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.

On Mon, 15 Jun 2009 00:03:05 +0100,
wrote:

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...

Surely the concept of "clearing" is only really applicable for
payments by cheque?

In the case of a bank transfer, your account will have been debited as
soon as you requested the payment to be made. Once it hits the
recipients account, the funds should be available to them immediately.

Chris

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

l wrote:
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.

it will be cleared funds and available to withdraw as soon as it hits the
other account.

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

l wrote:

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...

Why don't you want it to arrive before Tuesday? It seems most odd that
anyone would actually *want* money to sit in transit for at least a day!

"BobC" wrote in message
...
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.

I was wondering that - they sent me a leaflet a few months ago saying they
"plan" to have it available on all Flex accounts by June.

--
Andy

"brightside S9" wrote in message
...
On Mon, 15 Jun 2009 03:21:02 +0100, "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.

And if the amount transferred is below any limit the transmitting bank
/BS has imposed for the faster payment. e.g A&L have a £250 limit.

What a pathetic limit.

tim

tim..... wrote:

"brightside S9" wrote in message
...
On Mon, 15 Jun 2009 03:21:02 +0100, "robgraham"
wrote:

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.

And if the amount transferred is below any limit the transmitting bank
/BS has imposed for the faster payment. e.g A&L have a £250 limit.

What a pathetic limit.

What is pathetic is not how high the limit is, but that there is one
at all. A two-tier system makes no sense at all, it's just as daft
an idea as having first and second class post. It makes no sense to
charge less for second class when it actually costs more to handle.
The infrastructure for moving stuff around is the same for both classes
but it costs extra to store second class post in a queue for the next
day, and it also costs more to split post into the two streams.

What kind of limit is it, by the way? I presume it's a lower one,
i.e. amounts above £250 go fast, amounts below go slow. Otherwise
one could get around it by transmitting larger amounts individually
in several chunks which are each below the limit.

If it's an upper limit, it could also be gotten around, but it would
require the payee's co-operation. If you need to send £50 quickly,
just send £300 and ask the payee to send £250 back straight away. :-)

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.

And if the amount transferred is below any limit the transmitting bank
/BS has imposed for the faster payment. e.g A&L have a £250 limit.

What a pathetic limit.


ISTR that a limit of £10 is used by some (Nationwide?) ie only payments
less than £10 can go fast.

See BBC Money box at:
http://news.bbc.co.uk/1/hi/programme...ox/8074379.stm

It seems that the service can be intermittent, so you cannot know until
the day you use it if it will work. Thus if you need to pay by a certain
date you need to pay 3-5 days in advance anyway as you cannot be sure
Fastpay will be available.

Seems to be only of use to pay money to friends/family in an emergency
(if it works.) Moneygram may be a better option for that.