Charges for a faster payment?

fly-catchers

Is it usual to have a charge applied for a faster payment from my bank to another? I am not overdrawn because of it. But soon after completing it I got an email from Santander saying that charges will shortly be applied to my account. But no other details or amount shown. It was only for £500. Or is it likely just an auto message sent anyway! I have not been overdrawn at any point since I opened the account a year ago.

eskbanker

No, it's not usual, assuming it was to another UK bank?  Which Santander account do you use?

[Deleted User]

Hi,

did you perhaps request  a CHAPS transfer, which is chargeable.

DullGreyGuy

Assuming you have a personal account with a UK bank sending money to another UK bank then a FasterPay would normally be free... if you have a business account then there may be a charge 

If you were talking to people asking for this to be done etc rather than self serving then did you mention wanting to guarantee it get there today or such? That may explain it as to guarantee today you'd need to pay by CHAPS and that does have a fee... the majority of FasterPay do reach within minutes but it can take up to 2 working days. 

GeoffTF

Here are the rates and charges:

https://www.santander.co.uk/assets/s3fs-public/AD_documents/interest_rates_and_fees_for_current_accounts_bank0501jun23h_lr.pdf

No charges for Faster Payments.

Olinda99

faster payments from a personal account are not charged for

the charges in the message to you are for something else

Miles86

It could if course be total coincidence the email could be for an entirely unrelated charge 

eskbanker

Miles86 said:

It could if course be total coincidence the email could be for an entirely unrelated charge 

...or even a scam or phishing email?

OP - do you bank online and if so, is there anything there that indicates what this is about?

fly-catchers

Mine is a personal account. Though the payment is going to a business account. I usually only use the Santander 123lite account for the DD cashback and using their easy access saving account. Nothing has been overdrawn since opening it. See a charge actually gets added or not. It was definitely a faster payment not CHAPS.

GeoffTF

I do not remember receiving a message like that. Have a look at your account. Make sure that you have alerts set up on your account to tell you if something important happens. Ask them? Wait and see?

fly-catchers

Showed up as a 1p overdrawn charge today! Dated on the day that the DD cashback occurs and the £2 account charge is taken. Though as I leave £2 in the account and was not overdrawn still don’t know why they thought I was! Still I can cope with coughing up 1p!