switching from variable rates to fixed

blackswan2

hmm, I thought I read somewhere that BACS was down to one day now but if not then if I transfer by BACS today and write a cheque today I could be in trouble then? Anyone know where to clarify?

isofa

blackswan2 wrote: »

hmm, I thought I read somewhere that BACS was down to one day now but if not then if I transfer by BACS today and write a cheque today I could be in trouble then? Anyone know where to clarify?

Only Faster Payments happen within a day, these are restricted by amounts (usually under 10K) and the bank has offer faster payments - you may find you have to ask on the phone or in branch, as many internet accounts don't offer it as standard. Standard BACS is 3-4 working days, CHAPS should be within 1 day.

BACS usually "leaves" your balance within a day and "arrives" in the destination account 3 working days later. I assume after the first day, it's removed from your available balance.

Baldur

isofa wrote: »

..... the bank has offer faster payments...

AFAIK, the recipient account also has to be able to receive faster payments?

isofa

Baldur wrote: »

AFAIK, the recipient account also has to be able to receive faster payments?

Yes I believe so.

blackswan2

right, I'm swapping the NR for a Kent bond.

Any more suggestions most welcome :-)

Mikeyorks

blackswan2 wrote: »

if I transfer by BACS today and write a cheque today I could be in trouble then? Anyone know where to clarify?

(Edited) NR are one of the originators of FP so (depending on value and your receiving account .... you may get it on Day 1.
http://www.fastpayments.co.uk/faq.asp#AreAllBanksIntheScheme
...... but assuming value or your receiving account aren't amenable ..... assume 3/4 days for the BACS transfer.

(the reality) .... but that's adjacent to postal time + process time + clearance time for your cheque with KR. And that's assuming they process the cheque on day of receipt ..... which is highly unlikely. I've moved additional ISA funds into them via cheque, for my Mother, and they weren't slow ..... but certainly not Day 1.

So if you've done the BACS today - posting the cheque tomorrow should be fine.

soulsaver

Mikeyorks wrote: »

(Edited) NR are one of the originators of FP so (depending on value and your receiving account .... you may get it on Day 1.
http://www.fastpayments.co.uk/faq.asp#AreAllBanksIntheScheme
......

.

Sounds totally confident..... but sorry to point out, incorrect: NR, as the link says has committed to the scheme - What it fails to say however is as yet NR can only receive Faster Payments but can't send yet; "hoping to be able to in the coming months....".

soulsaver

Quicker than Kaupthing Edge though....:rolleyes: