Banks can send out faster payments?

XXXX

Since the launch of faster payments in May, nowadays many banks are able to receive faster payments on the same date, but still not all banks could send out faster payments. My question is who actually could send out faster payments?

From my own experience,
Banks below can send out and receive same date payment:
HSBC
Tesco Finance

Banks below can only receive same date payment:
Halifax
A&L

Banks below can not receive same date payment:
Abbey
B&B
Kaupthing
Icesave
Please kindly tell us your experience. :beer:

Baldur

There's already a long & frequently updated thread on Faster Payments HERE.

Lynt_3

I've just been looking into this and Lloyds TSB and EGG both have this scheme.
I arranged a one off payment from Lloyds to Egg today, assuming, as they say, that it will be by this Faster Payment. But the date they will be sending my money to Egg is on Monday 6th.
Surely it should have been transferred today (4th Oct). Doesn't seem Fast to me.

So I'm confused now (again :rolleyes: )

Lyn

Just_landed

I am in dispute with the toytown over the same problem but to another bank even though I gave them many days notice, I am trying to claim the late payment charge I received from the other bank. The moral of this is Don't trust the toytown bank :cool:

mind you mine was a working day IE :- not Saturday or Sunday.

ian-d

I need to transfer money fast from another bank to HSBC for a car purchase, I was going to use their CHAPS service (at cost!) on Monday, do I need to, considering HSBC accept same day transfers?

Aegis

ian-d wrote: »

I need to transfer money fast from another bank to HSBC for a car purchase, I was going to use their CHAPS service (at cost!) on Monday, do I need to, considering HSBC accept same day transfers?

Depends if the sender can use Faster Payments, and also how urgent you think it is. If it's absolutely vital that it's there on Monday, then CHAPS is the only one guaranteed to get it there on time, while Faster Payments can sometimes still go through the standard BACS cycle if there's a problem of any sort. Additionally, Faster Payments is often limited to a certain amount sent per person per day, so you'd need to be on top of that before making a decision.

All in all, CHAPS is much more reliable.

XXXX

Thanks for the links, I am trying to get an update from our actual experiences, not just what the banks promised.

Lynt wrote: »

Surely it should have been transferred today (4th Oct). Doesn't seem Fast to me.

It happened to me Saturday last week the 27th Sep, when I tried to arrange a faster payment from Tesco finance to be sent out on the following Monday the 29th, but the money was unexpectedly sent out on the same date probably due to their system error, so the funds arrived in my receiving bank account on last Saturday.

It was not impossible to have a faster payment transfer on a Saturday!

Anyone had a faster payment on a Sunday?

hartbeat

XXXX wrote: »

Anyone had a faster payment on a Sunday?

Yes. I just did one from Tesco to A&L and it took just a few minutes to arrive.

Hartbeat

DocProc

Faster Payments is only available with Lloyds TSB Phonebank. It is not available with Lloyds TSB Online banking.

Plus, the individual transaction limits and total transaction daily limits are both only £10,000.

Any more than that and you have to visit the actual bank (with ID, of course) and do a CHAPS transfer if you want 'same day action'. The fee is £30 and the time limit is 'processed by 3pm'.

Buy the shares. You know it makes sense

They will most probably have paid the government back their 'bail out money' by this time next year and will be able to start paying dividends once again out of their monopolised massive profits.

DocProc

By the way, Lloyds TSB don't have this stuff written down anywhere and can vary it at will.

They call it 'Additional Facilities' (or some such name) and it is outside their normal Terms and Conditions.