Faster payment help

Deltascort1

Evening guys

I know this has been covered a thousands times. But I was just looking for a personal answer to my situation

My partner opened a new bank account with Lloyd’s. All opened and working fine. She didn’t do the switch but will be doing it manually. She received the card and pin yesterday.

I bank with N26. New to the uk. But established in Europe. From what I can see it’s a proper current account.

Now she was with NatWest and has sent large sums to me before. £4,800 and even though it was blocked by the fraud team. as soon as some id was shown. It had hit my N26
Account by the time she had walked out the branch.

Now she changed to Lloyd’s.

We went into Lloyd’s branch today. I deposited £4360 from a job that I just did. As I can’t pay into my account as it’s online only and only way is a bank transfer.

We set myself up as payee last night. Went into the branch and deposited the money into her account. And sent it as a faster payment there and then. 11.30am Saturday 5th jan 18

I’m sure you can guess. 18.18. Still no payment into my account.

We back into the branch at 1.30 when the 2 hours passed.

I started panicking. They phoned the fraud team at length. And have confirmed without question there is no holds. No blocks. No markers. The money has left the account with absolutely no issues.

This is where it gets strange.
To check my bank. I sent her £5. This was received instantly as it should with a faster payment. She then instantly sent the £5 back and before she logged out her app. Ping a notification and I had the received the £5

So 2 hours after the £4360. I get the £5 with no problems

N26 are saying they can’t see incoming payments and because it’s a large amount. Which tbh in banking world it’s jot that big.

It would clear by 8pm today. But we are half 6 and nothing.

Lloyd’s can’t trace the payment because the faster payment team are closed on weekends.

N26 have uk sort code. And is a normal bank. And like I say from her NatWest get smaller payments and large instantly.

Thoughts anyone ?

masonic

Sometimes payments take longer to arrive. I've been in the same situation, made a smaller transfer which arrived instantly and been confused as to why the earlier payment was delayed. But it turned up the next day.

alanq

Deltascort1 wrote: »

We went into Lloyd’s branch today. I deposited £4360 from a job that I just did. As I can’t pay into my account as it’s online only and only way is a bank transfer.

A new customer paying in a large cash sum and immediately transferring it out may be seen as suspicious. If a bank was making money laundering checks it must not tell you it is doing so as that is tipping off and against the law.

Faster Payments are only required to reach the destination account on the business day after that on which a transfer is requested. (If not requested on a business day the clock starts on the first business day following the request. In your case Monday). So start worrying only if it does not arrive by end of business on Tuesday.
http://www.fasterpayments.org.uk/faqs

Deltascort1

It can look as strange to them as it wants to be.

Somewhere someone has to open a bank account and deposit money. And then transfer money. That’s the nature when we open new bank accounts. We are just continuing what we would have been doing with NatWest. Yes it’s new to them. But if they want our bussines then they have to realise we are just using it in a normal manner.

masonic

Deltascort1 wrote: »

It can look as strange to them as it wants to be.

Somewhere someone has to open a bank account and deposit money. And then transfer money. That’s the nature when we open new bank accounts. We are just continuing what we would have been doing with NatWest. Yes it’s new to them. But if they want our bussines then they have to realise we are just using it in a normal manner.

It's not the "nature when we open new bank accounts". I have never deposited a large amount of cash in branch and then immediately transferred it on to someone else and I would imagine the vast majority of people have not either.

But at this stage there is no reason to think that this unusual behaviour is the reason for the delay, and there is no information with which to point the finger. I don't believe N26 is a clearing bank in the UK so would not be privy to any checks further up the chain. Such checks can happen for any number of reasons, including randomly.

So I wouldn't be in any rush to change banks over this just yet.

msallen

Deltascort1 wrote: »

It can look as strange to them as it wants to be.

Somewhere someone has to open a bank account and deposit money. And then transfer money. That’s the nature when we open new bank accounts. We are just continuing what we would have been doing with NatWest. Yes it’s new to them. But if they want our bussines then they have to realise we are just using it in a normal manner.

It can appear a normal manner to you as it wants to be.

If you want to use their facilities then you have to realise that there is nothing unusual in the way this has been processed.

As has already been explained to you, even without any fraud checks, this faster payment will be within guidelines if it arrives in your account by COB on Tuesday. If the transaction raises fraud suspicions then, as has also already been explained, it would be illegal for the bank to tell you that they were investigating it for such.

agrinnall

Deltascort1 wrote: »

But if they want our bussines then they have to realise we are just using it in a normal manner.

Well feel free to close the account, I doubt very much if NatWest will miss you or even notice that you were briefly there. If you plan to make a mountain out of a molehill you may never find another bank to satisfy your demands.

Deltascort1

I don’t mean to be rude. Or come across like that.

I appreciate every single answer posted here.

And I’m just worried that’s all. Never experienced this situation. If it was £20 I wouldn’t even be posting or thinking about. But it is a large sum and would like someone have just to said.

Yes we can see the money it’s just there at the moment. And it’s dojng this and will clear Monday Tuesday.

But neither banks know. Lloyd’s have made it clear. It’s out there hands. Sent and no issues. And N26 can’t see incoming payments.

So let’s see. Hopefully can update tomorrow or Tuesday with good news

colsten

Deltascort1 wrote: »

It can look as strange to them as it wants to be.

Somewhere someone has to open a bank account and deposit money. And then transfer money. That’s the nature when we open new bank accounts. We are just continuing what we would have been doing with NatWest. Yes it’s new to them. But if they want our bussines then they have to realise we are just using it in a normal manner.

It may seem strange to you but the only legal obligation a bank has is that a faster payment must - subject to AML checks - reach the recipient by the end of the next business day. It's already been explained that you have no reason to worry unless the money hasn't arrived by close of business on Tuesday.

As an aside, why wasn't your partner's tried and tested Natwest account used for this transaction?

colsten

Deltascort1 wrote: »

Yes we can see the money it’s just there at the moment. And it’s dojng this and will clear Monday Tuesday.

Regular Branch or CS staff are unlikely to see any transactions that are being held up for AML checks. As has been mentioned already, it would be illegal for a bank to tell people that their transactions are under investigation, and it therefore makes sense that they limit information pertaining to such checks to the small team which does the investigation.

Deltascort1 wrote: »

So let’s see. Hopefully can update tomorrow or Tuesday with good news

Please give us an update tomorrow, or Tuesday if you are still waiting then.

Deltascort1

She has moved banks because the savings that Lloyd’s offer and rates are so much better with regards to isa etc.

And just so many problems with NatWest. She tried to make a payment to me Christmas Eve for £4,880

All went through telephone banking with an advisor using her chip reader thing.

Then they blocked her account and held the payment until she want into the branch with 2 forms of Id. All banks were closed by 3pm Xmas eve. So we phoned them. Wouldn’t do anything.

They kept the block. All her cards. Internet banking. Xmas day. Boxing Day. Only when she went into the branch 27th. That they said that wanted to make sure she wasn’t being forced into the payment.

That was the last straw for NatWest.