8 replies to this topic

[jase17uk]

Hi peeps, it is my first foray into p2p lending. I have transferred some money into Zopa bank account via faster payment but that was on Friday and I still don't see any money credited into my Zopa account?! I am getting worried here.


Thanks in advance.

[PoohBah]

jase17uk, on 11 June 2012 - 19:33, said:

Hi peeps, it is my first foray into p2p lending. I have transferred some money into Zopa bank account via faster payment but that was on Friday and I still don't see any money credited into my Zopa account?! I am getting worried here.

Hi, and welcome to the forum.

A faster payment arrives in the Zopa holding account more or less immediately.  RBS (who operate the account) provide Zopa with a list of payments first thing the next working day so they can then credit the appropriate members' holding accounts (Zopa cannot tell who has paid what until they get that list).  Provided the payment arrived at RBS before 1830 on Friday, it should have been notified to Zopa this morning (Monday); otherwise they should find out tomorrow (Tuesday).

What can go wrong?  You may have sent the payment too late to be treated as a Friday transaction.  Or as it was your first transfer to Zopa, it may have fallen foul of your own bank's security checks and been delayed for checking.  Or you may not have provided the correct reference to allow Zopa to identify that the money was yours*.  Or your bank may have sent the payment by BACS (three working days) after all.


* You would be amazed how many people send a credit card payment to their bank identified only as "MY VISA CARD" and then go yampy because their account went into arrears and they were charged a late payment fee!

[marshall2k]

I think I've posted before but I think it's worth Zopa adding an explanation on the Transfer In page.

[figures18]

marshall2k, on 11 June 2012 - 20:10, said:

I think I've posted before but I think it's worth Zopa adding an explanation on the Transfer In page.

It's been mentioned so many times on the forum with suggested text and it really, really, needs to be a priority.  In the Lender FAQ I think it mentions Faster Payments of 1 day but that's insufficient explanation.

[jase17uk]

Thanks for the reply guys/gals, it is definitely had gone through via faster payment as the bank always identify the transaction either by faster payment or BACS. And yes I did include my unique zopa ref number. And the answer is probably that I initated the transfer after 6.30pm on Friday and I agree that FAQ needs to be more clearer e.g. zopa's bank (RBS) must receive the funds by 6.30pm on the day for the money to be loaded onto the zopa account for the next day. And it needs to mention that it will not happen in the weekends and bank holidays.

Can't Zopa make it more automated such as an API software checks the bank account for new transactions and pick up every unique ref number and matches it to the account holder then load the money as what was transferred in to the bank account? That way I can load the money into my zopa account 24/7 (depending on how fast the money gets to zopa's RBS account of course).

[alexp2000]

jase17uk, on 11 June 2012 - 21:06, said:

Can't Zopa make it more automated such as an API software checks the bank account for new transactions and pick up every unique ref number and matches it to the account holder then load the money as what was transferred in to the bank account? That way I can load the money into my zopa account 24/7 (depending on how fast the money gets to zopa's RBS account of course).

In an ideal world yes, in reality sadly not. There are a lot of posts on the forum about this (and most other) matters - try the search box on the top right of the page.
Welcome to Zopa, hope your money arrives tomorrow and you get to start lending soon...

Alex

[figures18]

I think you'll find that Poohbah may have made a typing error when he said 1830 as a cut off in his previous post     Ideally I'd say 1630, 1700 at the very latest has been known.  Unless anyone has an advance on 1700??

Edited by figures18, 11 June 2012 - 21:32.

[PoohBah]

figures18, on 11 June 2012 - 21:14, said:

I think you'll find that Poohbah may have made a typing error when he said 1830 as a cut off in his previous post     Ideally I'd say 1630, 1700 at the very latest has been known.  Unless anyone has an advance on 1700??

No typo.  For the RBS group (mainly RBS, NatWest, Ulster Bank North) the cut-off time is 1830, although you would be wise to get it earlier in case of delays in the system.  This is not the same as the cut-off time for paying a cheque in at a branch - that's usually 1530 but can vary - but we are talking about electronic transfers.  The cut-off time for other banks may well be different.

[figures18]

PoohBah, on 11 June 2012 - 22:07, said:

No typo.  For the RBS group (mainly RBS, NatWest, Ulster Bank North) the cut-off time is 1830,

Ah, OK, the timings I gave were as a result of posts by Zopa indicating that RBS put the credit file together a lot earlier than 1830. I'm quoting an old post so timings may have changed.  As you say, transfer times from different banks vary and always wise to be aware of possible delays.

giles, on 12 November 2009 - 17:49, said:

The cut-off for the file is money received into the client account by 6pm each day, so to be safe I would say the cut-off for lenders making fast pay transfers from their bank accounts would be about 5pm.