Monmouthshire BS Deposits

jameseonline

Anyone know if there's any known issues with depositing funds recently?, I ask because I sent £1 to my easy access account at around 1am yesterday and it's not shown up yet.

Kim_13

Monmouthshire are the slowest to show deposits online, I believe it takes two days at the best of times and shows up somewhere between 7 and 8am on the day in question. From a Friday deposit I wouldn’t worry as long as it arrived on Tuesday.

Hattie627

Of all my approximately 30 monthly FP payments to Regular Saver accounts, Monmouthshire are consistently the last to show up, normally around 48 hours after the payment leaves your bank account (longer if a weekend/bank holiday intervenes)

jameseonline

Thanks seems it showed up at some point today, requested some money out.

So it seems they just slow then.

allegro120

jameseonline said:

Thanks seems it showed up at some point today, requested some money out.

So it seems they just slow then.

Yes, deposits never show until the next working day.

Withdrawals arrive the same working day in the evening if done before the cut off time on a working day (2:30pm(ish), otherwise next working day.

Hoenir

Smaller Building Societies aren't clearing banks. Their systems will result in the delays in processing. 

WillPS

Hoenir said:

Smaller Building Societies aren't clearing banks. Their systems will result in the delays in processing. 

Not being a clearing bank is not a blocker; Nationwide is not a clearing bank and yet handles faster payments in and out immediately. There are other examples too (both banks piggybacking off other clearing banks and building societies who do the same). Even among their peers MonBS are creakingly slow - most of their competitors will at least update same/next working day.

This is a 'crusty old system' thing, not a building society thing.

Chaykin

Which one is slower - Monmouthshire or Furness?

jameseonline

Chaykin said:

Which one is slower - Monmouthshire or Furness?

No idea because I'm not with Furness

allegro120

Chaykin said:

Which one is slower - Monmouthshire or Furness?

In my experience:
MonBS.  Funds are credited on the day of deposit (working days only) but take 1 or 2 days to show.
Furness. Funds are credited next working day.

Speculator

Kim_13 said:

Monmouthshire are the slowest to show deposits online, I believe it takes two days at the best of times and shows up somewhere between 7 and 8am on the day in question. From a Friday deposit I wouldn’t worry as long as it arrived on Tuesday.

Deposited £500 into my new Monmouthshire regular yesterday by FP and its showing in my app this morning (Saturday).