Still waiting?

Question

I have use online bamking with natwest, to paid someone account, and they say they are still waiting to have the money, its been tuesday with i sent the paidement out, i rang up natwest and they said should be with them by friday? but nothing has yet?

Answer 1

The banking system will use the account details you provided to make the payment.

If the payment was made before close of business Tuesday the payment should reach the beficiary by close of business Thursday.

If payment sent after close of Business Tuesday it should reach beneficary by close of Business Friday.

If money is not there you need to check the online payment to make sure all the information you keyed was correct. If it was all correct then you need to contact your Bank who will place a trace on the payment to determine exactly where it went.

Answer 2

Unless you paid a bill to a company with which Natwest has electronic payment arrangements, they most likely MAILED a paper check. Assuming you scheduled the payment before the cutoff time on Tuesday, they would have mailed the check the next business day. In the US Post Offices were closed for Independence Day on Wednesday. That means the check would have been mailed Thursday. The recipient would not have received the check before today (Friday). Depending on when they receive mail, and the cutoff time for processing deposits, it may not post until Monday.

Edit: In response to the answer above: you should confirm the payment information is correct, but angie's statement about timing assumes a true electronic transaction. I will bet a month's pay your transaction was NOT actually processed electronically.

Answer 3

Call Natwest again and don't stop at the customer service rep who answers the phone. Try to get to a manager if you aren't satisfied with the speed of payment. See if there's some reason it's taking this long. It may be that they always take this long, which means you should look for someone new to do online banking with.

Answer 4

Its called "the float". The bank wants to AND gets to use YOUR money for THEIR business and for THEIR benefit, BEFORE you get your money.

This is a very common banking and business practice.

VTY,
Ron B.