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How fast are faster payments?

Payments made using the Faster Payment Service are normally made within two hours.

 

Payments may take longer between 4pm Saturday and 6am Sunday and if we take our service offline for maintenance.

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‎28-04-2015 12:41 PM
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lmartin

Nick_F wrote:

 

Payments may take longer between 4pm Saturday and 6am Sunday and if we take our service offline for maintenance.


What's the reason for the delay between 4pm Sat and 6am Sun?  I've found this has been a problem a couple of times with my Tesco account, but my NatWest account continues to send and receive faster payments almost instantly (just not with Tesco).

 Hi @lmartin

 

Between 4pm on Saturday and 6am on Sunday we run updates on our systems. At the most, you would find that payments made on a Saturday night would clear into an account on Sunday morning after 6am. This would be the same for incoming and outgoing transfers. 

lmartin

This has caused me issues a couple of times now, seems a little inconvenient?  Other banks don't seem to need to take their system effectively offline to make this work?

I'm afraid I wouldn't be able to comment on other banks and their processes, but we do this in order to keep things running smoothly. 

 

Faster payments have an advised timescale of between 2 and 24 hours depending on when the transfer is made. Even with the delay between 4pm on Saturday and 6am on Sunday, the money would still be in the account on the Sunday morning.

tailorshima

Nick_F wrote:

Payments made using the Faster Payment Service are normally made within two hours.

 

Payments may take longer between 4pm Saturday and 6am Sunday and if we take our service offline for maintenance.


This is a continuing problem where a payment is made via faster payments. Ir does not show on our online account. Sometimes longer than 24hrs. This causes great anxiety and issues. I have to ring in to find out. Very inconvenient and why can't it refresh quicker. Sometimes this can be expensive with charges or double payment without knowing in current days and contacting both banks to find out what is going on ( not weekends only either.) All benefits Tesco Credit Card but customers at a loss!!

 

As Imartin and I have mentioned and in my case I have notified Tesco Bank several times for a quicker notification on online statement of faster payments to avoid anxiety of customers in this day and age when most other banks do. Tesco customers can be at a loss more as a result in more than one way. Tesco Bank have said they will suggest on previous phone call(s) for faster payments review and after a few years still nothing!! A catchup of services is required in my opinion :(

 

Right now my faster payment made yesterday afternoon still does not show up on my account and my original payment does not show up from my other bank on before due date and I am sorting once again!!

 

PS most banks now have a pending payments and credits as they happen too!

I am very sorry for any inconvenience this causes you @tailorshima. If your payments are taking more than 24hours to credit your account then please privately message our CET account (found by searching CET on main page) with your DOB, postcode and query so that we can investigate. When sending personal details please leave a space between each of the characters.

nmorriso

I rely on payments being made within 2 hours, but today I have waited from 10:30 am until now 18:45 and the payment from Tesco Bank has still not arrived with the Payee.

 

I was concerned and when I called customer support was advised that the payments can take between 2 & 24 hours ...! In a digital age, I've never experienced this before and I now stand to lose out financially. I completed several other payments today with other Financial Services organisations an ALL completed within minutes.

 

Can you please offer me an explanation?

tailorshima
@AshleighB what is the point when I have called support already. They have said they will look into it several times and pass it along and by escalation, however your colleagues have never come back to me. It's all well and good to say it's to keep running things smoothly for you, however, it feels that your valued customer are being ignored and that this is a way of saying this will continue as it is, even on week days. It will never show up till the next working day, if your lucky. Forget the 2-24hrs. It does not happen! This has been confirmed by your team or holds on your systematic without reflecting hence we have to contact support.. Why?

This is my experience and if escalations are ignored what is the point of contacting the CET team. I am on here to get a tangible answers to overcome anxieties still existing as are other valued customers respectfully.

Surely if a faster payment transaction takes place and it is reflected as it has occurred sooner saves you valued customers time, anxiety and costs. In turn it saves Tescobank time and costs as we do not have to contact you and most of all saves you losing valued customers. Win win situation!!

With kind regards

Hi @nmorriso, it is always within our interest to complete the transfer as soon as possible and we would never delay this for no reason. Did your transfer complete successfully on Sunday night? If not can you please private message @CET with your DOB, postcode and query so that we can investigate? When sending personal details please leave a space between each of the characters.

 

@tailorshima we will always aim to complete the transactions as soon as possible. Can I ask if this has happened on more than one occasion? The transaction should always complete within 24 hours of you making the transfer no matter what day it is. The only situation that this may be delayed is if our system was down for any planned or unplanned maintenance. 

tailorshima
@RossM
I think you are missing the point!
As I and others here have highlighted above, yes it has happened more than once and the systems are slow for payments and reflection of it leading to anxieties and sometimes loss. Now, I follow your own instructions to carry out payments 3 - 5 days ahead with a direct debit for minimum payment. There is a reason why I have been instructed to do this and escalated with a suggestion that it is called faster payments for a reason which takes seconds to transact and be reflected in respective accounts. This should not happen nowadays as in the worst case it could be life or death as the payment has to reach otherwise it could mean a financial loss that they cannot bear.

To date I have escalated my case with no response. I am on here as the system is still the same and I can see others having the same problem. So far, it takes it takes between 2-24hrs and if it is the weekend or the system is down or for maintenance that we know or do not know about it will take longer which all keeps your system working smoothly does not give comfort. My faster payments ato Tescobank are never reflected until the next working day and suffered penalties where it took longer which I have never done before and taken your best advice to where I am with you with payments.

In conclusion, to improve the system this and similar threads of customer experience needs to be escalated to senior management to improve the system especially faster payments to bring it in line with the new digital age in the sector as valued customers should not experience this. As a result, I would like to know how you will compensate for the lack of service to a valued customer and future valued customers.