HSBC Fast Payment IS RIGHT HERE, RIGHT NOW!

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  • PROLIANT
    PROLIANT Posts: 6,396 Forumite
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    Well I hope the "Cash Slow" function of the cheque remains; it is a handy feature of the Banking system.
    ;)
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Woohoo this sounds great!! I've been wondering how to minimise the interest cost of transferring my salary from my HSBC account into my A&L account each month (I have to do this otherwise A&L stop giving me 10% on my ISA) and this'll really make it nice and easy.
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
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    Cheers Skyrider - tempted to try 20000 odd 1p transfers to pay the credit card ...lol

    Sounds like they may be on target (27th was the sort-of-maybe global "go live" date I think)
  • Graham1
    Graham1 Posts: 445 Forumite
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    The site

    http://www.apacs.org.uk/sortcodechecker/

    should be able to tell people if their bank is live with the faster service yet. But this checker also won't be available until 27'th.

    Update: It appears that checker is now available but it only says if a particular sort code can receive faster payments, not if it can send. It looks like quite a few banks will initially only be able to receive faster payments not send them (including A&L).
  • Milarky
    Milarky Posts: 6,355 Forumite
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    I made some 1p payments from both First Direct and HSBC. FD screen gave no confirmation of the timescale for payment whereas HSBC does give this advice just before payment (and it changes from '2 hours' to '3 days' for any amount above a penny) Both arrived at Barclays and Alliance and Leciester pretty well instantly (I could not log on to the other accounts to check until I'd done paying. Barclays records all transactions 'live' (and therefore shows the source of the payments) but A&L only shows it as an updated 'running' balance including the pennies - due to the limitations of their own system.

    When I tried sending 1p to LTSB from HSBC the system bucked - and no payment was taken even by BACS. Whereas the Sort Code Checker says LTSB (my branch) can accept FP (However, when I checked the LTSB balance some time later today a 1p credit from HSBC had definitely arrived. The interesting thing there is that the 1p never left HSBC! So I wonder if that be reclaimed????)

    Of course I can't test Barclays in reverse until Tuesday (since all their minimum payments and transfers are £1!)

    Since then I have confirmed the following
    HSBC --    > Natwest (sort code 50 42 37) --> HSBC/FD
    HSBC     --    > Tesco Savings (sort code 83 65 15) --> HSBC/FD
    Natwest     --    > Halifax (sort code 11 05 57)
    n.b. Halifax payments out are future dated/minmum £1.00

    Also, following sort codes are listed on the checker

    40 02 50 (Egg Money & Capital One)
     40 07 13 (Catholic B/Soc)
     40 28 01 (Leek Reg Saver)
     40 46 13 (West Brom Magic 8)

    11 05 57 (Halifax Websaver)

    16 12 27 (Furness)
    16 16 22 (Chorley B/Soc)
    .....under construction.... COVID is a [discontinued] scam
  • MABLE
    MABLE Posts: 4,080 Forumite
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    jonesMUFCforever wrote: »
    Fast payment does not change in any way the clearing cycle of a cheque.

    Do you know if Lloyds have already introduced the new sytem?

    thanks in advance
  • rail.link
    rail.link Posts: 245 Forumite
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    BACS payment left my LTSB account yesterday and reached destination today.
    Not quite 2 hours but an improvement, certainly.
  • Graham1
    Graham1 Posts: 445 Forumite
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    For anybody getting excited about using this for bill payments etc. next week: be aware that HSBC are saying for the first week (27-May to 2-Jun) the transaction limit will be £20 and then they will look to increase that on 3'rd June. I suspect other banks will have similar low limits for the first week (or longer).
  • Lyncroft
    Lyncroft Posts: 218 Forumite
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    http://www.apacs.org.uk/sortcodechecker/

    Seems to work now.
  • olly300
    olly300 Posts: 14,736 Forumite
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    Graham1 wrote: »
    For anybody getting excited about using this for bill payments etc. next week: be aware that HSBC are saying for the first week (27-May to 2-Jun) the transaction limit will be £20 and then they will look to increase that on 3'rd June. I suspect other banks will have similar low limits for the first week (or longer).

    The explanation I've heard is that the delay is to avoid teething troubles. The banks unlike BAA don't want a disaster like Terminal 5.
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
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