Shawbrook Bank Easy Access - Issue 17 Annual Problems

Rich_Pauper

Following MSE recommendation, I opened a savings A/C with Shawbrook Bank yesterday and followed their instructions and deposited the account with money from my Lloyds a/c, it left my account through Faster Payment at midday. I anxiously waited for the money to arrive in Shawbrook Bank all of yesterday and today but to no avail. I referred back to a FAQ they sent me yesterday and on point 6, it states the following;
"I have just sent an electronic payment but it is not showing on my online account?
Receipt of the payment depends on when you have sent it, we recommend you view your account after 6:30pm before contacting us."
This made me worry even more, I was worried that I had made a mistake and the money has gone into a black hole!
Finally found the helpline no on Google 0345 650 6290, when I called them initially they could not find the a/c, you can imagine how I felt. After some discussion they put me through to the savings account customer services. She checked the account and her response was "we are not part of the Faster Payment system/bank thus the money is not showing up and to check the account again before close of the day. She could not clarify what she meant by NOT belonging to Faster Payment system/bank. She then said the money is likely to be with them but it has not been credited to my account yet. I asked her if that's the case, will i get my interest from yesterday and her response was NO. She then said that they send "files 3 times a day" and my deposit has not been picked up. She also stated since I deposited the money at the weekend the money has not been credited as per their FAQ, unfortunately when I quoted point 6 of their words, she conceded that the info was not clear. I FIND IT HARD TO GRASP THE CONTRADICTION. She also told me that they will not send an email or text when my account is credited and i have to keep longing in and checking the account. Has anybody had similar problems? ARE THEY A RELIABLE BANK?

jsinc

I opened one last week. The deposit transfer took a while to show up, on a work day. Would guess the delay is because you made the transfer on a Sunday. No idea about starting date for interest but would check that credited later today.

eskbanker

Calm down!

Faster Payments is essentially a two-tier system, where transfers between direct participants (the major high street banks, etc) will typically complete practically instantaneously, but those to/from other institutions are slower, but will still comply with the regulatory requirement to deliver funds by the second working day (i.e. close of play tomorrow in your case).

I'm not sure why you'd expect a text or email to confirm crediting of funds?

General_Grant

If you sent the funds on a Sunday your originating bank is going to date these as leaving your account on Monday.

2010

Charter bank always send an email when your funds have been received and credited.

colsten

Even with Faster Payment, payments can take until the end of the next working day to arrive. It is now the next working day but it's not the end of it yet. Check after 9pm, or tomorrow.

colsten

eskbanker wrote: »

I'm not sure why you'd expect a text or email to confirm crediting of funds?

Some banks do. Most don't.

Wentthedaywell?

I've just opened an issue 17 with no problems. Deposits take a day to show online - unlike say Santander which are instantaneous - but they seem fine and are helpful on the phone.

I wouldn't panic OP.

Missus_Hyde

We've had money with Shawbrook for years and I've always found them a very helpful and reliable bank.

The payments made to them are certainly not as quick to show in the account as the high street banks, but for instance, a payment made on Monday morning before 1.30pm will generally show in the receiving account after 2pm on Tuesday. At least I know this and so don't tend to panic as the timescales are slow (much more worrying to send money to high street banks and have an unexpected delay receiving the money there.) The same thing applies when withdrawing money from Shawbrook and they normally send an email confirming the withdrawal.

My guess for (what it's worth) would be that as you transferred the money on Sunday it wouldn't go until Monday morning and should be in your new account (all being well) after 2pm on Tuesday (tomorrow).

eskbanker

colsten wrote: »

Even with Faster Payment, payments can take until the end of the next working day to arrive. It is now the next working day but it's not the end of it yet. Check after 9pm, or tomorrow.

My understanding of the requirement is that payments must complete on the next working day after the working day on which it was (deemed to be) initiated, i.e. the deadline for payments initiated during weekends is the end of Tuesday rather than Monday, although I haven't located the specific definition in a quick search....

Rich_Pauper

General_Grant wrote: »

If you sent the funds on a Sunday your originating bank is going to date these as leaving your account on Monday.

You are spot on, thanks, it shows on my Lloyds account as sent today.