What's the point in Faster Payments....

JonVarnas

...when these "Confirmation of Payee" checks hold them up for 24 hours?

I earned enough points doing Yougov surveys to earn £50 and Yougov paid it into my bank account using Faster Payments. However, Santander have decided to "hold on" to it whole they supposedly carry out checks, but won't give me a timescale on when it's complete. Sounds like they've just made extra work for the sake of it. Could really do with that £50 as well.

eskbanker

The mid-transfer checks referred to are nothing to do with Confirmation of Payee, which is the validation applied when setting up new payees prior to sending money.

Nowadays most faster payments will go through practically instantaneously, certainly between major institutions, but that doesn't mean that some aren't held for security checks, especially for unusual and/or large transactions (this would obviously be the former rather than the latter).

JonVarnas

The thing is, I've had payments from Yougov to the account before without any problems - it's now that Santander are being arsey about it

JonVarnas

Been way over 24 hours now and still not released the funds.

colsten

JonVarnas said:

Been way over 24 hours now and still not released the funds.

Are you aware that the committed turnaround time for Faster Payments is by the end of the next business day? And that even that is subject to checks as the banks see fit?

JonVarnas

36 hours and still not cleared the payment. This beyond a joke - I'd understand if it was £50K, not £50. Bunch of clowns. Logging a formal complaint.

flo22

As per Colsten's post earlier - it is still not the end of the next business day yet

Thrugelmir

JonVarnas said:

I earned enough points doing Yougov surveys to earn £50 and Yougov paid it into my bank account using Faster Payments. 

I'd have thought that BACS would be used. 

JonVarnas

Thrugelmir said:

JonVarnas said:

I earned enough points doing Yougov surveys to earn £50 and Yougov paid it into my bank account using Faster Payments. 

I'd have thought that BACS would be used. 

Yougov use Faster Payments. The make the payment the day after you redeem you points and the funds are "usually" available the same day. Santander are just taking the mick here. Even their chat facility isn't working anymore. Diabolical bank.

JonVarnas

flo22 said:

As per Colsten's post earlier - it is still not the end of the next business day yet

When is the end of the business day for banks?

northwalesd

JonVarnas said:
Yougov use Faster Payments. The make the payment the day after you redeem you points and the funds are "usually" available the same day. Santander are just taking the mick here. Even their chat facility isn't working anymore. Diabolical bank.

I last redeemed my Yougov points on 19th Feb this year. The money wasn't in my account until 23 Feb.