Faster payment to pay CC missing

soolin · 13 July 2018 at 9:00AM

My OH has been caught up in the fater payment problem that occurred last Sunday.
https://www.bbc.co.uk/news/business-44767011
He paid his credit card bill to NW using a regular faster payment from his FD account as usual and it has still not arrived. The full balance was just shy of £800 and due yesterday, payment was as usual sent in full. Payment shows clearly as having left FD on Sunday 9th.

Phoned both banks Tuesday, Wednesday and again yesterday and got differing stories on each occasion. NW say they are not aware of an issue, but appear to be 'happy' that payment will turn up, they are not giving any indication that they disbelieve my husband. However, they won't commit to say what happens regarding the late payment.

FD say this is a known issue and banks have agreed not to penalise customers, but won't agree to commit to anything else. Yesterday he was told that his payment was in a large backlog and could not be traced and they suggested if he was worried about his credit card to just pay it again, which we can't afford to do. They are however sending a letter confirming that payment was made in time to have reached the account, and have suggested that he phones back next week if payment still does not show. They have also submitted a formal complaint on his behalf.

The question is there anything else he should be doing? Both banks say their lines are recorded so we have names and times of all the very lengthy phone calls, as at this morning no payment is showing so card payment is now overdue. This is a long standing credit card, paid off in full regularly every month if that makes any difference.

Nasqueron · 13 July 2018 at 9:08AM

soolin wrote: »

The question is there anything else he should be doing?

Yes, setting up a direct debit to pay it, at least the minimum if not in full not doing it manually at the last second and hoping the bank processes it on time

soolin · 13 July 2018 at 9:20AM

Nasqueron wrote: »

Yes, setting up a direct debit to pay it, at least the minimum if not in full not doing it manually at the last second and hoping the bank processes it on time

That will not help the current situation at all though will it? This card account is years old , pre dates any form of online payments and this is the first issue ever. 'Hoping the bank process it in time' is surely not an issue if you use published time frames which say 2 days, and then add a further 2 days on top.

molerat · 13 July 2018 at 9:34AM

If the payment is not credited to the account by Thursday then complain to both banks. Sunday is a bit tight for a Thursday deadline though, that payment was guaranteed to reach the recipient bank by EOB Tuesday so add the 2 days processing then makes it EOB Thursday !

soolin · 13 July 2018 at 9:54AM

molerat wrote: »

If the payment is not credited to the account by Thursday then complain to both banks. Sunday is a bit tight for a Thursday deadline though, that payment was guaranteed to reach the recipient bank by EOB Tuesday so add the 2 days processing then makes it EOB Thursday !

OH usually allows a couple of days more but we were overseas. It usually credits the account by close of business on the 2nd day , so 4 days seems reasonable. The banks have both agreed this should have shown up as credited Tuesday, so now it's day 5 and payment is overdue as at yesterday.

You mention waiting until next Thursday, is that time frame significant as that will be 11/12 days since payment? I'm struggling to find any updated news about this, the last I can see is a day old and they were saying that less than 8000 payments were still 'missing'.

Off topic but a back story- my husband spent many years in a bank and has never trusted them. Until about 4-5 years ago he was paying the card payment in Nat West direct until they persuaded him to do it online instead. The only reason he knows the payment was late is that he checks on day 2 to make sure it is there- and of course for the first time ever this time it wasn't. I would not have noticed if it was my payment as once I send it I consider it gone, and never check.

Nasqueron · 13 July 2018 at 10:01AM

soolin wrote: »

That will not help the current situation at all though will it? This card account is years old , pre dates any form of online payments and this is the first issue ever. 'Hoping the bank process it in time' is surely not an issue if you use published time frames which say 2 days, and then add a further 2 days on top.

My main CC was taken out in around 1999 when dial-up internet was taking off here - what has that got to do with anything? I have a DD to cover the payments which was setup on day 1 and have never had an issue which is one fewer than you.

You asked what action he should take - the correct advice is to setup a DD to always take at least the minimum to avoid any late markers. You got lucky you had no issues so far, an illness, an unexpected problem etc and payment goes unpaid and you're screwed.

You said also in your post above you make the payment and never check, again just asking for a problem. Not trusting banks is neither here nor there, just setup the DD

Wheres_My_Cashback · 13 July 2018 at 10:19AM

Firstly, relax ! There's nothing else you can do for now.

Wait until the payment reaches the account, check the date of entry and wait. Chances are it will be back credited as the due date due to the 'issue' or they will simply waive any late fees and not report it, but you may need to make a phone call for that.

Once bitten......

I know DD's don't suit everyone, particularly those with cashflow problems or those who don't like to give control to banks, but if you're simply not setting one up on principle then you may need to think again. As previously stated, by using a manual payment method, you are leaving the door wide open for potential problems of this nature, system failure, IT failures and any other personal problems. Ok, they may not be your fault, but each time you'll be concerned, start to fret and maybe even post again.

Setting up a DD will eliminate that as effectively you put nearly ALL of the responsibility back onto the card company. You just have to make sure your bank account can cover it !

Emily_Joy · 13 July 2018 at 11:27AM

soolin wrote: »

The question is there anything else he should be doing?

I would pay the minimum amount + £1 ASAP in person. Clearing up credit history is a hassle.

Farmerbob · 13 July 2018 at 6:15PM

Emily_Joy wrote: »

I would pay the minimum amount + £1 ASAP in person. Clearing up credit history is a hassle.

I agree at least paying the minimum amount avoids any more trouble of the banks sorting credit files etc to put them back in to the position they were before.

I got caught out by making an overpayment to my Santander mortgage paying from my FD account on Sunday I got an error message thinking it was just a blip sent it again and it paid twice, theyve only received one payment so far.
I called Santander and theyve told me to hold tight Ill probably address it with bit more gusto early next week once the back log is sorted and its still not sorted. I dread calling FD and trying to remember all the security questions so will hold off as long as possible :rotfl:

Faster payment to pay CC missing

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