Sainsbury's Bank - payments out taking four days

wilkies5

Sorry to be the bearer of bad news but I have always been surprised that my Sainsburys to Halifax transfers have always only taken 24hrs.

I am always thinking they will take longer...but to my surprise the money is cleared really quickly.

So there really isn't any explanation for this, is there?

philadam

wilkies5 wrote: »

Sorry to be the bearer of bad news but I have always been surprised that my Sainsburys to Halifax transfers have always only taken 24hrs.

I am always thinking they will take longer...but to my surprise the money is cleared really quickly.

So there really isn't any explanation for this, is there?

I think there probably is. HBOS has a 50% stake in Sainsbury's Bank so I would think for this purpose, as HBOS transact the payments, Halifax would count as one of the 1 day transfer beneficiaries (except it really is 1 day and not 2!).

From the FAQs:

If you are making a payment to another Sainsbury's Bank savings account the payment will take up to 1 full working day to reach the account

I don't intend changing my primary bankers for the purpose though;)

Phil

jem16

johnmoney05 wrote: »

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.

Yes it did that for me earlier. Although at least they are transferring over the weekend which they didn't used to do.

XXXX

johnmoney05 wrote: »

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.

Me too having problem with the transfers from Sainsbury's Bank to my Halifax account from last week. In the past all transactions were initiated on the day, since Sainsbury's and Halifax are both part of HBOS group, I always received funds on the day, but now I can no longer rely on that.

Sainsbury's Bank has become so unreliable, I am going to close their account. They are probably better at managing grocery than funds.

philadam

XXXX wrote: »

Me too having problem with the transfers from Sainsbury's Bank to my Halifax account from last week. In the past all transactions were initiated on the day, since Sainsbury's and Halifax are both part of HBOS group, I always received funds on the day, but now I can no longer rely on that.

Sainsbury's Bank has become so unreliable, I am going to close their account. They are probably better at managing grocery than funds.

Apologies, it didn't register with me that others with Halifax accounts were now experiencing delays. Looks like wilkies5 has either been lucky or hasn't done a transfer recently.

Phil

ATF101

Just moved some cash from Sainsbury's to HSBC, it has taken FOUR working days.

noh

I have just now (16 April 08.00) made a payment from my Sainsburys account it was a small amount below the security checking threshold.
I noticed that the message diplayed said something like " your payment has been initiallised and will take place on the 17th April 2008. Payments to accounts outside Sainsburys take 3 working days."
So it looks like they are now delaying making payments by one day but can still claim three working days as that starts from the day the payment is made.

Nigel