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Faster Banking!!..I don't think so !!!
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ekimnas
Posts: 52 Forumite
For years and years I have had to go into town to my bank (Halifax) take cash out....walk across town and pay it over the counter into my wifes bank Lloyds TSB so that she can pay the bills.... Why? I hear you ask........ Quite simply it was the only way to transfer money from bank to bank on the same day.
Then along comes 'faster banking' with the result that.....yes you've guessed it! Nothing has changed. I did an online transfer for £800 to be sent from Halifax to LLoyds on December 1st, here is what happened....
1/12/08 0015hrs money taken from my Halifax account
2/12/08 0100hrs money still not reached Lloyds
Nobody will tell me where my money is....Halifax blame LLoyds and they blame the Halifax.......the wife blames me for not doing it the same way I always have.
Letter of complaint sent to Halifax December 2nd as follows:
On 29/11/08 I arranged, online, for £800 to be transferred to my wifes account with LLoydsTSB. I wanted an immediate payment but the earliest option I was offered was 01/12/08 this I accepted because I assumed that this would be done 'immediately' on that date (and nothing was indicated while I was setting up the transfer to the contrary). The money had to be in my wifes account on the first to prevent DD's and SO's from being returned unpaid and therefore incurring charges. Nearly 2 days after I expected the money to be in my wifes account...it still isn't. I have made numerous phone calls to the Halifax & LloydsTSB (which I will be sending a bill to you for) Both banks have told me that an immediate payment can take up to 3 days even if both banks participate in the scheme - this is just not true but your staff, inparticular, defend this rigourously and to the point of being arrogant and rude. Your own website states, and I quote, "Payments sent to accounts held with other banks (that also provide this service) should arrive within two hours,and many will arrive in just seconds.Where the receiving bank does not offer this service, the payment could still take up to three bank working days to arrive".....What is not stated anywhere is that even when both banks operate this service, either or both of them can decide not to use the service without informing the customer prior to or after the transfer has been arranged..thereby reverting to the normal slow service that every customer hates and does not understand....The reason you do this is to hold onto customers money as long as you possibly can in order to make interest on other peoples money. If i took money from someone and promised to put it somewhere for them but held onto it for three days without their consent I would be committing a criminal offence....why do the banks think that it is alright for them to do the very same thing without fear of recrimination. Please accept this letter as an instruction to close my account immediately as I have no intention of doing business any longer with legalised crooks who believe they can do just as they please. Maybe if you treated your customers with alittle more respect and trained your staff properly you wouldn't have got into such a mess and had to rely on the tax payer to bail you out. Please be aware that this letter is being published on the public forum of 'moneysavingexpert.com' as will your reply.
If I took money out of someones account and hid it surely that would be a criminal act.....so why are the banks allowed to get away with this.
Our bills will now not be paid and Lloyds (robbing !!!!!!!s!) will now apply bank charges
Then along comes 'faster banking' with the result that.....yes you've guessed it! Nothing has changed. I did an online transfer for £800 to be sent from Halifax to LLoyds on December 1st, here is what happened....
1/12/08 0015hrs money taken from my Halifax account
2/12/08 0100hrs money still not reached Lloyds
Nobody will tell me where my money is....Halifax blame LLoyds and they blame the Halifax.......the wife blames me for not doing it the same way I always have.
Letter of complaint sent to Halifax December 2nd as follows:
On 29/11/08 I arranged, online, for £800 to be transferred to my wifes account with LLoydsTSB. I wanted an immediate payment but the earliest option I was offered was 01/12/08 this I accepted because I assumed that this would be done 'immediately' on that date (and nothing was indicated while I was setting up the transfer to the contrary). The money had to be in my wifes account on the first to prevent DD's and SO's from being returned unpaid and therefore incurring charges. Nearly 2 days after I expected the money to be in my wifes account...it still isn't. I have made numerous phone calls to the Halifax & LloydsTSB (which I will be sending a bill to you for) Both banks have told me that an immediate payment can take up to 3 days even if both banks participate in the scheme - this is just not true but your staff, inparticular, defend this rigourously and to the point of being arrogant and rude. Your own website states, and I quote, "Payments sent to accounts held with other banks (that also provide this service) should arrive within two hours,and many will arrive in just seconds.Where the receiving bank does not offer this service, the payment could still take up to three bank working days to arrive".....What is not stated anywhere is that even when both banks operate this service, either or both of them can decide not to use the service without informing the customer prior to or after the transfer has been arranged..thereby reverting to the normal slow service that every customer hates and does not understand....The reason you do this is to hold onto customers money as long as you possibly can in order to make interest on other peoples money. If i took money from someone and promised to put it somewhere for them but held onto it for three days without their consent I would be committing a criminal offence....why do the banks think that it is alright for them to do the very same thing without fear of recrimination. Please accept this letter as an instruction to close my account immediately as I have no intention of doing business any longer with legalised crooks who believe they can do just as they please. Maybe if you treated your customers with alittle more respect and trained your staff properly you wouldn't have got into such a mess and had to rely on the tax payer to bail you out. Please be aware that this letter is being published on the public forum of 'moneysavingexpert.com' as will your reply.
