closed savings account

dali21

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dunstonh

I contacted Al Rayan and was told the funds should bounce back but they still haven’t arrived.

That is correct.  However, it can take upto 15 days.

 I made the payments yesterday and was told to expect the money back by end of today.

That is very quick.   Indeed, too quick.    IIt wouldnt show on their suspense account until the next day (unless they have much better software than typical).   Then it needs someone to check the suspense account and then correct the entries and someone else to sign off on it.   Checks are not always daily.    It may not come back as faster payment but BACS.

Any advice welcome, please.

You are being premature on the chasing.

masonic

What type of savings account was it? For their fixed term accounts, they open a holding account in your name and then use that plus a reference for inward deposits. Their easy access savings accounts have a unique sort code and account number. You can generally see the contents of your holding account in the app, but cannot withdraw from it.

masonic

That one had a unique sort code and account number for funding. My understanding is that there is actually no facility that exists to 'bounce' a faster payment, so a return payment would need to be initiated and this may be by faster payment or BACS. If it was sent today by BACS rather than FP, then you may be able to see it as a pending transaction tomorrow and it would be credited on Monday.

Not so long ago, I had a payment to such a savings account (not Al Rayan) rejected for being under the minimum deposit amount (it was a £1 test transfer). It was back in my account 2 working days later, which I thought was quite fast. Would have had to have been sent back via BACS on the same day, probably automated.