Some questions about faster payments

456789

hi

I made a test faster payment from halifax to egg yesterday and it says on the egg website if you do it after 3pm it will show the next day but it hasn't shown up yet - does sunday not count?

I understand that there is a £10,000 limit for faster payments is that per day or per transaction? i.e. if I wanted to send more can I do it in 2 transactions

Also online with halifax I have a saver reward and a current account

when I moved some cash online from the current to saver it went immediately

but when I tried moving from saver to current it said it can take up to 48 hours and it doesn't show any record of what I did - does anyone know why?

thanks in advance for any assistance

KTF

Banks only action transfers between institutions between Monday and Friday. It will appear tomorrow.

The transfer limit is per transaction. Its meant to stop people logging in to your account and cleaning it out in one go.

Moving between accounts within the same institution is normally instant. Not sure why there is a delay moving it back to the current account from the savings one though. You could always call them up and ask.

456789

thanks for the info KTF

edit: just tried a faster payment from Halifax to HSBC and it went through immediately

derrick

Faster payments are supposed to be on a 7 day week basis, therefore Sunday should count; - http://www.apacs.org.uk/payments_industry/HowtouseFasterPayments.html

"The service enables banks to process internet and phone payments 24 hours a day, seven days a week, normally within a couple of hours. "

456789

KTF wrote: »

Moving between accounts within the same institution is normally instant. Not sure why there is a delay moving it back to the current account from the savings one though. You could always call them up and ask.

I called them and they said as the savings is a passbook-based account it takes 48 hours if you do it online - but if you go to the branch or do it by phone it is instant

Mikeyorks

The £10k limit on an 'immediate' Faster Payment is per transaction .... it's £100k of a Faster Payment SO - but Halifax aren't running FP up to those limits yet. The 'immediate' is 24/7 - SOs are just Bank working days.

You're confusing me with the 'Saver' account ..... if you could transfer from current to it - and see it - then the saver is online? In which case you should equally be able to do saver ...> current as an immediate internal transfer? The only time I've not known that happen is if you've just had to set up a transfer to an account and they can take 48hrs to 'enable' it. But, in that case you can't effect the transfer until the transfer facility shows on the account?

Milarky

Mikeyorks wrote: »

The 'immediate' is 24/7 - SOs are just Bank working days.

Not so. I managed to send a faster payment from Barclays to First Direct on a Saturday quite recently. The system was initially promoted on the basis of a seven day a week service for single payments (SOs Mon-Fri) so the wherewithall to does so exist.

456789

Mikeyorks wrote: »

The £10k limit on an 'immediate' Faster Payment is per transaction .... it's £100k of a Faster Payment SO - but Halifax aren't running FP up to those limits yet. The 'immediate' is 24/7 - SOs are just Bank working days.

You're confusing me with the 'Saver' account ..... if you could transfer from current to it - and see it - then the saver is online? In which case you should equally be able to do saver ...> current as an immediate internal transfer? The only time I've not known that happen is if you've just had to set up a transfer to an account and they can take 48hrs to 'enable' it. But, in that case you can't effect the transfer until the transfer facility shows on the account?

SO = Standing Order?

The saver account is a passbook account not an online-only type account but yes I have added it to the list of accounts I can view online - anyway they claim that because it is a passbook account it takes 48 hrs to do current --> saver online

So they said it would be moved today - hasn't appeared yet will give it a few more hours

The egg payment turned up today aswell

From what I can tell for faster payments online
Halifax to HSBC - immediately
HSBC to Halifax - ~10 minutes
HSBC to egg - still hasn't shown up - egg seems slow with processing them

headcoat

The banks do not seem to be promoting this faster payment service and it seems to be up to the customer to find out if their sending bank and receiving bank are signed up. I know that A & L are, Abbey haven't and Loyds only if you phone to make the transfer ie not on line.

456789

So the transfer from savings to current turned up now

Phoned them up to do a transfer on the phone as they said it would be instant

they processed the transaction and then said 2 hours lol

also faster payments doesn't seem to be working for any values online with halifax atm

asked on the phone they blamed it on queues and some system might be down...

edit: transfer asked for by phone happened at about 4pm but it still won't do any faster payments

Mikeyorks

Milarky wrote: »

Not so.

Don't think you read me (or the bit you quoted) correctly? 'Immediate' payments are 24/7 but SOs are Bank working days only ...... is what I said ..... and what you appear to be indicating?