Current account to Current account on NYD

Bob2000

I know this is a very basic question, but at 8 am this morning, l transfer some cash from my Nationwide account  to my Virgin account, and it still hasn't shown up. 
It's not a large amount, (£5.95) but I was wondering  if it is because its a non working day?

GrumpyDil

Possibly. I think certain banks (HSBC/First Direct) don't process on bank holidays whereas others seem to do so (Chase/Nationwide).

Based on my experience from a couple of transactions posted today but can't comment on Virgin as I don't have a Virgin account.

Rob5342

It probably is due to that. I think all they guarantee is that it will be done by the end of the next working day. 

flaneurs_lobster

I've moved cash (manually) to/from Virgin and Nationwide today with all transactions working OK. Also used half a dozen other current accounts (and regular savers with the same banks) all OK.

Can't think of any examples where an institution has a full current account product where near real-time Faster Payments aren't available on non-working days.

Doesn't help with the OP's missing cash, sorry. Had the payee been set up and worked in the past or was it a new relationship? Sufficient funds? Er...

Bob2000

flaneurs_lobster said:

I've moved cash (manually) to/from Virgin and Nationwide today with all transactions working OK. Also used half a dozen other current accounts (and regular savers with the same banks) all OK.

Can't think of any examples where an institution has a full current account product where near real-time Faster Payments aren't available on non-working days.

Doesn't help with the OP's missing cash, sorry. Had the payee been set up and worked in the past or was it a new relationship? Sufficient funds? Er...

Landed in the Virgin account  at 8am today exactly  24hours. 
Phew!

gt94sss2

GrumpyDil said:

Possibly. I think certain banks (HSBC/First Direct) don't process on bank holidays whereas others seem to do so (Chase/Nationwide).

The faster payments system operates 24/7 and HSBC/First Direct also send payments on non working days unless it's a standing order.

Shakin_Steve

I was surprised to see interest credited on my Barclays savings accounts yesterday, I'm pretty sure it used to be next working day.

born_again

Bob2000 said:

flaneurs_lobster said:

I've moved cash (manually) to/from Virgin and Nationwide today with all transactions working OK. Also used half a dozen other current accounts (and regular savers with the same banks) all OK.

Can't think of any examples where an institution has a full current account product where near real-time Faster Payments aren't available on non-working days.

Doesn't help with the OP's missing cash, sorry. Had the payee been set up and worked in the past or was it a new relationship? Sufficient funds? Er...

Landed in the Virgin account  at 8am today exactly  24hours. 
Phew!

Just remember that a faster payment has until the end of the next working day to arrive.
Although they are usually a lot faster.

Bob2000

born_again said:

Bob2000 said:

flaneurs_lobster said:

I've moved cash (manually) to/from Virgin and Nationwide today with all transactions working OK. Also used half a dozen other current accounts (and regular savers with the same banks) all OK.

Can't think of any examples where an institution has a full current account product where near real-time Faster Payments aren't available on non-working days.

Doesn't help with the OP's missing cash, sorry. Had the payee been set up and worked in the past or was it a new relationship? Sufficient funds? Er...

Landed in the Virgin account  at 8am today exactly  24hours. 
Phew!

Just remember that a faster payment has until the end of the next working day to arrive.
Although they are usually a lot faster.

Good to know 

gsmh

flaneurs_lobster said:

Can't think of any examples where an institution has a full current account product where near real-time Faster Payments aren't available on non-working days.

Bank of Ireland UK! A faster payment made after 4.30pm on a banking day will be received in the non-Bank of Ireland account some time on the next banking day - so if you make a payment after 4.30pm on a Friday your payee won't receive it until Monday, unless that's a bank holiday in which case then Tuesday. I was shocked when I first experienced it!

flaneurs_lobster

gsmh said:

flaneurs_lobster said:

Can't think of any examples where an institution has a full current account product where near real-time Faster Payments aren't available on non-working days.

Bank of Ireland UK! A faster payment made after 4.30pm on a banking day will be received in the non-Bank of Ireland account some time on the next banking day - so if you make a payment after 4.30pm on a Friday your payee won't receive it until Monday, unless that's a bank holiday in which case then Tuesday. I was shocked when I first experienced it!

Good spot! But doesn't count because BoI (UK) are a bit funny and generally considered to be rubbish and nobody has an account with them anyway.

EDIT TO ADD : Looks like BoI are not participant members of Pay UK Faster Payments, means that they use a third party for FP access and this relationship doesn't operate outside banking hours.