Shawbrook and 45 Day Notice transfer not made.

Ageing_Stick_Insect

I have a Shawbrook 45 day notice savings account. Seven weeks ago I requested £20K to be transferred to my nominated account.

Logging in to Shawbrook yesterday showed my balance was £20K lower and the transfer would go through that day. It didn’t and as I write this it’s still not showing.

With a phone wait time of 35 minutes I left a secure message asking why it hasn’t gone through. That was two hours ago. I would receive an email when they replied.

I would expect this type of transfer to go through automatically. Has anyone any experience of Shawbrook? I’ve dealt with them before and things have been fine. I know early April is very busy. Should I be concerned?

eskbanker

What's their service level for withdrawals? Many institutions process withdrawals via other clearing banks, which results in them arriving by the end of the following working day rather than a same day service, so even though the money has left your Shawbrook account yesterday, it may not actually arrive in your current account until later today.

Ageing_Stick_Insect

@eskbanker , I haven’t checked. But shouldn’t 45 day notice mean 45 days after I instructed them that money should be in my account. In these days of instant banking there’s no excuse not to action it.

I’ll post here once I hear back from them.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81954561#Comment_81954561

No, 45 days is the notice period before a withdrawal would be started, not finished (if they're different dates).

"These days of instant banking" is a term applicable to mainstream clearing banks who sign up to the enhanced Faster Payments service, so there are plenty of smaller players who don't (I haven't checked if Shawbrook is one), but chances are they've actioned it but it hasn't completed yet…

Edit:

Notice Accounts
When you request a withdrawal of funds from your notice account, you will be told which date the notice expires on, in advance. You'll typically receive your funds the next working day after this date.

https://www.shawbrook.co.uk/savings/help/depositing-withdrawing-from-your-account/#2366

Ageing_Stick_Insect

It’s in my account! 😁 Happy days! Thanks for your expertise.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81954587#Comment_81954587

yeah, shawbrook is a bit slow with paying the money as they don't pay the same day, they often don't act on the instruction until the next day, then the money is not credited to your account until the day after but it will get there. you just have to be patient.