Lloyds TSB online faster payments

bolo

Is it possible yet? Or is it still bacs when you do an online payment?

Cheers

ScottyBoy_2

My parents bank with Lloyds online and they still have to use BACS as the faster payments often (from experience) do not work.

But they say they are working on it!

fischer79

You can do it via Phone banking

whu

FP online is hit and miss but the last half a dozen times or so I have done it by phone banking it has worked fine

flossy_splodge

Not in any way to argue with the other posters here but just maybe to balance things, I bank with Lloyds and I have never had FP fail to work. It's got me out of quite a big hole once too.:T

Wolfsbayne

My experience is that its hit and miss. I sent a payment to a natwest account on a thursday which cleared the following tuesday. I sent a different payment to a natwest account (different account but same branch) on the saturday and it cleared on the monday!

moominyak

Wolfsbayne wrote: »

My experience is that its hit and miss.

I'll second that - my lodger banks with Lloyds TSB, and although she has a S/O set up to my Halifax a/c every week, sometimes I get her rent on Friday (the due day) and sometimes on the following Tuesday.

There doesn't seem to be any rhyme or reason to it, it's been coming in fine on Fridays for the past 5 weeks and now all of a sudden it hasn't again, so I'm hoping it'll be in my a/c tomorrow!

I can tell how it's travelled by whether her name appears on my online banking summary in lower case (BACS) or capitals (FP).

I wish I hadn't told her to change the day of her S/O from Wednesday to Friday now! :rolleyes:

SparciaM

Standing Orders don't work via FP, they still run on the BACS system.

*touch wood*, Everytime I've done a FP over the phone it has always worked. I do about 1 a week and they always go through.

Online it takes 4 working days, Lloyds tell me this wont change yet. So for FP you have to ring up and speak to an adviser, but I've never had a single problem with FP from Lloyds to any other UK bank.

moominyak

SparciaM wrote: »

Standing Orders don't work via FP, they still run on the BACS system.

So how can the fact that the money has been arriving as an FP for weeks be explained?

As I said, it always used to take 3 days, then it started arriving on Wednesday (the same day it left her a/c, so that presumably would be via FP then) - it was a bit hit and miss the first few weeks, then it seemed to settle down so she changed the day to Friday, and it arrived with me on Friday for the past 4 or 5 weeks, but this week it's arrived today (Tuesday) so it's been BACS'd this time.

And it appears on my bank as 'Bank Credit' which also indicates the difference (as her name doesn't show until the day after receipt when it's a BACS, whereas with an FP it shows in CAPITAL LETTERS on the same day).

Are you certain about the Lloyds TSB S/O being a BACS, as they are certainly going as FPs (to FP-receiving sort codes) from Halifax.

SparciaM

According to the FP online site, SOs wont be going via FP until 2009 - as it's another system to be upgraded and used.

Some banks may have already implemented this system. I know HSBC, Barclays and Abbey wont have this in place until late 2009, according to the literature they have sent out.

I did have a SO going to a savings account once and it arrived the same day one time and then stopped. So maybe Lloyds were testing the system, but it's not implemented. Or it was a fluke that your SO worked and then stopped.

According to Lloyds, you can only do a FP via phonebanking speaking to an adviser, every other payments SOs, BACS will go the normal 3 working days.
Like I said, I've never had a problem with FPs at all, but it's just a pain ringing up phonebanking to transfer funds. They ask me for the sort code and account number every time, even though I transfer to the same account everytime I do it.

DocProc

Here is an APACS Faster Payments Checker

http://www.apacs.org.uk/sortcodechecker/index.html

I used it myself only this morning for my wife. This was before she tried to do a 'Lloyds TSB to Lloyds TSB' Faster Payments transfer on Phonebank and she had a hell of a job with them doing it.

They threw up all kinds of obstacles to try and make her go into the bank and use CHAPS instead. She must have been on the phone to them for a half hour or more arguing the toss with them. She spoke to three operators and one manager in total. One of them told her a security check had been triggered.

I keep dead quiet whilst she's doing this stuff. I let her do it because I'm too damned intolerant to put up with the crap I seem to get with them. Plus, I can't really hear all the 'press button 1, press button 2' stuff as well as she can. She is tons more tolerant than me. I can tend to start using bad language. I'm not abusive to individuals but I can start saying things like, "It's bloody ridiculous!" far too easily. Why? Well because it is a totally bloody ridiculous experience!

We used the APACS checker web site on each of our two monitors, put the one bank sort code on one and the other on the other. Both sort codes checked out OK. Then my wife sat in front of the monitors listening to an operator telling her, "Not all banks can accept faster payments." Then she listened to the operator back off with that crap and revise it to, "Not all branches can accept faster payments." as the operator told her it couldn't be done on Faster Payments

The amount of her transfer, by the way, was £5k. It is under the individual and daily limits. It appeared to go through in the end. But 30 mins to do it? Sheesh! Obviously we had cleared funds to do it and even more besides.

We have a letter from them, which my wife quoted from, "The daily limit is £10k." The daily and individual transaction limits can be varied by them at will. The service for customers is an extra, an add-on service, a perk. Apparently, it doesn't form part of the normal transactional Terms and Conditions.

Why we got this letter was with arguing the toss about individual and daily transaction limits and rowing with them and the fact that only telephone banking does Faster Payments. You cannot read about this anywhere on their site either. If you don't specify Faster Payments and it is a larger amount you are dealing with, I think their system and operators are instructed to revert to dealing with it on a BACS basis - and this might then take 3 to 4 days.

More like a crusade to stop free banking and get in loads of CHAPS transfer fees, I reckon. If they cause you enough aggro' with it, then you just might pop in to the bank and do a CHAPS instead, eh?

Rant over! Send for Victor Meldrew! He can take over the rant now!