Faster Payment odd difference?

Bobblehat

My Skipton Member Bonus Saver Matured today and paid interest of £155.65 on £3000 deposited. As the interest rate drops at maturity I transferred the £3155.65 to my Santander Lite Account to be transferred elsewhere later in the day, and that successfully closed the Skipton account. Just over an hour later, I received a text from Santander saying it had received £3155.64 (not a typing error ... see figures above!) from Skipton!

OK, it's only 1p but how could 1p just disappear? Initially I thought it was me accidently typing the 64p in the Skipton transfer, but checking the screen shot I took of the transfer (I always take one and store it) it shows that the transfer was for £3155.65, not £3155.64. Had I accidently typed 64p, I guess the Skipton account would still be there with 1p in it ... it was and still is successfully closed.

Has anything like this ever happened to you? I've never seen it in many years of banking with dozens of banks and building societies! Would you bother doing anything about it? What if it was £10, £100, £1000 next time it happens?

Santander say "Not us Squire ... ask Skipton!" .... no surprise there!

surreysaver

Did you originally ask to close the account, rather than just transfer the money?
If you didn't specifically chose 'close', then the account may require a balance to enable it to remain open (although I believe it's £1, rather than 1p for Skipton)

TheTelltaleChart

No idea where your 1p has gone, but here's some live footage from Skipton:

MeteredOut

Most likely explanation is the Skipton online system has a bug where it rounds up when it displays, but the actual system of record had the lower rounded down amount so the "transfer and close" system used that.

Or Richard Pryor coded the system (one for the Movie buffs )

You should drop an email to them just for laughs to see what reason they come up with.

Bobblehat

MeteredOut said:

Most likely explanation is the Skipton online system has a bug where it rounds up when it displays, but the actual system of record had the lower rounded down amount so the "transfer and close" system used that.

Or Richard Pryor coded the system (one for the Movie buffs )

You should drop an email to them just for laughs to see what reason they come up with.

Yeeees! As much as I suspected my post might attract humour (which I fully appreciate!), I was wondering if anyone else has had this happen.... 1p, £1, £100, or whatever, difference!

boingy

Not a faster payment but I did have an S&S ISA with a well known company where I paid in £20k and instructed them to invest it all in a particular global tracker. Somehow they invested all but 1p in it. I couldn't be bothered to ask them why but 12 months later I paid in another £20K and noticed that that 1p had mysteriously disappeared and the previous investment was now showing £20k rather than £19,999.99. I'm assuming it's something to do with rounding but it is a little unsettling that it was somehow corrected behind the scenes. So I was slightly disappointed to see that this year's investment didn't leave another 1p, because I had resolved to ask them about it if it did. Maybe they have upgraded their computer to one that can count ;p

Bobblehat

JamesRobinson48 said:

In the Skipton app, select Manage Accounts, and then View Closed Accounts. Then you will see all of the movements in/out of your closed account. I suspect that might answer your question. One way or another. Hope you will kindly let us know what you find, as it's certainly interesting.

JR48 Your suggestion may have cracked the conundrum! Many thanks!

It looks like Skipton and the TheTelltaleChart might have to hold that party! If I've viewed the info right, that missing penny might appear in Santander tomorrow!

First, the screenshot from the transfer request where you can see I did request £3155.65 to go to Santander .....



....and what the "Closed Account" history shows actually happened ...



Why Skipton split the request in such a manner, I don't know, but it looks like that missing 1p was sent separately (hasn't appeared in Santander yet).

Always a school day! I won't be pursuing the matter any further (whether the 1p appears or not) ... just happy I hadn't had a senior moment  ..... or only a minor senior moment before anyone else says it! 

badger09

Well that looks to me as though Skipton sent a £0.01 payment to Santander to check they had the correct account number for the transfer. Once it had arrived, they sent the balance. As many on here used to suggest, before the introduction of COP. 

PS
My tongue was very firmly in my cheek as I typed the response above 

DRS1

Am I the only one who thinks w/o means write off?

MeteredOut

DRS1 said:

Am I the only one who thinks w/o means write off?

Exactly what i thought when I saw it. I don't think it's the "test transfer" either, as its in recency order.

@Bobblehat I'm invested in this now, please let us know if it does appear. If not, definitely open a complaint

Bobblehat

In the spirit of Badger09's post ..... maybe it was a test transfer of £3155.64 first in order to send the penny later 

I'll post update if anything changes .... still eagerly awaiting the penny to arrive in Santander