in a position to comment with any authority....
Now you`re saying CSB staff are making up advice.
Incidentally,advice which proved to be correct.
I would stop digging if I were you because you`re only burying yourself deeper.0 -
Yes, I'm saying that CSB staff aren't legitimately able to make the assurances you believe they did - it may have been out of ignorance rather than malice but as I've pointed out repeatedly above, they can't possibly know how long it takes for money to be sent from all other institutions because it's inherently variable, is outside their control and can take significantly more than three hours, despite your apparent refusal to accept how the Faster Payments scheme actually works.Now you`re saying CSB staff are making up advice.
Incidentally,advice which proved to be correct.
As I've also said previously, I'm not disputing that, for your transfers from your bank, those that you've made before 1pm have arrived same day, but that doesn't actually prove your theory so it is indeed incidental rather than definitive.
Perhaps I need to spell it out in simpler terms given your issues with comprehension:
Some, maybe even most, transfers sent before 1pm will reach CSB by 4pm.
Some transfers sent before 1pm won't reach CSB by 4pm.
Some transfers sent after 1pm will reach CSB by 4pm.
Therefore it is inaccurate to claim that there is a 1pm cutoff for initiating transfers to CSB.0
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