Faster Banking!!..I don't think so !!!

jennifernil

ekimnas wrote: »

On doing the transfer I got a confirmation that the transfer would be done on December 1st - nothing about how it would be paid

You can only do a same day faster payment if you actually want it to go on the same day that you are requesting it.

So if you want it to go on the 1st of the month, you actually have to set it up on that day.

Stupid I agree, but that's how it is apparently!

ekimnas

and is information that should be available to the customer when he is doing the transfer not hidden away as is the banks want.

jennifernil

Just to add to the confusion..................

I had a problem with the faster payments, they were refused constantly, so I got my daughter to do it through her account, she had no problems.

However, as a little test, since it wanted to send my payments the next day by snail transfer (3 working days) , I sent a £1 payment to my Nationwide account, and a £1 payment to my son's RBOS account.

They both left my account on Friday 28th...........and both arrived at their destinations within minutes! Even though they were not sent as "faster payments". So they can do it when they try.

Just a pity it is so hit and miss and unreliable.

ekimnas

I have done many transfers from Halifax over the last few months and all have gone through same day. I have not used it for a larger transfer until this instance because I was worried that something would go wrong and it has. I know now that was because it was over the limit of £500. The problem is that the fact that there is a limit should be made clear to the customer when he is making the transfer. Interestingly enough, I have made several calls toHalifax and nobody has mentioned the limit of £500 limit - so not only was I not aware of it neither were the customer advisors that I spoke to and they work for the bank!!

jennifernil

ekimnas wrote: »

I have done many transfers from Halifax over the last few months and all have gone through same day. I have not used it for a larger transfer until this instance because I was worried that something would go wrong and it has. I know now that was because it was over the limit of £500. The problem is that the fact that there is a limit should be made clear to the customer when he is making the transfer. Interestingly enough, I have made several calls toHalifax and nobody has mentioned the limit of £500 limit - so not only was I not aware of it neither were the customer advisors that I spoke to and they work for the bank!!

Yes, i agree, the info is there but not exactly obvious, you need to search for it.

And you are right about the staff, the ones I spoke to did not know there was a £500 limit.

malc_b

DesG wrote: »

Sorry for the OT, but can I just check if they charge for FPS on your BOS business account?

(Getting rapidly peed off at A&L "no FPS at all" business account)

It's a deposit account and FP is no more expensive than a BACs. All transfers are 30p each, in and out. At one time the BOS interest rate was good but now it is pretty average so I'm using Standard life bank (free transfers, current rate better than BOS), and West Brom BS (currently good rate but 7day and post/phone not online). Current account is with Co-op (online, free except for cheques, and as FSB member I get £25 bonus each year). Co-op does not have FP yet nor does West Brom although they currently will do chaps for free.

malc_b

jennifernil wrote: »

I am no good at links, but when you get up the "transfer money" screen for your account there is a link to info on faster payments, it talked about the £500 limit at the bottom of the page IIRC.

Nope, not there. I've just tried to make a payment and on the page where you enter the sum and date there is a link to FP faq here http://www.halifax.co.uk/onlinebankinghelp/fasterpaymentsfaqs.asp but on that page there is no mention of a limit. And I've tried a google search of halifax.co.uk for 500 faster payment. All that finds in some pdfs where faster payments are mentioned and £500 phone insurance cover (ultimate account benefits I think).

And having done 3 FP yesterday I cannot do a FP today. So I'm not sure the limit is 3 FP per day, perhaps it is 3 per week since the last time FP stopped for me it stopped for 7 days.

Lokolo

malc_b wrote: »

Nope, not there. I've just tried to make a payment and on the page where you enter the sum and date there is a link to FP faq here http://www.halifax.co.uk/onlinebankinghelp/fasterpaymentsfaqs.asp but on that page there is no mention of a limit. And I've tried a google search of halifax.co.uk for 500 faster payment. All that finds in some pdfs where faster payments are mentioned and £500 phone insurance cover (ultimate account benefits I think).

And having done 3 FP yesterday I cannot do a FP today. So I'm not sure the limit is 3 FP per day, perhaps it is 3 per week since the last time FP stopped for me it stopped for 7 days.

Could be per 24 hours?

Also if you go here:
http://www.google.co.uk/search?hl=en&q=£500+limit+FPS+halifax&btnG=Search&meta=cr=countryUK|countryGB

The first one is this thread - irony, however the second one (the inner one) goes to this thread:

http://forums.moneysavingexpert.com/showthread.html?p=15651081

Then if you jst quickly scroll you will get to this post:

http://forums.moneysavingexpert.com/showpost.html?p=16003421&postcount=20

Which tells you about the £500 limit :cool:

(yes I know I am amazing, and yes, I know I'm a geek)

ekimnas

Could someone get this information to Martin as there is obviously mass confusion as to how the system operates amongst bank customers and clearly amongst the banks call centre staff.....Everybody should know about this!! Here is the reply from the Halifax:

I am sorry to hear of the dissatisfaction that you express in your correspondence.
In regards to your query, please allow me to advise that when a payment is created to another bank we will attempt to send this through the Faster Payments service.
This service now incorporates the majority of major UK banks, and when fully functional may enable payments to reach an external source within 2 hours, though many will arrive in just seconds.
To ensure for a smooth transition we are gradually phasing the integration of the Faster Payments service, whereby at present a payment of up to £500 can be sent immediately. This is dependent on the type of payment being sent, and is providing that the destination account is eligible to receive a Faster Payment.
This maximum figure is planned to continually rise and we will regularly review this limit, until the upper limit of £10,000 is reached.
Where the receiving account does not offer this service or the transfer is outside the set limits, the payment could still take up to three bank working days and will be sent through the BACS system.
When a payment is sent via BACS all funds are sent in the early hours of the morning, therefore any requests made before 6pm will be sent at the next available time, being the next working day.
Any payment submitted after this will be sent on the second working day. This is in line with standard UK banking procedures.
The funds do not leave your account immediately after a transfer is requested, for interest purposes and to provide a clearer picture to the customer about what stage a payment is at.
More information on Faster Payments can be found at http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp?!!!!!HC5.

Lokolo

Theres not mass confusion. Different banks have different rules on FPS at the moment as its only just been implemented. As I pointed out, this information was available:

http://forums.moneysavingexpert.com/showpost.html?p=16003421&postcount=20

I agree its pretty lame that it didn't tell you in the transaction, by which time it is too little too late but the infos available.

HSBC tells you if your payment will go through as FPS or not, Lloyds does too (not so easily, just tells you it won't leave until tomorrow and will arrive 3 days later, in payments section). I don't bank with Halifax (well I do but I only put money in, not out yet) so not sure how their payments work (although I do now )