|
Post by drphil on Aug 15, 2015 9:45:49 GMT
I transferred a 5 figure sum from my bank account (major British bank) early afternoon on Thursday 13th. My bank confirm that it was sent within a few hours but I am still waiting for it to appear in my RS account.
Customer services tell me I missed the 6.30pm Thursday cut-off, so then it wouldn't have been received until 6.30pm Friday but by then the finance team had gone home for the weekend!
This is unacceptable situation, particularly in these days of the Faster Payments Scheme. I can say, with virtual certainity, that the hundreds of bank transfers I have made over the past year have reached the payee's account the next day at the latest. This includes a payment made at the same time on Thursday to another p2p organisation.
Perhaps westonkev could comment?
|
|
|
Post by p2plender on Aug 15, 2015 11:17:14 GMT
Well perhaps you should have done it by card then it would have been instantaneous.
|
|
|
Post by closetotheedge on Aug 15, 2015 11:33:21 GMT
I can recommend the card transfer system. I use it most weeks to add funds to RS and it has always been instant even with quite chunky amounts which I would have thought would have triggered some kind of alarm with HSBC.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Aug 15, 2015 13:02:04 GMT
Whilst most faster payments take two hours or less, many only a few seconds, they can take up to the next business day and still not exceed the faster payments scheme rules.
|
|
|
Post by westonkevRS on Aug 16, 2015 6:32:37 GMT
I'm not sure how you want me to comment, this is an anonymous forum so I can't see your details, what your bank actually did, and the thread title is quote aggressive. Doesn't make me feel positively inclined. The FAQs are very clear and state " Next working day by 11am" whereas the debit card is instant with no charges for £1,000 plus. I don't know when your bank sent the funds or when we received them, but unless there's been a wider IT issue (there was one in May 2015) then I think it's fair. If speed was a priority then you could have used the debit card. The issue of Faster Payments was discussed here: p2pindependentforum.com/thread/268/instant-bacs-payment-lending-ratesetter" BACs payments are funded to the account next working day, unfortunately not instantly. This isn't related to "faster payments" or a choice RateSetter have actively made; but our partner Banks ability to provide "Direct Data" links. We are ready, our bank is not. Our friendly competitors use a Bank that does allow "Direct Data" and therefore instant BACs transfer (with an ironic exclusion of same Bank's Bank current accounts). " I don't think this has changed, although I'm not close to payments. I'll double check on Monday. I'm sorry if this response isn't grovelling with an apology, but personally I think processes haven't been so far removed from what we offer in the FAQs and things outside our control (i.e. bank payments to us). @ westonkevRSlink.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219
|
|
|
Post by GSV3MIaC on Aug 16, 2015 7:44:11 GMT
Whilst most faster payments take two hours or less, many only a few seconds, they can take up to the next business day and still not exceed the faster payments scheme rules. Yep, and that just gets it to RS's bank, which then have to tell RS all about it so they can credit the right account. You have to remember your RS account is not the same as a real separate bank account.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Aug 16, 2015 8:43:19 GMT
Whilst most faster payments take two hours or less, many only a few seconds, they can take up to the next business day and still not exceed the faster payments scheme rules. Yep, and that just gets it to RS's bank, which then have to tell RS all about it so they can credit the right account. You have to remember your RS account is not the same as a real separate bank account. Sorry, I'd got distracted and forgotten to add the second sentence, which aimed to mention the RS processing. Basically if you are using a bacs transfer it could quite legitimately take a couple of days and that would not be At the 'fault' of RS.
|
|
shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
|
Post by shimself on Aug 17, 2015 8:48:11 GMT
I had just the same issue, made a transfer of 8K Friday morning, imagining I could put it on the market that afternoon. I did also at the same time make a tx to another p2p and they duly sent me an email an hour later saying the money was in and I did lend it same day
So sorry RS but I think the thread is correctly titled. OK so in the medium size print it says you are that slow, but
1 you shouldn't be-jqst change your bqnk, it's not acceptable, you sound like a bqnk, the customer can wqit qt our convenience
and 2, while it is thqt slow, it should be in great big print saying FOR SPEED USE A DEBIT CARD,
and 3 making people wait until 11am is really slack
and 4 maybe someone could work on Saturday morning?
sorry about the spellings, it's a French keyboard and I'm going to breqk q finger soon
|
|
adrianc
Member of DD Central
Posts: 8,985
Likes: 4,811
|
Post by adrianc on Aug 17, 2015 10:33:22 GMT
It's not just RS - I put some money SS's way the other day. Two working days later, it was still showing as a "BACS funding deficit". OK, they allow you to buy loans whilst your funds are on their way, but that strikes me as a very odd way of doing business. I suspect that's part of the reason why they always seem to have a -ve amount of loan parts for sale on their SM...