If I took money out of someones account and hid it surely that would be a criminal act.....so why are the banks allowed to get away with this.
Our bills will now not be paid and Lloyds (robbing !!!!!!!s!) will now apply bank charges
Do you understand how the faster payments system works? 37 votes
Yes
56%
21 votes
No
43%
16 votes
0
Comments
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I've had varying sucess with different Faster Payments transactions, some quick and some not so quick. But the faster payments only came in recently and so my expectations were that they would not be 100% perfect from day 1.An uneffected guitar sounds like a little girl crying. An uneffected bass sounds like an angry Rhino!0
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Every month you used to go into town to take money from one bank to the other? Had you not heard of BACS?
And its not being held by the millions of others money that has got lost so the banks are earning interest, stop being stupid.
Can Halifax send via FPS? If you read their Faster Payments page it says this:
Please Note. Some accounts may have special conditions. For example, special conditions could include:
• Accounts which only allow one credit each month
• Accounts which only allow credits up to a certain value each month
Maybe there is a limit of say £500 on your accouunt or something?
http://forums.moneysavingexpert.com/showthread.html?t=1269991&page=3
^^ read the last post on the page, the limit is £500 woo I was right
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Why? I hear you ask........ Quite simply it was the only way to transfer money from bank to bank on the same day.Had you not heard of BACS?
BACS takes 3 working days, the OP wanted to move money within the same working day.
Have you (Lokolo) not heard of reading?
I don't think calling the OP 'stupid' is particularly helpful, either. Slightly paranoid, perhaps, but I'm sure we're all guilty of that from time to time. :rolleyes:0 -
tbh it would stress me out having bills come out the same day wages go into a different account. Why not change your direct debit dates for 3 days later and set up a standing order payment for £800 pm?0
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When you sent the payment from Halifax, the final confirmation screen would have told you whether the payment would be sent by FP or by BACS. So you would have known before clicking Submit whether it would go straight there (or, "up to two hours", as they say) or take 3 working days.
As, presumably, it said it would go by BACS, it can't be a surprise for it not to have arrived yet.0 -
The maximum transfer on the Halifax faster payments scheme is £500 at present, so you need to break a larger transfer up into chunks of £500 or less .
And consider yourself lucky if it works at all!!0 -
Halifax have limits. You won't know there are limits because Halifax, almost certainly breaking FSA rules on keeping the customer informed, do not publish the rules online in the FP pages. The current maximum FP is £500 (the system limit is £10k). There is also a limit of 3 FP per day (or may be 3 FP to same account per day).0
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BACS takes 3 working days, the OP wanted to move money within the same working day.
Have you (Lokolo) not heard of reading?
I don't think calling the OP 'stupid' is particularly helpful, either. Slightly paranoid, perhaps, but I'm sure we're all guilty of that from time to time. :rolleyes:
1. He said he used to go to the bank to put money into the other bank, which is why I then said 'Have you not heard of BACS?', thus not needing to go the highstreet, but instead, transfer 3 days before the 1st.
2. I called him stupid for calling banks criminals, now that is being stupid.
3. I can read, as I have proven, its you that cannot read, if you could, you would have understood what I was saying, which I have just repeated above.
oh and 4. I was right, the limit was £500. And how did I find this out? I just had to look on google, which is available for everyone.0 -
1. He said he used to go to the bank to put money into the other bank, which is why I then said 'Have you not heard of BACS?', thus not needing to go the highstreet, but instead, transfer 3 days before the 1st.
2. I called him stupid for calling banks criminals, now that is being stupid.
3. I can read, as I have proven, its you that cannot read, if you could, you would have understood what I was saying, which I have just repeated above.
oh and 4. I was right, the limit was £500. And how did I find this out? I just had to look on google, which is available for everyone.
1. I read the OP's original post as meaning he wanted to move the money from one account to another on the same day, not three days earlier. If he'd used BACS, the amount would have left his account on Day 1 and reached the other account on Day 3 (or even Day 4 depending on which banks were involved).
2. You are of course entitled to your opinion, but I just didn't see the need for you to be offensive by calling the OP names.
3. I can read. I can also use apostrophes
Did you read this?
"Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps."
4. You were right about the £500, that's helpful, but do try and contain your smugness, nobody appreciates a smart-a**e :rolleyes:0 -
tbh it would stress me out having bills come out the same day wages go into a different account. Why not change your direct debit dates for 3 days later and set up a standing order payment for £800 pm?
I would agree, you do need to allow a little slack in the system. Most companies will allow you to move payment dates to fit in with when you get your wages or pension.
OH was always paid on the 16th, so we had nothing going out until the 18th, but still got caught out once when the 16th was the Saturday before Easter Monday, and the wages did not reach the bank until the Tuesday 19th. At that point I moved a couple of DDs so the first then went out on the 20th.
Now he is retired, pension day is on the 1st of the month, so we have had to reorganise a few DDs to take account of that.0
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