Why are Faster Payments to Tesco so slow?

pavane

What is different about Tesco that a Faster Payment generally takes over 5 hours to arrive? Every other bank even the smaller building societies have the money arrive within 2 minutes. It can't be related to security checks because it happens even when receiving a tenner from an account which has sent before. Is Tesco using some other intermediary bank adding to processing time?

[Deleted User]

Are you sending it in a weekend, weekday, outside working hours...?

YorkshireBoy

Don't they clear through HSBC?

I suspect there's some kind of store and batch process on receiving payments. Whether that's to do with HSBC or Tesco I don't know.

18cc

I did ask tesco bank about this a few years ago when i had accounts there and yorkshireboy is right - the faster payments arrive immediately at hsbc but tesco don't 'see' them until some time after.

pavane

!!! wrote: »

Are you sending it in a weekend, weekday, outside working hours...?

Admittedly rarely during working hours Monday to Friday. However why does this matter? Every other bank receives within 5 minutes maximum even on a weekend while Tesco takes hours and hours. It can't be security checks every single time so something about their handling is different. They are almost as bad as those smaller savings accounts that process through another bank first. Does anyone know?

Missus_Hyde

I must admit that they're slower than some of the others, but I've never had a payment take 5 hours to reach their account. (I'd be straight onto them making a fuss if it did! )

jonesMUFCforever

pavane wrote: »

Admittedly rarely during working hours Monday to Friday. However why does this matter? Every other bank receives within 5 minutes maximum even on a weekend while Tesco takes hours and hours. It can't be security checks every single time so something about their handling is different. They are almost as bad as those smaller savings accounts that process through another bank first. Does anyone know?

Could you not move to a different bank then.

Zero_Sum

On weekdays days they can take about 30 mins. Weekend evenings are another matter, once it took about 15 hours, but if you do it late on the evening it should be there 1st thing in morning.

System

When I make a faster payment to my Co-operative Bank current account it usually takes 15 minutes or so to reach the account, to my other accounts (Metro Bank, Halifax, Cahoot) it is pretty instant. The Co-operative Bank is a clearing bank, but I suppose some banks choose to do faster payments in batches. Maybe that would explain it.

MarkFromCornwall

pavane wrote: »

What is different about Tesco that a Faster Payment generally takes over 5 hours to arrive?

It's actually quite fast considering what's going on behind the scenes. Your Faster Payment reaches Tesco Head Office in seconds and they are generally pretty quick at re-directing it to the store nearest to the destination bank. The bit that can be slow, especially if the store is busy and all the staff are needed on the tills, is them taking it round to the recipient's branch (and remember a lots of small branches have closed) and paying it in, then someone at the destination bank logging in and crediting it to the recipient's account.

born_again

MarkFromCornwall wrote: »

It's actually quite fast considering what's going on behind the scenes. Your Faster Payment reaches Tesco Head Office in seconds and they are generally pretty quick at re-directing it to the store nearest to the destination bank. The bit that can be slow, especially if the store is busy and all the staff are needed on the tills, is them taking it round to the recipient's branch (and remember a lots of small branches have closed) and paying it in, then someone at the destination bank logging in and crediting it to the recipient's account.

I take it that is a very tongue in cheek post :rotfl: