Faster payment bank transfers, always 2 hours max ?

zeenoman

Hi , new to the forums so sorry if this question has been asked before . I’ll Keep it short . I have been regularly getting bank transfers into my online bank account (suitsme card) with no problems . Today I was expecting a transfer of just under £200 the sender banks with Yorkshire bank who are part of the faster payment scheme, and my bank is also eligible for faster payments . Anyway this transfer was sent about 12 hours ago now and I still have not received the money. It is a weekend being a Saturday but upon researching online it shows faster payments should be processed and in recipient bank within minutes if not 2 hours max . I thought maybe it’s a problem with my bank , but i had a family member to send me a small amount to test and it come through fine though they bank with Lloyd’s and not Yorkshire bank like the sender of the payment in question. I have confirmed and seen transaction from sender all details are correct and payment is in transactions and taken out of senders banks balance . 

So has anyone else had similar experience ? Do faster payments always should be completed within 2 hours maximum as stated. Does the weekend play a part ? 

lr1277

I found this on the “faster payments FAQ”:
The minimum service level is the money should be in your bank by the end of the next business day.
The FAQ also says you should talk to your bank about how long they think faster payments take to arrive.

HTH

molerat

Some banks are faster than others, the big players, which does not include YB, usually being the fastest. Weekend maintenance may often slow it down. Generally they do arrive within an hour if not instantly but the rules are by the end of the next working day which means, if sent over the weekend, by close of business Tuesday.

colsten

https://www.fasterpayments.org.uk/how-long-do-faster-payments-take

eskbanker

zeenoman said:

my online bank account (suitsme card)

Each to their own, but you do realise that this product doesn't have FSCS protection, unlike proper bank accounts, so you'd be at risk of losing your money if they went under....

hermante

Sometimes banks hold payments for "security checks", but I've never experienced an FP from Yorkshire bank to be held up.

As you don't have a real bank account, it is possible the money was sent through an intermediary and won't be processed immediately.

Another possibility is user error, the sender typed the wrong details, or they are lying about having sent the money.

whitesmith

Not sure what you mean, both YB and Lloyds are real...! Or do you mean the movement from suitsme to YB?

Eco_Miser

molerat said:

Some banks are faster than others, the big players, which does not include YB, usually being the fastest. Weekend maintenance may often slow it down. Generally they do arrive within an hour if not instantly but the rules are by the end of the next working day which means, if sent over the weekend, by close of business Tuesday.

I've been sending and receiving Faster Payments from/to Yorkshire Bank since they were introduced and I've never known a payment take more than a few minutes even on weekends.

[Deleted User]

molerat said:

Some banks are faster than others, the big players, which does not include YB, usually being the fastest. Weekend maintenance may often slow it down. Generally they do arrive within an hour if not instantly but the rules are by the end of the next working day which means, if sent over the weekend, by close of business Tuesday.

Eco_Miser said:

molerat said:

Some banks are faster than others, the big players, which does not include YB, usually being the fastest. Weekend maintenance may often slow it down. Generally they do arrive within an hour if not instantly but the rules are by the end of the next working day which means, if sent over the weekend, by close of business Tuesday.

I've been sending and receiving Faster Payments from/to Yorkshire Bank since they were introduced and I've never known a payment take more than a few minutes even on weekends.

Molerat is obviously giving his/her own opinion.

The important factor is usually if they are a direct member of the Faster Payments scheme or not. Clydesdale Bank (Yorkshire Bank) are; Suitsme aren't.

born_again

Also remember this weekend the clocks went back. So some banks may have decided to hold payments so that none would be duplicated in the 01:00 to 02:00 timeframe.

EG, FD blocked Internet & App for several hours around that period.

zeenoman

Hmm interesting , I got the sender to send me a smaller amount today and it come through straight away but they sent it to the exact details ?? Confused !