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Faster Payments

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RichardJohn_2
RichardJohn_2 Posts: 141 Forumite
in Budgeting & bank accounts
Does anyone know when Faster is replacing BACS? I'm sure it was meant to be November, but I haven't heard anything about it!
«1

Comments

  • sammyjammy
    sammyjammy Posts: 7,949 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    They moved it to May, the banks said they couldn't change the computer systems that quickly (yeah right!)
    "You've been reading SOS when it's just your clock reading 5:05 "
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    sammyjammy wrote: »
    They moved it to May ....

    ..... and they may well accomplish that.

    But I doubt it will be the one in 2008.
    If you want to test the depth of the water .........don't use both feet !
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    Cheques are due to 'speed up' a tad in November (but when exactly?) according to the original deadline for FP. Interest will be earned from 'day 3' instead of 'day 4' as in most cases at present but they can still hold the money until 'day 5' before you can move it. In most cases at present you can move money from cheques from 'day 4' anyway.

    And from 'day 6' [all these are 'working days' of course, computers can't move cheques they've discovered after spending billions on research and cheques are made from a special type of paper that has to de-materialise for two days in seven whilst the atoms have a rest] the 'fate' of a cheque is certain [at last, they found a way to 'fix' the atoms in cheques and stabilise their matrix so that they could not permanently de-materialise due to occasional vulcanicity.] In plain terms that means you can keep the money.

    So they have been able to come up with a system that is apparently easier to understand than the one that went before.
    .....under construction.... COVID is a [discontinued] scam
  • dunstonh
    dunstonh Posts: 119,640 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The problem with changing bacs is that the timescale is dictated by the slowest bank. I would rather they get the system right and delay it as the clearing system is vital. Yet the 3 days is an insignificance compared to that.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    That's exactly right (and a significant paraphrasing of the 'excuses' trotted out a couple of months ago by APACS .... and the likely core of the next set, in a few months).

    If 'faster payments' are released when not fit for purpose then the empty prophecies which surrounded 'Year 2000' ... will become a reality. As it will bring UK finances to a grinding halt. And it's so insidious that a fallback position, to the previous system, is probably not an option.
    If you want to test the depth of the water .........don't use both feet !
  • natweststaffmember
    natweststaffmember Posts: 12,063 Forumite
    I know that RBS Group were ready to go on faster payments from November but as has been stated earlier other banks were slower so it is likely to be May 2008 just after the Banking Code is updated next year.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
  • System
    System Posts: 178,344 Community Admin
    10,000 Posts Photogenic Name Dropper
    Out of curiosity, does anyone know which bank/s are the slow ones?

    It wouldn't be the ones that seem to have a 4 day BACS cycle for some reason?

    :rolleyes:
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • natweststaffmember
    natweststaffmember Posts: 12,063 Forumite
    It is not a four day BACS cycle, it is an internet cut off point for same day transfers, I will explain. Usually the cut off point when you are transferring from say you to me will be about 7pm otherwise day one does not start til the following working day. Have a look at the Terms and conditions of online payments or call the dedicated number for the helpdesk and they will confirm this.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    natweststaffmember wrote: »
    It is not a four day BACS cycle...
    I think Heng Leng was referring to the likes of Halifax and A&L, who most definitely DO operate a '4 day' cycle at the moment.

    Actioning a payment request from either of the above at 6.00am on Monday will mean the money arrives with the recipient on Thursday, whereas with almost all other providers the money would arrive on Wednesday - ie the standard '3 day' cycle.
  • natweststaffmember
    natweststaffmember Posts: 12,063 Forumite
    Yorkshire Boy, hmmm that is interesting and is just the information I am looking for at the moment. 4 day BACS cycle, very interesting.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
This discussion has been closed.
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