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Why do Yorkshire Building Society so called ‘Faster Payments’ take until the next day
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I agree it is frustrating. If I pay from my Starling or Nationwide it is almost instant whereas YBS is next day usually. They do pay good interest rates though so I just make sure I allow at least a day to get it moved over.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Don't hold your breath.Yorkshire_Pud said:
I hope they eventually make it same day as most other institutions manage.0 -
I am considering opening an account with Shawbrook and they state withdrawals funds will be in the nomiated account the next day, but only if done before 2.30pm:(
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£500 minimum withdrawal.littlemoney said:I am considering opening an account with Shawbrook and they state withdrawals funds will be in the nomiated account the next day, but only if done before 2.30pm:(Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
It's actually the next WORKING day.littlemoney said:I am considering opening an account with Shawbrook and they state withdrawals funds will be in the nomiated account the next day, but only if done before 2.30pm:(
2:30pm is the cut-off for withdrawals by telephone or secure message. It's 9:30pm via the web portal.0 -
No, it's 100% a system design choice.phillw said:
As the processor will have a certain amount of capacity, then I presume also they negotiate a processing fee based on what time of day the transactions are processed.[Deleted User] said:eskbanker said:
There is no need for non-direct participants to have next day faster payments - it's a design choice to reuse a BACS type arrangement.
YBS is the size of small bank and could easily negotiate real-time FPs.2
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