davex
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Post by davex on Mar 31, 2016 13:14:31 GMT
After requesting a withdrawal from my RS holding account I am still waiting for the cash to arrive; 30 hours and counting....
interestingly it "left" the holding account immediately.
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Post by westonkevRS on Mar 31, 2016 13:21:09 GMT
After requesting a withdrawal from my RS holding account I am still waiting for the cash to arrive; 30 hours and counting.... interestingly it "left" the holding account immediately. , This is a little unfair, as I suspect it is linked to who you bank with and their support of faster/instant payments. Before posting this, had you called Customer Services? Has you called your bank? Kevin.
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davex
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Post by davex on Mar 31, 2016 13:37:07 GMT
Not sure about "unfair"; do not expect to have to chase to get my money.
Bank is Santander, payments to RS take a few minutes at most.
Test withdrawals from 2 other P2P sites have both taken less than 15 minutes.
This is the first time I've tried to withdraw money from RS, not impressed.
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oldgrumpy
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Post by oldgrumpy on Mar 31, 2016 13:52:10 GMT
Not sure about "unfair"; do not expect to have to chase to get my money. Bank is Santander, payments to RS take a few minutes at most. Test withdrawals from 2 other P2P sites have both taken less than 15 minutes. This is the first time I've tried to withdraw money from RS, not impressed. You would do well to look at the information on the website under Q & A before posting this kind of comment. Just to help, I have added what I found in less than a minute of looking. Do let us know whether your bank has credited the money by 16:00 GMT, then if it hasn't, ask RS if they have transferred it, then if they have, give your bank a telling off, and if they haven't give RS a telling off, then maybe tomorrow a rant on this forum will be justified. And I thought I was the grumpy one!!!! Attachments:
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davex
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Post by davex on Mar 31, 2016 14:13:04 GMT
Thank's for that oh grumpy one.
Wonder what RS do with the cash while it's in limbo?
Seems odd, when I transfer cash across different banks it happens in less time than it takes me to check the transfer has been made, yet RS can keep hold of it for up to 40 hours, if my maths is correct.
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oldgrumpy
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Post by oldgrumpy on Mar 31, 2016 14:24:34 GMT
It could well be that they do a run of all waiting requests once a day at a set time so if you requested after that particular time yesterday (9am?), it will be done this morning (at 9am) to achieve this afternoon's 4pm statement.
Maybe RS could do two runs a day, and offer by 4pm same day for requests made pre 10am, while requests made after 10am could be offered by 9am next morning ... or something.
How long the bank takes to credit received money to our accounts on a busy day is anyone's guess. They vary.
.... and when I do faster payments from my bank it is often almost instant although they give themselves a two hour leeway for busy times and glitches. Not all P2P platforms have a member of staff sitting operating banking business all day (though I do agree more than once a day should be achievable with a platform of RS's stature).
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alender
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Post by alender on Mar 31, 2016 15:19:55 GMT
I cannot understand why it takes RS so long to process payments.
I have worked in Banks for years on technical side and worked exclusively on payments for the last few years as an SME (Subject Mater Expert) in charge of automating the capture of SSI data (standard settlement instructions, which are the payment instructions) for a large investment/retail bank. Once the SSIs (payment instructions) are set up and verified there should be an automatic process to send out the payment know as STP (Straight Through Processing) i.e. no human intervention. The payment should take place once a withdraw request is made not in a batch run at same point in the future. This is cheaper and more efficient than having human intervention and will get the funds to the customers in a very short period of time. For RS this should be a simple process as there is only one SSI per customer which is hardly ever changed.
I find that when I transfer money to my Santander account virtually all of the time it happens in the time it takes me to logon.
