We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tesco Bank customers' payments delayed - here's what to do - MSE News
Former_MSE_Callum
Posts: 696 Forumite
Tesco Bank has apologised to customers whose payments made today have been delayed...
Read the full story:
'Tesco Bank customers' payments delayed - here's what to do'
Click reply below to discuss. If you haven’t already, join the forum to reply.
'Tesco Bank customers' payments delayed - here's what to do'
Click reply below to discuss. If you haven’t already, join the forum to reply.
Read the latest MSE News
Flag up a news story: news@moneysavingexpert.com
Get the Free MoneySavingExpert Money Tips E-mail
Flag up a news story: news@moneysavingexpert.com
Get the Free MoneySavingExpert Money Tips E-mail
0
Comments
-
I thought Faster Payment requests, although usually instantaneous, are only guaranteed to be fulfilled by the end of the following business day? In which case no compensation is due from Tesco unless they haven't had their money by the end of tomorrow.
Anyway, as long as it arrives at some point today, no one is going to get charged late fees or interest for being overdrawn or not making their necessary payment by some arbitrary intra-day point. And yet talk of compo already from MSE - talk about being grubby!!!0 -
When making a faster payment out, it confirms at the end: Your payment has been set up and should reach the payee within the next two hours.
As they have complied with this timescale at least 99% of past times, it has become what one expects.
RBS threatens a charge if a payment to meet a DD does not arrive by early afternoon. I am not sure when the money arrived as I had gone out to a meeting.
I expect RBS to lie low for a month and then apply a fee!--
Arthur0 -
The EU-wide Payments Service Directive states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.I thought Faster Payment requests, although usually instantaneous, are only guaranteed to be fulfilled by the end of the following business day?Provided the sending and receiving bank/building society are Direct Participants of Faster Payments, payments are usually available almost immediately, although they can sometimes take up to two hours.
These timescales can still apply if either the sending or receiving bank is not a Direct Participant of Faster Payments.
Some payments will take longer, especially outside normal working hours.
You should talk to your bank/building society if the speed of the payment is particularly important.
As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.
Source: http://www.fasterpayments.org.uk/faqs0 -
Indeed: 'should' rather than 'will'.When making a faster payment out, it confirms at the end: Your payment has been set up and should reach the payee within the next two hours.
While it's understandable that past events shape expectations of future performance, that doesn't actually make Tesco financially liable if things turn out differently on the hundredth time, given the lack of guarantees.As they have complied with this timescale at least 99% of past times, it has become what one expects.
It'll be interesting to see how Tesco will respond to any claims like this - they would be quite entitled to say that they can't guarantee that a FP transfer to another bank would arrive the same day (even though it normally does), or even by early afternoon the next day, and that scheduling things that tightly is the customer's responsibility....RBS threatens a charge if a payment to meet a DD does not arrive by early afternoon. I am not sure when the money arrived as I had gone out to a meeting.0 -
I complained about this to Tesco via Resolver and got a phone call and £40 compo within 24 hours. Didn’t suffer financial loss, just couldn’t check my balance when I wanted to.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards