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Post by westonkevRS on Sept 5, 2016 18:13:08 GMT
Comrades,
Apologies for this, It is quite a rare event and so hopefully you'll all be considerate. I'm sure if any delays had a financial impact then the RateSetter Customer Services team will do their best to support, and hopefully it doesn't drag out the moaning ambulance chasers....
A communication is planned, although they want to make sure everything is working first. Although Friday's payment file is fixed, there could still be a delay with Monday's. The issue also impacted borrowers.
For what it's worth it wasn't RateSetter's fault, our bank didn't process the payments file. So it could have impacted other organizations that use the same bank as well.
Kevin.
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wapping35
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Post by wapping35 on Sept 5, 2016 19:47:14 GMT
Comrades, Apologies for this, It is quite a rare event and so hopefully you'll all be considerate. I'm sure if any delays had a financial impact then the RateSetter Customer Services team will do their best to support, and hopefully it doesn't drag out the moaning ambulance chasers.... A communication is planned, although they want to make sure everything is working first. Although Friday's payment file is fixed, there could still be a delay with Monday's. The issue also impacted borrowers. For what it's worth it wasn't RateSetter's fault, our bank didn't process the payments file. So it could have impacted other organizations that use the same bank as well. Kevin. Kevin, Thank you for the post, I look forward to seeing the full communication. Whilst I agree that "ambulance chasers" may emerge (I have suffered no loss) I feel addressing a financial loss if it can be document properly does reassure all lenders as to how seriously RS takes the issue. Indeed I would suggest "documented appropriately/fully" might be a better term, much like an insurance claim. On today's repayment, mine arrived around 6.50pm (the repayment from Friday Sept 2) so it did work, albeit it was slightly latter than normal. I assumed that was down to a thorough error checking procedure in view of the Friday night issue. Which is good. On whose fault it was it would be good to hear how the issue is being addressed in future. On Saturday CS informed me it was a 3rd party to both RS and your bank, who had the issue with the file and they then referred the problem back to RS but it was then too late on Friday night for RS to reply. In the end however it happened so "fault" is not really the prime issue, instead it is how we ensure the problem does not recur (it didn't today which is good). If it is a problem 3rd party, may be using a different one might be best but of course RS internal team would be best placed to decide that and then communicate the plan. Thanks again for taking the time to update us. Regards W35
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lobster
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Post by lobster on Apr 5, 2017 15:29:23 GMT
Hi , does anyone know the latest time at which a withdrawal can be authorised, and still receive the payment the next working day ? Thanks
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Post by bobthebuilder on Apr 5, 2017 16:32:30 GMT
23:59. I do it regularly at this time!
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dermot
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Post by dermot on Apr 14, 2017 18:00:48 GMT
Hmm, I had a 3 year loan repay early and put in a withdrawal request shortly after midnight on Wednesday, now 7pm on Friday and no signs in my bank. Anyone else having problems?
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david42
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Post by david42 on Apr 14, 2017 21:03:47 GMT
Hmm, I had a 3 year loan repay early and put in a withdrawal request shortly after midnight on Wednesday, now 7pm on Friday and no signs in my bank. Anyone else having problems? I think the expectation is that you get your money late on the next working day. As you put in your request on Thursday, you will get the money next Tuesday, bexcause Friday and Monday are public holidays.
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dermot
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Post by dermot on Apr 15, 2017 0:30:02 GMT
Damn. I'm out of the country and had forgotten about Easter ....
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ashtondav
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Post by ashtondav on Apr 15, 2017 7:55:03 GMT
Damn. I'm out of the country and had forgotten about Easter .... 🙄
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alender
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Post by alender on Apr 15, 2017 9:30:20 GMT
Hmm, I had a 3 year loan repay early and put in a withdrawal request shortly after midnight on Wednesday, now 7pm on Friday and no signs in my bank. Anyone else having problems? I think the expectation is that you get your money late on the next working day. As you put in your request on Thursday, you will get the money next Tuesday, bexcause Friday and Monday are public holidays. This one day delay in payments that RS have built in lost you 5 days of interest, this has happened to me before.
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ashtondav
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Post by ashtondav on Apr 15, 2017 10:20:17 GMT
It's a bank holiday.
Banks are on holiday!
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alender
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Post by alender on Apr 15, 2017 10:44:50 GMT
But the banks were not on holiday on Thursday and also these could be sent by faster payments which do not require the bank to be at work.
It is caused by RS one business day delay in making payments so you can lose you up to 6 days interest. I had this happen to me due to a repayment of a loan and on the Tuesday the payment did not arrive until after close of business as there was a backlog due to large number of payments caused of the bank holiday weekend.
This means on these occasions RS get an extra 5 days of interest on your money free and in my case I lost 6 days interest.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 15, 2017 10:46:45 GMT
It's a bank holiday. Banks are on holiday! More importantly their computers are on holiday ... remember bank are modern, enlightened employers. Its the rest of who are modern day slave owners and never give our computers, etc a day off.
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slush
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Here to learn. Please be gentle.
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Post by slush on Apr 15, 2017 11:37:38 GMT
What's a "day off"?
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Post by GSV3MIaC on Apr 15, 2017 13:56:03 GMT
My Bank's computers are hard at work, but then this is the unenlightened Co-op we're talking about. Managed to get cash to LfSS and MT both in a few minutes .. of course getting it BACK always seems to take days longer, for some reason, regardless of the platform in question. The transactions show as today, but then they'll be moved to tomorrow, and then Monday, and finally Tuesday .. the bank can move money on a bank holiday or weekend just fine, but the accounting system can never admit to it after the fact. 8>.
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