So - I made a transfer into my new Coop account from my two personal accounts.
They arrived in about 2 or 3 minutes. Having sent these payments back - they haven’t arrived in over 4 hours.
Now I’m not concerned - they were testers. Perhaps it’s a first time thing or I’ve triggered an alarm?
That said - what is your longest wait for a faster payment?
Probably triggered a AML check most I’ve waited is a few minutes
Maybe! You’d have thought they’d notify me though?
I’ve never triggered one before
Could be because of transferring in and then out again maybe you will get a letter through the post lol or a text message soon
Yes maybe - but test transfers are pretty
Co-op seem to batch process their Faster Payments, meaning they they don’t process in true real time (like most banks), instead bundling them up every now and again and processing them in a batch akin to how payments used to be done overnight in the old days.
From what I can tell, batches seem to be done about every 15 minutes, as it usually takes about that long for a payment to arrive. I’ve had it take a few hours before, but that has been a first payment in from a given account so may have been stopped for cheques.
Outgoing payments are usually pretty close to instant so it does seem to be something has blocked your payment in this case?
My experience is during the day (9am to 5pm) as that’s when I tend to make payments - it’s possible that it may take longer outside of those times.
Likely a fraud check. Co-op are getting ready for mandatory social engineering checks. I don’t think the fraud team is open this late. I’m not kidding but look out for your emails in the morning.
They may ask you to call, question the payment, read you a script and let you on your way.
That or as @Seb says it’s the exit payment batch delay. I think Barclays do it for Co-op, who had issues over the weekend.
Yeah they payment in felt batched. No movement then just arrived. I’ll contact them tomorrow preemptively perhaps!
I will do - it’s somewhat odd given they’ve just credit checked me though!
What do you mean by social engineering?
Extra screens like “has someone asked you to make this payment?” so basically checks to make sure you aren’t being scammed.
The contingency reimbursement model for authorised push payment fraud (social engineering and scams) is currently voluntarily opt-in for 10 banks. Part of the model is for banks to make sure all is well by doing transaction monitoring on more customer payments. It’s basically a chat with your bank every so often to confirm you know what you’re doing.
It’s on its way to becoming law so other banks are starting to prep for it, just like the Co-op.
Most banks are doing AML, fraud prevent and social engineering checks in one call. This is the reason you will get asked what the payment is for.
They are normally happy it’s you but they now have to make en effort to confirm you are not being scammed.
E.g. slowing down or blocking Faster Payments, blocking or freezing accounts to force you to have a chat with them.
Very inconvenient for customers who do know what they are doing!
I think it’s very crucial to remember that 99% do NOT know what they’re doing (and probably think they do) and even in cases where we do, we can be scammed etc
I’ve said it before and I’ll say it again: I would happily opt-out of all scam protection on bank transfers if I could just make my transfers completely unfettered.
I realise that isn’t an option (and never will be) but it is nonetheless annoying - and yes, I do recognise my own position is probably that of a “sophisticated” customer, and therefore less likely to be scammed than average - but come on. All you have to do is avoid unsolicited calls/texts/emails (vishing/smishing/phishing).
There is also a huge irony in Faster Payments being invented to improve the economy and allow seamless transfers, but banks now wanting to slow those transfers down.
Seamless transfers improve the economy greatly, saved payees being pre-confirmed as legitimate and also machine learning within the boundaries of our AML/KYC laws 100% provide benefit while also allowing us to tackle those abusing the ease of transfers
Although I would like to give a mention that slowing things down actually does provide benefits to businesses with specific cash flow and no retained profits, generally it’s quite a large benefit by seamless instant transfers
In my experience, with banks that have implemented this extra questioning, you have to say what a transfer is for and step through confirmation every single time you pay a payee.
It doesn’t matter if they are a saved payee, it doesn’t matter if CoP matches exactly; it doesn’t matter if you’ve paid them the same amount with the same reference hundreds of times before.
Frankly, it adds nothing and is extremely annoying as it does make payments much more of a hassle.
Interesting the FP date in app has changed to the 1st (today)
But still not received
Checked on online banking - there’s a faster payment status page - which in itself isn’t a bad feature
It shows the status as ‘outcome not available - please check later’. Twitter agent confirmed this likely means it’s a fraud check and I should check my contact details are up to date
Different banks will have a different approach to this. LBG will do it at certain thresholds, so not every time. Santander are the same as far as I recall.
But as for the chats, blame the Ombudsman. Even after people have been given warnings they are getting refunds.
Or blame the banks, the time it takes to chase fraudulently moved funds is way too long in my opinion. FinTechs being the worst offenders.
Exactly what happened. Read a bit on infantile script and the money was released. They even asked me why I opened an account when I have others lol…