On 15 June, 03:21, "robgraham" wrote:
wrote in message

...





Hi - I have sent a payment from Nationwide to a small building society by
Nationwide's one-off transfer (standard, no charge). I know the clearing
process of electronic funds has changed recently and so am not quite sure
of
what happens in the following...

If I have sent the funds this evening (Sunday night) and with it
displaying
as having left my account already with Monday's date on it, what is the
earliest that the payee would receive the cleared funds? Nationwide says
something like "should reach" the payee within 2-3 working days, but if it
leaves tomorrow (Monday) and gets there tomorrow, will it still take at
least 2 working days to clear? Sorry to be a bit techy, but I just want to
make sure it doesn't clear before Tuesday...

Thanks for any help.

If you're referring to the new faster payment scheme, then how long it
actually takes depends on whether *both* banks/BSs are part of it. If they
are, then it's generally about an hour or so. If not, then it's up to 4
days.

Rob Graham- Hide quoted text -

- Show quoted text -

Nationwide isn't yet on the Faster Payments Service. That means
transfers to a Nationwide account go via the normal BACS route.
You don't say who the "small building society" is so I can't say for
sure whether they are on FPS, but as it's only really the big banks
that are at present, chances are it won't be.

So if it goes the normal 3 day BACS route, what happens is...
You post the transfer with Nationwide on the Sunday and the money
appears to have gone from your account.
Monday Nationwide process it and send it in their daily input file to
BACS.
Tuesday BACS process the file with your transaction in, sending the
details to the recipient bank/bs.
Wednesday (about 7am) the recipient bank/bs has the funds transferred
into them and they credit their customer, hopefully straight away.

So, Wednesday is the earliest they could receive it.


BobC