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29 June 2012

Streamline and the NatWest RBS problem

It seems that businesses and shops who take Streamline credit card payments are the latest ones to be affected in the NatWest RBS saga.

We do not bank with NatWest but we do use Streamline to process our credit and debit card payments from customers and … RBS process credit and debit cards for Streamline! It appears that Streamline are not getting any funds through from RBS so are not paying us the "Streamline customers". Wednesday’s payment (20 June) has not yet appeared in our bank account yet but surprisingly Thursday and Friday payments did appear. OK one day wasn’t bad, and it will be nice to know when that will be paid, but now it’s not just one day’s takings that haven’t been paid. Monday and Tuesday’s payments (25 and 26 June) this week haven’t been paid into our bank account yet.

So this NatWest RBS "problem" has now started to affect any businesses who use Streamline for card payments. So are any businesses getting any money through from Streamline? Possibly not. Some businesses won’t be able to go on for long without any money coming in.

If this is not fixed by Monday we are seriously thinking of temporarily not taking credit and debit cards for a few days or weeks until it is all sorted out. It will be interesting asking customers on Monday if they have an alternate means of paying. I wonder how many of them still carry cheque books around with them? I suspect very few. This is turning into a HUGE knock on problem.

I want to know where all this money is, it can’t all be floating around in cyberspace. Some bank somewhere must have all this money, or at least I jolly well hope so. Streamline must be owed millions by RBS now. Here is the latest message on their website

Update from Streamline 29 June 2012
We are aware that some of our customers have not received funds as a direct result of the ongoing technical problems being experienced by RBS Group. These problems are beyond our control, but we fully appreciate the difficulties our customers are experiencing. We are liaising very closely with RBS so that we can keep everyone updated. They understand, as do we, that our customers have been let down. RBS have assured us that they are doing everything they can to restore the service back to the level that our customers expect, but it is clear that there is still work to do. As long as there is, we will continue to do everything we can to make sure that our customers are inconvenienced as little as possible. We sincerely apologise for the inconvenience caused

1 comment to Streamline and the NatWest RBS problem

  • We run a music shop Octave Above in Huddersfield and this happened to us for a four or five day period at the same time of year, one year ago.
    We did not suffer in the last bout in June/early July, but today it has happened again.
    I rang them yesterday because I can see next working days transactions on my online banking and they could see the takings from last Friday and Saturday on their system and said if the funds didn’t arrive today, to ring them back.
    I have called them four times today so far and they have a message saying they are aware of the problem and to call back after midday. Then it moved to 1pm and now it is after 4pm.
    Mondays takings are showing as coming into bank, but we schedule payments out for Wednesdays each week.
    Today I am over my limit with my own bank as a result, will be charged £4 per day for being over and risk payments being turned around and further charges.
    I can not pay wages today and have goods ordered with suppliers that I can not obtain because no money in.
    Is this a scam by the bank?
    Revenue and turnover will be down at this time as the school holidays started at the same time as this banking problem.
    If they hang on to our money for a few days, it helps pay their wage bill at month end at a slow point of the year.
    All of today’s takings have been card transactions and should be in bank next Monday(already a slow system in this day and age) I have no clue if that will happen.
    I will now offer PayPal as a payment option as I can access funds right away.
    Hope this is sorted soon and we can get our costs back.
    Completely unacceptable.

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