How actually slow is a faster payment from Coop Bank?! (Solved) held as possible fraud.

Yorkshire_Pud

I sent a so called FP from Coop to an account already set up and used as a payee about four hours ago.
I know they have two days? to action it but really whyever can they take so long?

MattMattMattUK

Yorkshire_Pud said:

I sent a so called FP from Coop to an account already set up and used as a payee about four hours ago.
I know they have two days? to action it but really whyever can they take so long?

Processing times, a lot of banks take some of their servers offline at weekends for maintenance, not the whole system, but for example they might have 1,000 servers running payment processing, they might take 200-800 offline at a weekend for updates and maintenance, meaning there are fewer active servers to process transactions. You are reliant on both the outgoing bank sending the funds/data and the incoming bank processing that and showing the figure. 

I do not bank with Co-Op, but from experience I have never had a Faster Payment take longer than a few seconds 09:00-17:00 Mon-Fri, I have had them take a few hours outside of that and occasionally at weekends they have taken longer. 

General_Grant

MattMattMattUK said:

Yorkshire_Pud said:

I sent a so called FP from Coop to an account already set up and used as a payee about four hours ago.
I know they have two days? to action it but really whyever can they take so long?

Processing times, a lot of banks take some of their servers offline at weekends for maintenance, not the whole system, but for example they might have 1,000 servers running payment processing, they might take 200-800 offline at a weekend for updates and maintenance, meaning there are fewer active servers to process transactions. You are reliant on both the outgoing bank sending the funds/data and the incoming bank processing that and showing the figure. 

I do not bank with Co-Op, but from experience I have never had a Faster Payment take longer than a few seconds 09:00-17:00 Mon-Fri, I have had them take a few hours outside of that and occasionally at weekends they have taken longer. 

I do have a Co-Op current account.  During normal banking hours they still take a while (say 4 minutes) to record credits when another bank does show almost instantaneous processing of receipts.  Sending pay to an external account is debited immediately but the credit at the receiving bank can also take a while.  So it is definitely the Co-Op which has the delay.

gsmh

I've found it generally takes up to 5 minutes either way. A year or do ago faster payments were very slow and could take hours. Their services have improved greatly. It sounds like your payment might have been flagged as potential fraud and will need a phone call to release it. I've had this issue with all the banks I've been with, apart from Metro Bank who seem very lackadaisical about these things.

Yorkshire_Pud

Yes probably flagged as potential fraud even though I sent a few quid earlier in the week. This was £500 in and then out for their £1000 pm funding for the switch benefits. They make up the silly rules then kybosh you for being sensible and not leaving £1000 or even £500 sitting there when it could be getting interest. Personally I’ve only had these kind of events with coop in the past and tsb.

Hoenir

Weekend maintenance. Not a working banking day. Always best to perform activity during the week if it's critical,.

Rawrzy

Payments out of coop have been quick but inbound payments have taken a while to show up in the coop account in my experience.

Yorkshire_Pud

gsmh said:

I've found it generally takes up to 5 minutes either way. A year or do ago faster payments were very slow and could take hours. Their services have improved greatly. It sounds like your payment might have been flagged as potential fraud and will need a phone call to release it. I've had this issue with all the banks I've been with, apart from Metro Bank who seem very lackadaisical about these things.

Yes you were right held as potential fraud. Only made one payment of £1 out previously then £500 on a weekend day today so a call to their relevant dept and after about ten minutes and multiple agreements by me that if it was fraud the money would not be recoverable and then they sent it showing immediately. All fair enough. Could have contacted me sooner but otherwise happy with their thorough approach. Turns out I’m too early anyway as haven’t switched yet and the £1000 credited has to be after that date and before the end of the subsequent month, august. Told I should be ok for payments going forward.

35har1old

Yorkshire_Pud said:

gsmh said:

I've found it generally takes up to 5 minutes either way. A year or do ago faster payments were very slow and could take hours. Their services have improved greatly. It sounds like your payment might have been flagged as potential fraud and will need a phone call to release it. I've had this issue with all the banks I've been with, apart from Metro Bank who seem very lackadaisical about these things.

Yes you were right held as potential fraud. Only made one payment of £1 out previously then £500 on a weekend day today so a call to their relevant dept and after about ten minutes and multiple agreements by me that if it was fraud the money would not be recoverable and then they sent it showing immediately. All fair enough. Could have contacted me sooner but otherwise happy with their thorough approach. Turns out I’m too early anyway as haven’t switched yet and the £1000 credited has to be after that date and before the end of the subsequent month, august. Told I should be ok for payments going forward.

Being contacted by there fraud department is poor you actually think it's scam

HillStreetBlues

Yorkshire_Pud said:

gsmh said:

I've found it generally takes up to 5 minutes either way. A year or do ago faster payments were very slow and could take hours. Their services have improved greatly. It sounds like your payment might have been flagged as potential fraud and will need a phone call to release it. I've had this issue with all the banks I've been with, apart from Metro Bank who seem very lackadaisical about these things.

Yes you were right held as potential fraud. Only made one payment of £1 out previously then £500 on a weekend day today so a call to their relevant dept and after about ten minutes and multiple agreements by me that if it was fraud the money would not be recoverable and then they sent it showing immediately. All fair enough. Could have contacted me sooner but otherwise happy with their thorough approach. Turns out I’m too early anyway as haven’t switched yet and the £1000 credited has to be after that date and before the end of the subsequent month, august. Told I should be ok for payments going forward.

Not according to their T&Cs

1.3 By the 30th day following the switch completing (this can be before the full switch completes):
a) has deposited at least £1,000 into the eligible account (this can be transferred as part of
the switch and/or by one or more deposits);
b) has at least 2 active Direct Debits in place on the eligible account at the point of
payment (this can include any that are transferred as part of the switch);
c) has made a minimum of 10 payments using the debit card on the eligible account (this
includes any digital wallet transactions); and
d) has registered for our online/mobile banking service. 

Yorkshire_Pud

HillStreetBlues said:

Yorkshire_Pud said:

gsmh said:

I've found it generally takes up to 5 minutes either way. A year or do ago faster payments were very slow and could take hours. Their services have improved greatly. It sounds like your payment might have been flagged as potential fraud and will need a phone call to release it. I've had this issue with all the banks I've been with, apart from Metro Bank who seem very lackadaisical about these things.

Yes you were right held as potential fraud. Only made one payment of £1 out previously then £500 on a weekend day today so a call to their relevant dept and after about ten minutes and multiple agreements by me that if it was fraud the money would not be recoverable and then they sent it showing immediately. All fair enough. Could have contacted me sooner but otherwise happy with their thorough approach. Turns out I’m too early anyway as haven’t switched yet and the £1000 credited has to be after that date and before the end of the subsequent month, august. Told I should be ok for payments going forward.

Not according to their T&Cs

1.3 By the 30th day following the switch completing (this can be before the full switch completes):
a) has deposited at least £1,000 into the eligible account (this can be transferred as part of
the switch and/or by one or more deposits);
b) has at least 2 active Direct Debits in place on the eligible account at the point of
payment (this can include any that are transferred as part of the switch);
c) has made a minimum of 10 payments using the debit card on the eligible account (this
includes any digital wallet transactions); and
d) has registered for our online/mobile banking service. 

Thanks, I missed that in my notes (as did the coop CS apparently lol, who confirmed I had to do it again after the switch) and my funding prior to switch was in vain). They do seem to revel in complicating this switch malarkey 😜