When you send money to BullionVault from a UK bank account by Faster Payments we are usually able to assign it quickly, often within a few hours of it being sent. However, Lloyds Banking Group has changed the way it processes payments made between accounts it holds and this is is introducing delays for depositors from certain UK banks.
Lloyds Bank holds our Client Account. Bank accounts at Lloyds, Halifax and Bank of Scotland all use the Lloyds platform.
Prior to Lloyds’ change, any transfers made by Faster Payments from Lloyds to another Lloyds account would be accompanied with the data of the account debited. However 'Lloyds to Lloyds' transfers now use an internal system which does not provide the detail provided under Faster Payments.
The effect is that your payment will leave your account on one day and will credit BullionVault on the same day, but the accompanying data telling us which BullionVault account to assign your funds to is not provided by Lloyds until the following business day. This results in a delay to funds being added to your BullionVault account balance.
Lloyds Bank is aware of the problem this causes us and our clients and is working on a solution. However, as of today, it has not been able to provide one.
We hope this is resolved in the near future and thank you for your understanding in the meantime.
The BullionVault Team
10th November 2014