Faster Payment Bank transfer - still waiting

Geranium44

I transferred £4k today to a which trusted trader as he stood next to me by BACS and confirmed his Lloyds business bank details about ten times before hitting ‘confirm’. The trader is still waiting to receive the funds which have left my account. Santander helpline was unavailable all day. I’ve read online faster payment transfer might need one working day to process which is new to me. Anyone else had delays on bank transfer over a bank holiday weekend? 

Bigwheels1111

Most likely your waiting for a call from the fraud department.
Ive had issues over the last 2 weeks from FD,TSB, Nationwide when transferring money.
My mates had nothing but trouble from Santander with transfers.

Geranium44

Thanks … you’d think the funds would be retained in the sending bank before any process had been approved. Talk about stress. Sorry to hear the hassle your mates have had … I’ve been fortunate thus far with Santander 

Ed-1

Geranium44 said:

I transferred £4k today to a which trusted trader as he stood next to me by BACS and confirmed his Lloyds business bank details about ten times before hitting ‘confirm’. The trader is still waiting to receive the funds which have left my account. Santander helpline was unavailable all day. I’ve read online faster payment transfer might need one working day to process which is new to me. Anyone else had delays on bank transfer over a bank holiday weekend? 

You didn't send it by BACS then as that takes 3 working days.

Daliah

Geranium44 said:

I transferred £4k today to a which trusted trader as he stood next to me by BACS

I doubt you sent anything by BACS as only businesses can initiate BACS payments. Assuming you are a private individual, you have made what is known as a Faster Payment.

Geranium44 said:

I’ve read online faster payment transfer might need one working day to process which is new to me. 

Most Faster Payments now arrive within seconds but if they are subject to additional checks by banks, they might not arrive before the end of the following business day at the latest. This might be close of business next Wednesday in your case.

Geranium44 said:

I transferred £4k today to a which trusted trader as he stood next to me <snip> and confirmed his Lloyds business bank details about ten times before hitting ‘confirm’.  

Why and how did you confirm those details about ten times? Presumably you used the Confirmation of Payee checks and only sent the money after you have got the one-off confirmation that the sort code and account number matched the name of the trader?

Geranium44 said:

Santander helpline was unavailable all day. <snip> Anyone else had delays on bank transfer over a bank holiday weekend? 

Some time ago, Santander Security have given me their direct number - 0800 151 3151. You could try calling that number tomorrow and discuss the release of your payment. I would suggest you don't go in all guns blazing but politely ask whether they could authorise the payment.

Geranium44

Hi Daliah by checking ten times, I was referring to checking the sort code and account number the trader had provided. Didn’t know Confirmation of Payee checks existed. There’s certainly no reference to that on the online Santander website. 

eskbanker

Geranium44 said:

Didn’t know Confirmation of Payee checks existed. There’s certainly no reference to that on the online Santander website. 

https://www.santander.co.uk/personal/support/fraud-and-security/making-a-new-payment describes the Confirmation of Payee process in detail:

When you make a payment to an individual or business you haven’t paid before, or change the account details of one you have, (including the account number and sort code) you’ll need:

• The account name exactly as it appears on their bank account statement or invoice if you’re paying a business
• The account type - personal or business

We’ll check the details you provide against the details on the payee’s account and let you know the results before you make the payment. There can be a few outcomes:

1. The name and account type match 
If you use the right name and account type, we’ll let you know that they match the account you’re trying to pay, so you can carry on with the payment. No payments will be made automatically. Even when the name and account type match, you’ll always need to confirm that you want to go ahead.

2. The details partially match
If you’ve got a partial match, you’ll be given the actual name or account type of the account holder, so you can check and update the details, or contact the person or organisation you’re trying to pay.

3. The name doesn’t match
If the name doesn’t match, we'll tell you, and ask you to contact the person or organisation you’re trying to pay.

4. We can’t check the account
If the type of account doesn’t support the checks or there’s a technical issue we’ll tell you. Not all banks are participating in the scheme straight away so if you’re paying someone whose bank isn’t participating just yet we won’t be able to check the name on the account you’re sending money to. 

If we can’t check the account details, you’ll be able to use the details you have if you want to, but you should always double-check they’re correct. The funds may go to the wrong account and we might not be able to recover the money. 

Notepad_Phil

Geranium44 said:

Hi Daliah by checking ten times, I was referring to checking the sort code and account number the trader had provided. Didn’t know Confirmation of Payee checks existed. There’s certainly no reference to that on the online Santander website. 

Surely you went through the Confirmation of Payee checks when you set this payee up? Santander always does for me.

As well as the sort code and account number it asks whether you are paying to a company or individual and who that is. It then comes back and says that everything matches or that something doesn't match or that they can't do the check and if it doesn't match or they can't check then it asks are you sure that you really wish to make that payment as there could be issues with who you are sending it to.

Ballard

I have paid money to my Lloyds account over a weekend and it hasn’t appeared until the Monday. I only did this once so I don’t know whether this was a one off or standard practice with them but it’s within their rights only to process them the next working day. 

Dazed_and_C0nfused

Notepad_Phil said:

Geranium44 said:

Hi Daliah by checking ten times, I was referring to checking the sort code and account number the trader had provided. Didn’t know Confirmation of Payee checks existed. There’s certainly no reference to that on the online Santander website. 

Surely you went through the Confirmation of Payee checks when you set this payee up? Santander always does for me.

As well as the sort code and account number it asks whether you are paying to a company or individual and who that is. It then comes back and says that everything matches or that something doesn't match or that they can't do the check and if it doesn't match or they can't check then it asks are you sure that you really wish to make that payment as there could be issues with who you are sending it to.

Agree, I don't know how you can set up a new payee without having to do this.

Daliah

Dazed_and_C0nfused said:

Notepad_Phil said:

Geranium44 said:

Hi Daliah by checking ten times, I was referring to checking the sort code and account number the trader had provided. Didn’t know Confirmation of Payee checks existed. There’s certainly no reference to that on the online Santander website. 

Surely you went through the Confirmation of Payee checks when you set this payee up? Santander always does for me.

As well as the sort code and account number it asks whether you are paying to a company or individual and who that is. It then comes back and says that everything matches or that something doesn't match or that they can't do the check and if it doesn't match or they can't check then it asks are you sure that you really wish to make that payment as there could be issues with who you are sending it to.

Agree, I don't know how you can set up a new payee without having to do this.

I agree, there is no way you can set up a new payee in Santander without going through the checks. Though you can ignore the result of the checks if you wish, by confirming that you know that "continuing with this payment may lead to the funds being sent to the wrong account"

@Geranium44, what was the result you got from Santander's checking of the payee? Also, did you call them this morning, and is the issue now resolved?