It's not as if RS don't give you a really easy way to get money credited immediately, either.
|
|
|
Post by chris on Aug 17, 2015 11:27:29 GMT
1 you shouldn't be-jqst change your bqnk, it's not acceptable, you sound like a bqnk, the customer can wqit qt our convenienceI'm not usually one to stick up for other platforms but this really isn't that simple. Most UK banks will not deal with P2P platforms if they have any idea what we are and what we do, which for the larger platforms who need a certain level of service is something we'd have to explain to them as part of opening an account. The manual systems provided by our bank allowed us to download an electronic statement for the previous working day's transactions. So if you made your transfer at 6:05pm on Monday it would be Wednesday before your transaction would show in that file. This was how we previously ran our system with someone logging in every day, downloading that file, and importing it into the system. From start to finish it took us over a year to get electronic access to our bank account, jumping through lots of hoops to find the people within the bank who actually know what an automated connection may even look like let alone what the actual service their bank offers may look like. Eventually when speaking to the right people you have to jump through all manner of other hoops to get yourself approved, ID check all the directors again, agree some technical details with them, negotiate fees, etc. We now have a fully electronic solution for downloading statements but even here the fees are exorbitant. We are charged a monthly fee for access and a multiple pound fee for each file of transaction information that is sent to us electronically. These fees add up to roughly the equivalent of the amount it would cost to employ someone to sit there all day hitting refresh on the bank transactions web portal and manually type in the transaction information into our website. This would probably be quicker as well, as to keep costs down we only accept one export per hour from the bank, whereas a person could check intra-day. However a person is more prone to error in rekeying that information which is why we've never offered it as a solution. Oh and if we want to send transactions back out the other way using a fully automated solution our bank are currently pushing us towards a third party solution completely unconnected to their statements solution which will cost us even more. I have every sympathy for RateSetter when it comes to dealing with the banks, and it's not a case of being lazy, incompetent, treating customers poorly, or being like a bank. We are hampered by the banks and the antiquated systems the banking system runs upon, and no matter how great our own technological solutions are for when your money is within the confines of the platform as soon as you deal with real world movements of funds by definition you are stuck using the banking system. There are also, quite rightly, limitations set out by the FCA in their client money rules that set out what you can and can't do when accepting funds into the platform. Not all platforms will have the same advice on what those rules mean, and some platforms will be more cavalier than others in their approach. So just because one platform seems to have a solution that beats other people's doesn't mean that we should all be copying as quickly as we can or that the FCA will be happy with that solution when they come to review it.
|
|
|
Post by drphil on Aug 17, 2015 11:59:40 GMT
Thanks for the reply, Kev (and others).
Perhaps I should mention, firstly, that on raising this with Customer Services I encountered conflicting information and they failed to get back to me.
But, in any case and on reflection, the tone of my post, which I admit was written in the heat of the moment, now does seem a bit agressive and I apologise for that.
No, I was not expecting a grovelling apology.
But rather, against the excellent product and otherwise excellent service provided, I feel that RS falls short on this matter, both in absolute terms and as compared to the competition and I hoped that my post would give some food for thought. (Of course this may well have been a one-off glitch in the interbank transfer but I don't believe it was).
I am well aware of the "instantaneous" card payment option and also that the competition does not always provide this. I did not use this on this occasion because the amount would have triggered a block (not just on this but on any other use of the card eg for petrol) and I was indisposed that afternoon and unable to 'phone to get this lifted. In any case, I was quite happy to wait until the next morning.
EDIT Posted before seeing previous (Chris's) post
|
|
|
Post by drphil on Aug 17, 2015 12:28:56 GMT
|
|
|
Post by reeknralf on Aug 17, 2015 12:45:00 GMT
edit - for some reason the text in the quote won't show...Chris said: a person is more error prone to rekeying... - edit If this is the only issue, can't you just use some combination of browser automation and screen scraping software to automate the process? I know I've used imacros to do this sort of thing.
|
|
|
Post by chris on Aug 17, 2015 12:44:50 GMT
Which post, or do you mean the thread as a whole? We got a lot of praise when we, finally, got the faster payments solution live but it took a lot of time to get it live. There's less than a week's coding in the actual implementation but it took over a year start to finish. The hard part was getting the project to the point where we could start that coding.
|
|
|
Post by chris on Aug 17, 2015 12:55:05 GMT
If this is the only issue, can't you just use some combination of browser automation and screen scraping software to automate the process? I know I've used imacros to do this sort of thing. You need to use two factor authentication, which means an external device, which really complicates that process. Screen scraping is fine for something where the integrity of the data is not so critical but for something like this I wouldn't touch it as a solution. Every time the bank makes any kind of change to the layout or format of the data you have potential, no matter if it's low probability or not, to not just break the script but to start crediting the wrong amounts to the wrong accounts. Our bank doesn't display a unique transaction ID either, and I'd be surprised if others did, so de-duplicating that stream of transactions whereby your script would be using time (with one minute accuracy) and position in a list wouldn't fill me with confidence either. It would also probably be against the bank's terms of use for the website, although I haven't checked that. Finally I wouldn't like to have to explain to the FCA that all funds credited within the platform are screen scraped off our banks website and that this was how we'd implemented our client money solution. Everything we do must be explainable and be justifiable even with the benefit of hindsight, and it is within the FCA's power to deny us the ability to trade if they feel we're not doing the right thing. Hence our more cautious if expensive approach.
|
|