SEPA payments - Legally how long should a transfer take?

kala85

SEPA payments - Legally how long should a transfer take?

I have made a sepa payment from AIB bank to pay off a credit card. Normally, most transfers I make arrive into other bank accounts - non aib for example in the next working day.

I made a payment to a credit card company and they are saying its not in their account yet and that it can take up to two working days for this to happen.

Legally are SEPA payments not supposed to be made in one working day and if so where can I quote this information?
Are their any specific guidelines that have to be followed with regard to payments reaching an account?

Spocker

Did you use use use the "Bill Payment" functionality on the AIB site to "transfer to another account". I'd assume both transfers are SEPA based, but I do know that the "bill payments" are handled differently in AIB, you can't enter the account number for example, just the reference number

kala85

its for tesco credit card and its bill payment from aib.

Spocker

Might be worth having this thread moved to the Ask AIB forum; Tesco use HSBC Ireland as their bank, but AIB should be able to give you your answer

kala85

Dont think that the problem is with AIB. I think its with Tesco as they are not picking up the payment.

Also ,I just wanted to know is there a legal requirement for payments to go through in one working day?

screamer

kala85 wrote: »

Dont think that the problem is with AIB. I think its with Tesco as they are not picking up the payment.

Also ,I just wanted to know is there a legal requirement for payments to go through in one working day?

No there is no legal requirement AFAIK as over bank holiday weekends money transferred can take from Friday until Tuesday to appear in the receiving account. Sepa is not good enough imho in fact it's pathetic.

Yggr of Asgard

Under the Directive on Payment Services monies must be credited to a recipient's account at the latest by the end of the next business day (i.e. "D+1" rule). Article 69.

Now here is where opinions divide, as Tesco is using HSBC common account with reference numbers rather than individual accounts per card they claim they have an additional day to credit the amount they received onto your credit card.

So transfer done on Monday before cut-off will be credited to HSBC by Tuesday end of business and your individual card account by Wednesday end of business.

Some people say it should actually be credited on Tuesday, some people say Wednesday is within time lines allowed.

You might want to contact ECCI and get their current opinion on this.

For faster payments to Tesco using mybills.ie usually result next day value.

Also with Tesco if you do a SEPA transfer (i.e. from a non irish bank) it will generate a letter to you telling you that they had problems with the credit and adjusted the value date manually to D+1.