Faster Payments Service - NOW

theloft

BarclaysManager wrote: »

It is freely available. There's no cost for using the service. That said, the service is new and is not used for all payments yet. Contrary to the belief of many people, setting up an entirely new payment system for a country with billions of pounds of transactions every day is actually quite complex and difficult. As such, some banks are not currently enabled or fully enabled at this point. There is a phenomenal cost to all of this, and then there's fraud/security considerations, etc.

Oh! So no question of the banks dragging their heels on this then ? Despite the fact that they all knew in advance that it was coming. If it is freely available, why isn't it apparent on the bank's websites? It took me half an hour on the telephone before Lloyds TSB put me on to the Phone Bank system. They later told me that if a recipient account is using the system, the payment will go through the Faster Payments system. However this is not true, as when I first made the transaction on the website, I was told that the first date the payment could be made was in 3 to 4 days. Of course there is a cost, the banks are losing all that interest they gained in 3 to 4 days for the transaction to appear in the receiving account.

noh

theloft wrote: »

I had not seen any discussions about this service, and don't think it has been mentioned in Martin MSE's weekly email. This was the first time I had used the service and the money may well have gone through in a couple of minutes. I did not check until 2 hours later. It really is a scandal that this service is not freely available.

There are many previous postings on this subject. The main one being
http://forums.moneysavingexpert.com/showthread.html?t=985463

Which would have easily been found if you had used the search facility conveniently provided.

Robertpestonrules

lesley1960 wrote: »

We have 2 busines bank accounts , Barclays , sometimes the bacs get there faster sometimes they still take the 3 days , this wednesday the person doing the wages bacs run noticed her wages appeared in her halifax account with in minutes .
Bank of Scotland have just announced they are part of the scheme , but not entirely sure the fp is done automatically its not clear how it works there

When I logged on to BOS business account to pay someone there was a box to tick for Faster Payement. I did not select it as I was not sure if it was free or not - now I know it is (from this thread) I will give it a go.

cifpower

Oooh! Just sent some via Faster Payments from Halifax. Exciting!

theloft

noh wrote: »

There are many previous postings on this subject. The main one being
http://forums.moneysavingexpert.com/showthread.html?t=985463
Which would have easily been found if you had used the search facility conveniently provided.

OK. But my previous experiences of the Search facility have not been good. It usually comes up with stuff that is nothing to do with the query. Anyway juging by the response it hasn't done any harm to bring it to people's attention again.
The thread directed to by noh above has some good information, the best one is from Exel 1966
which gives a link direct to the ACAS site, you can then type in the sort code of the bank to see if they accept the FPS. system. :- http://www.apacs.org.uk/sortcodechecker/index.html

sscott5581

cifpower wrote: »

Oooh! Just sent some via Faster Payments from Halifax. Exciting!

Yes just tried it as well and working fine - all good!!

Milarky

sscott5581 wrote: »

Yes just tried it as well and working fine - all good!!

Yes, it has worked for me too - payment to First Direct instantly received. It also wouldn't send a payment to Nationwide until 14th (2 days!) which won't get there until 16th as it has to go via BACS - a difference of 4 days!!!

[Mr Beale, of Nationwide, where is your Faster Payments service - somewhere over the hill in 2009?]

doelani

cifpower wrote: »

Oooh! Just sent some via Faster Payments from Halifax. Exciting!

won't let me , what sort of account have you got with halifax?

sscott5581

doelani wrote: »

won't let me , what sort of account have you got with halifax?

I have Ultimate Reward Current Account and as posted faster payment to Lloyds and A&L worked fine and money received at other end within two minutes. What account do you have?

Milarky

doelani wrote: »

won't let me , what sort of account have you got with halifax?

Whether the payment goes immediately (today) depends which sort code you are trying to pay to (assuming you are trying to pay it from Halifax current account) What is the destination? The sort code checker can tell you if the destination account will accept an immediate payment