coogaruk
Hello everyone! Anyone remember me?
Posts: 706
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Post by coogaruk on Apr 6, 2021 16:56:16 GMT
I dutifully did a NextDay withdrawal of all my funds on April 2 and got an acknowledgement that they would be in my nominated account on the next working day - that's today. Fair enough, but at 1715 they hadn't appeared. To be fair, RS do say "by 6pm". I'm still waiting too though and it's 5.55pm!
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Post by tpolllll on Apr 6, 2021 17:10:08 GMT
I'm also sitting here without my funds. They claimed transfers would be made between the 2nd and the 6th using Faster Payments, which is a 24/7 service, so in theory almost everyone should have their funds by now. It's starting to look like either they didn't start making transfers until today, or they aren't using FP... Poor show.
Does anyone have their funds back yet?
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coogaruk
Hello everyone! Anyone remember me?
Posts: 706
Likes: 464
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Post by coogaruk on Apr 6, 2021 17:14:50 GMT
I'm also sitting here without my funds. They claimed transfers would be made between the 2nd and the 6th using Faster Payments, which is a 24/7 service, so in theory almost everyone should have their funds by now. It's starting to look like either they didn't start making transfers until today, or they aren't using FP... Poor show.
Does anyone have their funds back yet?
My post-withdrawal (made on 2nd) screen clearly stated funds would be in my bank account by 6pm on the 6th (today). I'm still waiting, so technically it's late.
Confident that it will appear eventually though.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Apr 6, 2021 17:15:15 GMT
I'm also sitting here without my funds. They claimed transfers would be made between the 2nd and the 6th using Faster Payments, which is a 24/7 service, so in theory almost everyone should have their funds by now. It's starting to look like either they didn't start making transfers until today, or they aren't using FP... Poor show.
Does anyone have their funds back yet?
there are many reasons. most linked to it being a bank holiday weekend no doubt so no it isn't 24/7.
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Post by tpolllll on Apr 6, 2021 17:25:30 GMT
Hmm. You're right of course, but I often make bank transfers at weekends and even did a large transfer on Easter Sunday - it arrived in seconds. So the blockage can only be Ratesetter themselves or their bank. I'm sure we'll all get paid tomorrow, but considering the promise of payment by 6pm today, I suspect there's been a problem.
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Post by tredod on Apr 6, 2021 17:25:32 GMT
They may also have underestimated how long it would take to process the number of transactions involved. It must be an order of magnitude more than their normal volume.
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Post by tredod on Apr 6, 2021 17:25:48 GMT
They may also have underestimated how long it would take to process the number of transactions involved. It must be an order of magnitude more than their normal volume.
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coogaruk
Hello everyone! Anyone remember me?
Posts: 706
Likes: 464
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Post by coogaruk on Apr 6, 2021 17:26:38 GMT
I'm also sitting here without my funds. They claimed transfers would be made between the 2nd and the 6th using Faster Payments, which is a 24/7 service, so in theory almost everyone should have their funds by now. It's starting to look like either they didn't start making transfers until today, or they aren't using FP... Poor show.
Does anyone have their funds back yet?
there are many reasons. most linked to it being a bank holiday weekend no doubt so no it isn't 24/7. I wasn't going to make the withdrawal until today, for that very reason. Then I recalled others previously reporting their weekend withdrawals reaching their bank on Mondays, so I bit the bullet.
Faster Payments is a 24/7 service but I don't see RS appearing on any of their lists. MB does though  and the rules say funds have to arrive by:
"As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.
The law also says the beneficiary bank must make funds available to their customer as soon as they receive the instruction (noting that some institutions do not operate on weekends or public holidays)."
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,055
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Post by dave4 on Apr 6, 2021 17:41:00 GMT
Still Awaiting Payment too land. That and a Rate setter mug.
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Post by df on Apr 6, 2021 18:03:07 GMT
I'm also sitting here without my funds. They claimed transfers would be made between the 2nd and the 6th using Faster Payments, which is a 24/7 service, so in theory almost everyone should have their funds by now. It's starting to look like either they didn't start making transfers until today, or they aren't using FP... Poor show.
Does anyone have their funds back yet?
My post-withdrawal (made on 2nd) screen clearly stated funds would be in my bank account by 6pm on the 6th (today). I'm still waiting, so technically it's late.
Confident that it will appear eventually though.
I was a bit surprised to see this. 2nd was bank holiday and they don't normally process withdrawals at weekends, so I thought they probably made a mistake and we will be getting funds tomorrow afternoon.
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Post by mfaxford on Apr 6, 2021 18:19:54 GMT
I'm also sitting here without my funds. They claimed transfers would be made between the 2nd and the 6th using Faster Payments, which is a 24/7 service, so in theory almost everyone should have their funds by now. It's starting to look like either they didn't start making transfers until today, or they aren't using FP... Poor show.
Does anyone have their funds back yet?
My previous withdrawals have arrived via Faster Payments but on the working day after I put the request in (I think I've only put in requests on a working day so I don't know what happens for requests made on a weekend/holiday). My guess is that they run a batch job after each working day to generate the list of payments to make and then someone has to press a "Go" button the next working day for the payments to be sent for processing at which point we get our money. I'm not sure I've seen anything stating they would transfer funds to banks between the 2nd and 6th. The two messages I have seen are:
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Post by eraldorh on Apr 6, 2021 23:33:22 GMT
I still haven't received my money either, i made the request on the 4th and it said the money should be in my account by the 6th, its now the 7th and it still isn't there.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Apr 7, 2021 6:45:51 GMT
I still haven't received my money either, i made the request on the 4th and it said the money should be in my account by the 6th, its now the 7th and it still isn't there. 4th - Sunday 5th Bank holiday 6th they are likely processing flat out I see no reason to worry a day or so will not change much.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Apr 7, 2021 6:47:36 GMT
Hmm. You're right of course, but I often make bank transfers at weekends and even did a large transfer on Easter Sunday - it arrived in seconds. So the blockage can only be Ratesetter themselves or their bank. I'm sure we'll all get paid tomorrow, but considering the promise of payment by 6pm today, I suspect there's been a problem. you make payments on weekends yes. do they work on weekends - no. they have never made payments over the weekend.
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Post by Badly Drawn Stickman on Apr 7, 2021 8:10:06 GMT
Hmm. You're right of course, but I often make bank transfers at weekends and even did a large transfer on Easter Sunday - it arrived in seconds. So the blockage can only be Ratesetter themselves or their bank. I'm sure we'll all get paid tomorrow, but considering the promise of payment by 6pm today, I suspect there's been a problem. you make payments on weekends yes. do they work on weekends - no. they have never made payments over the weekend. Beyond doubt in the big scheme of things it is 'no big deal' However that an institution decides to close peoples accounts (presumably at a time to suit their financial ends) on a day when they are well aware they cannot make payment and then does not make said payment as soon as is possible deserves criticism. That they clearly will not care is to their shame.
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and the rules say funds have to arrive by:
