Hargreaves Lansdown Withdrawal Issue

DavidT67

Anyone else made a withdrawal from HL to their bank account in last week and not have it arrive !?

My bank says they can't help without the faster payment transaction reference.

HL says they are extremely busy with higher than normal queries and will get back to me in due course...

ColdIron

What are you trying to withdraw from? Active Savings Cash Hub? ISA/GIA?

When you say in the "last week" do you mean since yesterday?

Active Savings:

Withdrawal timings

How long the money takes to reach your bank account will depend on when you withdraw and the account you've withdrawn from. Here's what you need to know.

Withdrawal made before noon on a working day: Same day

Withdrawal made after noon, or on non-working day: Next working day

Payments are usually made by Faster Payment, which is free of charge.

If you've recently added money to your account, we may need to refund your debit card instead of paying to your nominated bank account.

This is for anti-money laundering regulations and can take 3-5 working days

DavidT67

SIPP Tax Free Cash. HL claim to have sent it via Faster Payment on Monday morning.  Normally it arrives same day. It hasn't...

They say they sent it, I haven't received it.

Nothing has changed since previous TFLS payment, they have confirmed they have correct bank details.

ColdIron

Faster payments can take up until the end of the next working day

I'd wait until tomorrow

DavidT67

Well everything I've read says Faster Payments should take no more than two hours !

ColdIron

Where both the sending and receiving bank or building society are direct participants of the Faster Payment System, funds are usually available almost immediately, although they can sometimes take up to two hours.

These timescales can still apply if either the sending or receiving bank is not a direct participant. Some payments will take longer, especially outside of normal working hours.

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) –  this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/how-faster-payments-work/

Doctor_Who

DavidT67 said:

Well everything I've read says Faster Payments should take no more than two hours !

Taken from the link below:

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) –  this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/how-faster-payments-work/

DavidT67

Well obviously I have no clue whether Hargreaves Landsdown use 'mobile, internet or phone banking'  !

I'd have thought it far more likely that they have direct corporate access to faster payments to make bulk payment submissions.

In any case having a significant lump sum disappear into the ether with no explanation is not great.

woolly_wombat

https://www.theguardian.com/business/2023/aug/14/bank-of-england-outage-hits-key-payments-systems-processing-billions

The Bank is expected to work through the backlog of payment settlements after the outage, which lasted about six hours.

DavidT67

woolly_wombat said:

https://www.theguardian.com/business/2023/aug/14/bank-of-england-outage-hits-key-payments-systems-processing-billions

The Bank is expected to work through the backlog of payment settlements after the outage, which lasted about six hours.

That seems to relate to CHAPS rather than Faster Payments, but yes, perhaps somehow related. 

As regards HL, it seems the money was not actually sent due to 'technical issues', despite earlier been told it definitely had, and has now magically reappeared in my SIPP and a new pending withdrawal is now scheduled.