WestBrom websave withdrawals?
Posted: Fri Mar 10, 2017 9:57 am
Does anyone know if WestBrom use faster payments to send withdrawals from this online savings account?
I've recently opened this account and arranged a withdrawal for today, it still hasn't arrived in my nominated account in spite of being debited from my WestBrom ac.
Posted: Fri Mar 10, 2017 8:43 pm
When transferring money from your Savings Account to your nominated account, payments should reach your account by the end of the business day following the date of withdrawal. Requests to transfer money out of your account received before 3.30pm on a working day will be processed the same day. Requests received after 3.30pm will be processed the next working day."
So if the request was made before 3.30pm Friday the money should arrive before end of business on Monday. If the request was made after 3.30pm then by end of business Tuesday.
Near instant Faster Payments only occur between full members of the scheme. Smaller banks and building societies take longer because they have to send payments via a full member.
Posted: Sat Mar 11, 2017 8:06 am
Thanks alanq. I made the request Thursday evening, after 3.30pm cut off for same day processing, so processing/WD made Friday for Monday deposit in nominated account.
Coventry BS and Yorkshire BS allow the request any time the day before with funds arriving next day in account as long as a working day, and also only debit the account on the day of transfer out so no interest lost.
Seems with WestBrom there is a minimum one day loss of interest, longer if weekends and public holidays fall inside the transfer period.