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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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2 of 2
Last update:
‎28-04-2015 12:41 PM
Updated by:
 
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Hi @tailorshima, apologies for any misunderstanding. As @RossM has said above, we always aim to complete the transactions as soon as possible, however this can sometimes be delayed at the weekend or in situations such as maintenance periods.

 

I have logged your comments as feedback so that we will take this on board going forward. Have a nice weekend. 

@tailorshima I want to try and get to the bottom of this as faster payments should appear within the above timescales unless we are performing system maintenance. Please follow my instructions to message @CET in the previous message, so I can investigate this fully and see if I can get a resolve for you. In the message can you also please confirm where you've previously escalated this? 

AKC

I use multiple bank accounts and Tesco is the only one where fast payments aren't instant. Luckily only a transfer between accounts this time but I wouldn't use Tesco as my main account or trust it with an important payment. It's amateurish, stick to selling groceries if you can't maintain your systems without shutting down services.   

I'm really sorry that you feel that way @AKC and I'll make sure to pass on your comments to our Accounts team. 

Mikee123

I transferred £500 using faster payments today at 6pm and it has still not been processed by 10pm I phoned Tesco customer services and I was given a load of rubbish about need to to improvement work from 4pm Saturday until 6am Sunday I have 6 other bank accounts with leading high street banks and none of them have this so called maintenance and transfer funds instantly this is some con Tesco is doing. What a rubbish service Tesco provide.

I'm sorry to hear that you're unhappy about this @Mikee123. The information you've been provided is correct and the essential system maintenance does happen between the hours you've specified. I will be sure to pass on your feedback to the appropriate team with regards to this. 

NWPW

Unfortunately Tesco are fooling us all by claiming they are a member of the Faster Payment System. The FPS stipulates that members actioning a Single Immediate Payment that the funds MUST be available in the receiving account within two hours or provide a message to the initiator why the transaction has not happened. The FPS rules below are on the FPS website! Tesco pull your socks up and get this sorted - I have incurred charges due to your inability to transfer funds within the same day especially when on the confirmation page you are still stating "Usually within 2 hours"!!!!!!!

Single Immediate Payments

  • Customers can initiate these one-off payments with their bank online, using a mobile device, over the phone or in a branch.
  • Single immediate payments can be sent 24 hours a day, seven days a week (subject to the service offering of your bank).
  • Up to £250,000 can be sent per transaction (although individual banks may impose lower limits).  You can check the current limit here.
  • The money must be available in the receiving customer account within two hours, but generally is available within minutes.
  • The central Faster Payments infrastructure provides a response to the sending bank within 15 seconds, confirming that the receiving bank has accepted or rejected the payment. When rejected, the receiving bank will also provide a reason for the rejection.
  • Sometimes the receiving bank is unable to take the payment immediately, in which case the customer should be given a response indicating when they can expect the funds to reach the account. Reasons for this include an operational issue at the receiving bank or if the receiving account does not permit immediate posting of the payment.

Hi @NWPW, I'm sorry to hear that your're unhappy. Can I check if you attempted to make the faster payment between 4pm Saturday and 6am Sunday as we take our service offline for essential maintenance? If not, so I can look into this further please send a message to @CET explaining your situation, include your name, date of birth and postcode. For details like your DOB and postcode we ask for you to format it with additional spaces, i.e. A B 1 2 C D, 2 4 1 0 2 0 1 6 otherwise the information is removed by the system.