Fasterpayment with LTSB

chris1

Summary of who-can-and-who-can't send faster payments is here, and is updated as soon as anyone posts more information.

http://forums.moneysavingexpert.com/showthread.html?t=985463

HTH

ldn-100

I just tried LTSB to Natwest via FPS today (Saturday) and it said the money would not transfer until Monday. Is this the final offering from LTSB or are they going to implement FPS for single payments 24/7?

ldn-100

Tried a payment to Natwest today (Monday) and Lloyds online banking said it would not go through until Tuesday. Have they abandoned FPS for online payments?

LittleVoice

Yes I tried on Sunday night (about 10.30 pm) and LTSB at that time was saying 11 August was not a working day and the earliest that a payment could be made would be 12 August.

On this occasion I don't mind so much that the money won't leave till Tuesday but it is important that it gets to the external account the same day.

I think I shall have to cancel the payment and go and get £1K over the counter to pay in to the other bank instead to avoid overdraft charges elsewhere.

Milarky

ldn-100 wrote: »

I just tried LTSB to Natwest via FPS today (Saturday) and it said the money would not transfer until Monday. Is this the final offering from LTSB or are they going to implement FPS for single payments 24/7?

Saturday and Sunday pamyents may be held over until the next woking day because Lloyds may choose to process payments internally that way. Other 'high street' banks seem to hold processing instuctions over the weekend too - and I assume that's a legacy practice they have yet change. BACS, remember was (and remains) a 5 day a week operation... and BACS has been retained (another bad decision) indefinitely as a default payment service..

Meanwhile 'Faster Payments' is a service provided by APACS to the banks and it provided on a '24/7' basis - not a service provided to bank customers. Whether (and how) banks make this service available to their customers is up to them. Ultimately it may get written into the Banking Code (a voluntary agreement) - but that won't now be revised for a few years as a new one (outdated?) has only just been brought in and the current one states clearly that Faster Payments is just an optional service provided by some banks (some of the time)

As to Faster Payments out of Lloyds this morning, that wasn't working at 7.30, as I discoverd myself. I assume they have a temporary 'dropout' issue (not connecting to the service from their end) which they are endeavouring to restore. Certainly FP from RBS was working at the time.

@LittleVoice: If it put the date to leave as '12th' that suggests it is defaulting to BACS (three days) anyway - they would not have sent that payment via FP even if FP service was restored by tomorrow morning.

quinlanmd

I'm not sure its that temporary - I couldn't get FP online for payments to HSBC or Halifax at any time on Friday during office hours.

ldn-100

Haha. I've had to get large sums of money over the counter more times since FPS was launched than before. It is such an unreliable and unpredictable service, especially where LTSB is concerned. It feels to me like a retrograde step. The last time I had to get money like this out over the counter was pre-internet days.

LittleVoice

This morning the call centre confirmed that there was a problem last week too - and that they don't know when the service will be available.

At lunchtime the branch wasn't aware of the problem - but I could get the cash and they cancelled the payment due out on 12 August (as I feared that I wouldn't be able to get on line this evening to cancel in time!).

tyllwyd

That is so annoying - I did a fasterpayment to Egg a week or so ago, no problem, but as people have said, it doesn't seem to be available at the moment. Why isn't there a message when you log in, or something on the payments page?? I did notice that the message on the payments page about fasterpayments isn't there, but that's not quite the same thing as something to warn you that it isn't working.

whu

just tried today and FP from Lloyds is not working - it has been working the last couple of weeks - annoying that there is no consistency and no email etc to tell us
UPDATE - spoke to them and they said that it had been suspended for a bit for security reasons - i did make the point that it would be nice if they had told us as some people now rely on this service to transfer money - they also confirmed that the online limit is now £7.5K instead of £10k - again would have been nice to have been informed
PS when I did a FP to Lloyds on Monday it went through straightaway!!