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Faster payments panic!

5 replies

BCSurvivor · 10/10/2024 10:48

I'm waiting on a £6000 faster payment from an Aviva investment bond to my HSBC account.
It left my Aviva investment bond yesterday but has yet to show up in my HSBC account.
I'm jittery because I thought faster payments were normally sent within a few hours.
Aviva says it's been sent, HSBC say allow 1 working day.
Aviva say if it hasn't arrived by the end of today to contact HSBC.
HSBC say if it hasn't arrived by the end of today to contact Aviva.
Is it normal for faster payments to take a whole day to arrive???

OP posts:
Wolfpa · 10/10/2024 10:53

they should take a maximum of 2 hours but can be longer if it is stopped for an internal check by either Aviva or HSBC. As Aviva was the last known destination of your funds they will need to be the place who starts the trace if the funds are missing.

www.hsbc.co.uk/current-accounts/what-is-faster-payments/

BCSurvivor · 10/10/2024 10:57

Thank you, that's what I thought, but both Aviva and HSBC are citing the up to 24hrs timescale.
Aviva did check the bank account number over the phone, which was correct, and the same one I've had for 30 years.
There shouldn't be any red flags/checks as I've had payments there before from Aviva.
Which is why I am jittery.

OP posts:
BCSurvivor · 10/10/2024 12:17

As an update, HSBC are saying that there are no payments pending either today or tomorrow, and Aviva are now saying that despite being a faster payment it can take up to 48 hours to be credited into my account!

OP posts:
Hayley1256 · 10/10/2024 12:20

It can take up to 48 hours depending on the time it was authorised, I think yhe cut off ise to be 3pm. So if authorised before 3pm on a Monday the funds should be in tour account before 5pm on a Tuesday. If authorised after 3pm on a Monday they should be there by 5pm on a Wednesday. It's a while since I dealt with these so not sure if it's changed.

BCSurvivor · 10/10/2024 14:12

Thank you so much, it finally turned up an hour ago - phew!
I was really starting to panic.

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