Bank Faster Payment System warning/con?

maniac886

I rang Barclaycard a few weeks ago about using the FPS. They said that it wont be implemented until August/September. They could not provide an exact date. The person said payments will take 4 working days to be credited if payment is sent by bank transfer at this moment in time.

Scousebird_2

hailsham wrote: »

The amount was shown as cleared the HSBC account. On thinking about it, that xoulds just mean that HSBC had grabbed the money, put it into one of their holding accounts over the weekend and then sent it to Barclays on the Monday or Tuesday.

What is interesting is that an internet payment from a Natwest Bank account to a Marks and Spencers &More credit card all went through on the same day. M&S also use Barclays collection account.

As an aside. About 25 years ago I worked for one of the big building societies, before they became "banks". A member of staff went to visit a supplier to open an account. The supplier said, " I'll have to take up references. Who do you bank with?" The BS employer took the man outside into the street, pointed up and down the street to all the bank branches and said, "Take your pick"!

Barclaycard is not a member of the faster payment system-although Barclays Bank is. There are two separate parts of the business and if you make a payment to a Barclaycard from HSBC-at the present time, it does take 3 days and shows such timescales on Internet Banking and the kiosks in the branches before it asks you to confirm the payment.

Unfortunately this would mean your payment takes the 'normal' time.

M&S Money is part of the HSBC Group and therefore has gone forward into the faster payment system for the convenience of customers-but Barclaycard seem to be slower on the uptake of this-therefore surely the dispute you have is Barclaycard not being in the faster payments system?

It is unfortunate but at least you know that this is the case and can avoid a charge in future-and by other posters reading this, you have helped them too. I think this new faster payments system is going to take some time for people to get used to. Much better than paying for CHAPS though!!

amorphix

Barclaycard does accept Faster Payments now, and payments made on a week day before 4pm (6pm from a Barclays account) will normally be credited the same day. Payments made on a weekday after 4pm (or 6pm for a Barclays account) will be credited the next working day.

Note: This applies only to Barclaycard Visa and Mastercard personal cardholders. Barclaycard Business payments made by Faster Payments are usually credited the next working day.

This information was obtained from Barclays own website:

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=popup1group&value=7732&target=_self&site=pfs

http://www.barclaycard.co.uk/personal-home/customer-service/help-faq/ask-a-question/payments/index04.html#internalLink02

Barclaycard has questionable practices when it comes to crediting accounts and charges. If you want to avoid late payment charges my advice is to setup a direct debit so then at least the minimum payment is made each month.

Barclaycard has recently started bringing the balance due by dates forward for some customers who regularly pay all their balance off. If you normally pay off the entire balance to avoid interest being charged, don't leave it to the last minute and then rely on Faster Payments, pay your statement as soon as it arrives!

Morphix