Bank Transfer gone wrong
Discussion
So I made a bank transfer last night from my Natwest account to my Halifax account for £2000 - Normally, such payments are there instantly however it's been 24 hours and there's nothing in my Halifax and the money has been deducted from my Natwest account.
I've triple checked all the details and they are all matching and correct - Yet for some reason my Halifax account has not received the payment? They say that it takes a max of 24 hours but it's now been a day and nada.
I spoke to Halifax who said they can't do anything because Natwest sent the money. Natwest say they've sent the money already and don't have it.
????
What is going on here? What can I do?
I've triple checked all the details and they are all matching and correct - Yet for some reason my Halifax account has not received the payment? They say that it takes a max of 24 hours but it's now been a day and nada.
I spoke to Halifax who said they can't do anything because Natwest sent the money. Natwest say they've sent the money already and don't have it.
????
What is going on here? What can I do?
The law (Payment Services Regulations) states that payments must be completed by the end of the following business day from receipt of the payment instructions.
If you sent the money last night, then according to Natwest's rules because you tried to make the transfer after 3:30pm, the day of receipt of your payment instructions would actually be today. In order to be compliant with the law, this means that the money will be in your Halifax account no later than the end of the day tomorrow.
But the Faster Payment process (the actual process of transferring funds) itself takes a maximum of 2 hours, although usually it's immediately. So Natwest haven't sent the money yet - they are probably just conducting their fraud checks before approving the transfer.
If you sent the money last night, then according to Natwest's rules because you tried to make the transfer after 3:30pm, the day of receipt of your payment instructions would actually be today. In order to be compliant with the law, this means that the money will be in your Halifax account no later than the end of the day tomorrow.
But the Faster Payment process (the actual process of transferring funds) itself takes a maximum of 2 hours, although usually it's immediately. So Natwest haven't sent the money yet - they are probably just conducting their fraud checks before approving the transfer.
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