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spiral
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Post by spiral on Mar 31, 2016 17:09:27 GMT
Interestingly on this page it says: Same-day funds in bank account.  |
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duck
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Post by duck on Mar 31, 2016 17:33:10 GMT
I've always found the RS withdrawal procedure acceptable with money appearing in my bank account at the end of the following day...... IMHO it is the banks that need the proverbial kick up the a55! With HSBC, Easter meant withdrawals sent on Wed 23rd were not credited until Tuesday 29th along with those from 24th & 25th! Standing Orders dated 25th to another account in my name were not actioned until 29th  |
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alender
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Post by alender on Apr 1, 2016 0:38:32 GMT
I've always found the RS withdrawal procedure acceptable with money appearing in my bank account at the end of the following day...... IMHO it is the banks that need the proverbial kick up the a55! With HSBC, Easter meant withdrawals sent on Wed 23rd were not credited until Tuesday 29th along with those from 24th & 25th! Standing Orders dated 25th to another account in my name were not actioned until 29th If you are happy with withdrawals taking between 1 and 4 business days and loss of interest during that time that’s fine but I would prefer same day payments. My point is that there is no technical reason it should take this long. If you are having trouble with payments by your bank I would complain to them and if nothing is done change banks, putting up with poor service will only result in more poor service.
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duck
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Post by duck on Apr 1, 2016 4:19:04 GMT
If you are happy with withdrawals taking between 1 and 4 business days and loss of interest during that time that’s fine but I would prefer same day payments. My point is that there is no technical reason it should take this long. If you are having trouble with payments by your bank I would complain to them and if nothing is done change banks, putting up with poor service will only result in more poor service. Obviously I would like instant (or at least same day) transfer of money and yes technically there should be no issues. Personally I'm content with one day and reliable. I note that the RS withdrawal system is still faster than the other two long standing platforms where 3 working days can still be taken. RS has grown vastly over the four years that I have been investing with them but they still remain the 'same boring RS' ...... across the 3 accounts I run I've never had a missing payment, never had issues adding/withdrawing, long may that continue. I have taken this issue up with my bank - which has upgraded my account twice in the last year when they realised how much money was moving through - but I had to laugh when part of the conversation was the offer of a 'loan at a preferential rate' 
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alender
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Post by alender on Apr 1, 2016 8:19:36 GMT
I like you have no problems with transferring money into my account and repayment of capital and interest to my holding account, in my experience RS seems to be good at this although I do hear about a number of late repayments on this site.
My main issue with payments is that I do not know exactly which business day it is being paid, if it comes after say 4.55pm (I need the time to transfer to an interest bearing account) I lose interest on that day as I am told the cut off is 5pm. There is also the situation when I request a payment on the last business day before a break(usually Friday), the funds are not in my account until either the first or second business day after the break. Let’s say I get repayment of a monthly loan for £20,000 on Thursday before Easter, I request a payment early morning to my bank account, it will not arrive until Tuesday sometime between 4pm and 6pm, if it is not before 4:55 I lose an extra days interest, I have therefore lost interest for 5 days. This happen on Tuesday this week, funds from RS did not arrive until around 5:30pm. For the one month market this brings down the real interest rate down by quite a bit.
Also as I do not know when it will arrive I have to check my account from 4:30 onwards to avoid risking the funds not being transfer in time before the cut off for interest. You have to ask who benefits from this system, not the customer but RS will be able to get interest for at least one plus extra days on every payment, this interest will be low but will add up given the amount of money and it is being accrued every day of the year including weekends and holidays.
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Post by westonkevRS on Apr 1, 2016 11:35:49 GMT
I know it's payments not withdrawals, but this blog today shows how we are continuously trying to improve the payments process, which is often out of our hands with the Bank's capabilities: www.ratesetter.com/blog/article/faster-paymentsYou'll note the final line about interest being paid to the Provision Fund. RateSetter never knowlingly benefits from delays to payments either way. |
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Investor
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Post by Investor on Apr 1, 2016 11:49:19 GMT
I know it's payments not withdrawals, but this blog today shows how we are continuously trying to improve the payments process, which is often out of our hands with the Bank's capabilities: www.ratesetter.com/blog/article/faster-paymentsYou'll note the final line about interest being paid to the Provision Fund. RateSetter never knowlingly benefits from delays to payments either way. Never come across that word before westonkevRS so looked it up. Hilarious result, particularly with two endorsements 
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davex
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Post by davex on Apr 1, 2016 11:55:12 GMT
For me the issue is quite simple; requesting a withdrawal from my holding account on early Wednesday morning, the cash immediately left the account, the cash arrived in my bank account on late Thursday afternoon, this is not acceptable in the world of faster payments.
As for RS bank ( I believe Barclays) being the issue, really?
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