Sainsbury's Bank - payments out taking four days

Sapphire

Transfers out of the Sainsburys account to my Nationwide account have always taken 4 days, not 3 as advertised. I've now removed all my money from Sainsburys due mainly (but not only) to their low interest rates.

In addition, Sainsburys don't appear to have credited my interest for this last financial year (Nationwide did this on the 31 March). I had a substantial amount of money in the account for more than half a year.

YorkshireBoy

Sapphire wrote: »

In addition, Sainsburys don't appear to have credited my interest for this last financial year (Nationwide did this on the 31 March). I had a substantial amount of money in the account for more than half a year.

Isn't interest credited on the anniversary of account opening?

If so, and you want it now, you'll have to close the account to get it.

Mikeyorks

philadam wrote: »

As for YBS taking five days, that's what you get for banking in God's Own County. It takes a couple of days for Him to OK it

Nah ..... the sheep keep moving. So they can never work out where they last buried the strong box!;)

philadam

YorkshireBoy wrote: »

Isn't interest credited on the anniversary of account opening?

If so, and you want it now, you'll have to close the account to get it.

That is correct.

Phil

merlinthehappypig

Contrary to my earlier post I am now having problems with Sainsburys as well.

Checking back 12 months or so payment used to arrive on the third working day ie. instruct Monday, arrive Wednesday.

Last week I requested a transfer to Nationwide and it took an extra day, transferred Tuesday, arrived Friday.

On Tuesday this week I requested a transfer in the morning. It still hadn't gone yesterday afternoon so I rang to what the problem was. I was told that they 'are experiencing delays', but that payment times wouldn't be affected.

The payment actually didn't go until this morning, almost 48 hours after the instruction, though it's been backdated to yesterday.

I rang them again and was told that it won't be with me until Monday, so this is another additional working day, instructed Tuesday, arrives Monday.

Based on this level of service I'll be closing the account.

philadam

merlin, sorry you are now having problems too. I have been emailing back and forth with Sainsbury's to get to the bottom of the discrepancy in what they say on their website as opposed to what actually happens and have got nowhere. They started by quoting 4 workings days, then it became 3 - 4 working days after I pointed out what it actually said on their website. Here's a copy of the 2nd response I got:

"Thank you for your e-mail dated 4th April 2008.

In response to your e-mail, we usually find that transfers made using the Bank Automated Clearing System (BACS) normally take around 3-4 bank working days. This is probably why you've experienced transfers going through in three days.

We normally advise to allow up to four bank working days for clearing as it is not always guaranteed that the payment will be completed in three working days.

If the quote on our website seems misleading then I will arrange to direct your comments onto our development team for further consideration.

We are constantly looking to improve our service and comments of this nature are very much appreciated.

Thank you for your feedback and taking the time to contact us.

Regards

David
Sainsbury's Bank Online Helpdesk
sainsburysbank.co.uk"

The part I have highlighted is not what I advised. If it had been I would not have been writing in the first place! I suspect my request for it to be taken up the line has gone nowhere as I have heard nothing. I should be like a dog with a bone and make sure it's dealt with properly and they amend their website, but I honestly can't be bothered and have voted with my feet and closed the account and transferred my money elsewhere.

Phil

Biggles

philadam wrote: »

Day 1 (eg Monday) - Sending account is debited
Day 2 (eg Tuesday) - Being processed in the BACS system
Day 3 (eg Wednesday) - Receiving account is credited

That's what the 3 day banking cycle is as I understand it (experienced from working in a bank for many years). If you send money on a Monday and it arrives on a Thursday then that is 4 working days as one of the days in the cycle is the day the transfer was made.

On that basis, if the payment arrived in ten seconds, on 'Day 1', you'd still say it took a day? And, if it took 24 hours, you'd say it took two days?

KiKi has it right, 25 to 28 March is three days.

noh

Biggles wrote: »

On that basis, if the payment arrived in ten seconds, on 'Day 1', you'd still say it took a day? And, if it took 24 hours, you'd say it took two days?

KiKi has it right, 25 to 28 March is three days.

If it arrived on the same day it would be a 1 day cycle. If it arrived 24 hours later it would be a 2 day cycle.
Philadam and YorkshireBoy are correct in their description of the 3 day BACS cycle.

"BACS Processing Cycle – The BACS cycle comprises 3 bank working days - Input Day, Processing Day and Entry Day. Files are transmitted on Input Day to BACS and can be sent up to 31 days before processing day. The Entry Day, the day the account is debited or credited is always one working day after Processing Day."

Nigel

philadam

Biggles wrote: »

On that basis, if the payment arrived in ten seconds, on 'Day 1', you'd still say it took a day? And, if it took 24 hours, you'd say it took two days?

KiKi has it right, 25 to 28 March is three days.

Once again, debit 25th and credit 28th March is four working days. I know of what I speak;)

One other thing I have noticed. When looking at my statement on the first day after the money has been debited the payment details read "Standing Order". Once the first day after debiting has passed it changes to "Bill Payment". Standing orders have always meant an automatic regular payment set up by the sender of a payment. I think in this case it means "we are standing on your money for a day":rolleyes:

Phil

johnmoney05

Just made a payment from my Sainsbury's Bank to my Halifax Current account. It seems some problem there. Normally, the available balance would be deducted straightaway, but it didn't change at all, still the full balance. Tried to make another payment, not allowed, said "I had a pending payment mandate on 16 April."
Hmmm....it seems Sainsbury's holding the money for one day (on our behalf), like the way LTSB does.