Al Rayan Bank Withdrawals Slow?

johnmoney05

On 6 Dec (Friday) I requested a withdrawal from my Everyday saver account and it didn't arrive in my current account untill 9 Dec (Monday).



I did another two withdrawals this morning 9 Dec and they still didn't arrive in my current account at 9:46pm. Normally it takes only a couple of hours - did anyone else encounter this?

bristolleedsfan

I withdrew approx 10am this morning, funds were in my destination account when I looked a couple of hours later.

colsten

I reckon they have implemented some new controls. I had a withdrawal for a small amount of money held since last Friday, too. When I called them today, they wanted to know why I made the withdrawal, and also randomly queried one of the many withdrawals I had make weeks ago. They released them without further ado though. If yours is still held up, I'd suggest you call them. They open at 9am and I got straight through to a person (well, after keying in some ID info) who was very helpful.

adindas

johnmoney05 wrote: »

On 6 Dec (Friday) I requested a withdrawal from my Everyday saver account and it didn't arrive in my current account untill 9 Dec (Monday).

I did another two withdrawals this morning 9 Dec and they still didn't arrive in my current account at 9:46pm. Normally it takes only a couple of hours - did anyone else encounter this?

[FONT=&quot]What time did you send on Friday, Is it after 15.30?[/FONT]
[FONT=&quot]After 15.30 it will be processed on the next working day.[/FONT]
[FONT=&quot]The following day is weekend. They do not process payment during the weekend.
This is the thing I actually have experienced myself from several experiments. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Keep in mind it is a saving account not current account. So instant FPI/FPO is a bonus rather than a norm.[/FONT]

johnmoney05

adindas wrote: »

[FONT=&quot]What time did you send on Friday, Is it after 15.30?[/FONT]
[FONT=&quot]After 15.30 it will be processed on the next working day.[/FONT]
[FONT=&quot]The following day is weekend. They do not process payment during the weekend.
This is the thing I actually have experienced myself from several experiments. [/FONT]

[FONT=&quot]Keep in mind it is a saving account not current account. So instant FPI/FPO is a bonus rather than a norm.[/FONT]

Of course I know it is a saving account, and quite a lot of saving accounts can do faster payment, right? By the way, do you really know what current account is?

grnglide

quite a lot of saving accounts can do faster payment,

But this is a faster payment!


Requested on Friday and money in your account on Monday is Faster Payment, BACS couldn't get there in time.

johnmoney05

grnglide wrote: »

But this is a faster payment!


Requested on Friday and money in your account on Monday is Faster Payment, BACS couldn't get there in time.

FYI, Barclays defines faster payments as follow:-
https://www.barclays.co.uk/help/payments/payment-information/bacs-chaps-faster-payments/


Faster Payments
These are electronic payments that can be made online, over the phone, in a branch or using our self-service machines.
As long as the receiving bank or building society uses Faster Payments too, the payment will arrive almost immediately (though sometimes, it can take up to 2 hours).


http://www.fasterpayments.org.uk/benefits-faster-payments


Speed

• One-off payments processed almost at the touch of a button.
• Recipients typically receive funds almost immediately, although they can sometimes take up to two hours.
• Available 24/7. Check with your bank to guarantee payments on weekends.
• Click here for more information regarding how Faster Payments are processed

soulsaver

@johnmoney05 From your own link:


A) The service you're stating is for 'directly connected' institutions - amongst many others, Al Rayan isn't directly connected.
http://www.fasterpayments.org.uk/directly-connected-participants

Even if it was it isn't guaranteed:

"Some payments will take longer, especially outside normal working hours."

eskbanker

While Faster Payments between main clearing banks are indeed usually close to instantaneous, the FP FAQ page highlights that this isn't universal and that the actual minimum service level is end of next working day.

How long do Faster Payments take?

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.

These timescales can still apply if either the sending or receiving bank is not a Direct Participant of Faster Payments.

Some payments will take longer, especially outside normal working hours.

You should talk to your bank/building society if the speed of the payment is particularly important.

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.

You should contact your bank or building society directly for more information on the exact process they follow when you request a payment to be made from your account.

johnmoney05

Thanks guys for your input.


But please note that my main point of the discussion for this thread is Al Rayan Bank payment was immediately or within 2 hours, why it is by the end of following business day.

adindas

johnmoney05 wrote: »

Of course I know it is a saving account, and quite a lot of saving accounts can do faster payment, right?

Did I say otherwise ?
I have more than a dozen of Saving account which I have done FPI/FPO.

johnmoney05 wrote: »

By the way, do you really know what current account is?

Well, it will depend on your definition what constitute knowing something.
I have more than a dozen of them ....