Lloyds TSB online faster payments

SparciaM

I don't know why people are having so many problems with Lloyds.

I ring up and just say "Can I do a Faster Payment to xxx" and they say "It may not go through via FP, but lets give it a go". I say "It's to the account I've listed that I use every week and it's for £xx.xx". They input the details and say "That's been confirmed and should be there within 2 hours". I hang up, log into my other bank and it's there.

I'll be doing a FP transfer tomorrow of £400. The least I've done is £20 and the most is around £700 and the conversation is always word for word on the above. Maybe try my wording and see if that changes anything.

When I did go into the branch, the guy didn't know what I was talking about and thought I meant CHAPS and I just said I'd do it online. Lloyds are good, I've had no problems with them, but their internet/phonebanking/service can be extremly annoying at times.

End of day, I just tell myself, this is a service they don't have to offer so if it works great, if not it'll just take the normal 3 days.

YorkshireBoy

Can anyone confirm that circa £2K Faster Payments are possible when actioned via LTSB telephone banking?

(The recipients are FP enabled).

Milarky

YorkshireBoy wrote: »

Can anyone confirm that circa £2K Faster Payments are possible when actioned via LTSB telephone banking?

(The recipients are FP enabled).

Yes. I remember sending that exact amount to the Halifax by phoned request (that was in November)

YorkshireBoy

Milarky wrote: »

Yes. I remember sending that exact amount to the Halifax by phoned request (that was in November)

Thanks Milarky. My 2 year regular saver matures shortly and I wanted to know I could spray the funds around quickly without losing too much money.

You wouldn't happen to know if they have the same £10K limit that FD/HSBC have would you? (just in case I change my mind and put it all in one place).

brass_in_pocket

Yes, 10K is the limit and it works OK. I did a couple from Lloyds last month.

~Chameleon~

moominyak wrote: »

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.

I've also had some SO's go via FP to Barclays whilst others go BACS. There appears to be no rhyme nor reason to it

I'm really annoyed that they won't allow FP's to be processed online though and I was told today that they won't be re-instating this any time soon due to a glitch that occured when it was first rolled out :rolleyes:

It's not always convenient to use 'phone banking, especially in a public place so I will be looking to move to a current account that does allow FP online.

Anyone know whether Abbey or A&L do? Which one of those also pays 8% in credit interest?

whu

~Chameleon~ wrote: »

Anyone know whether Abbey or A&L do?

Scroll down the link at post 11 above

dawny10

Rang up to to get Lloyds to do a faster payment a couple of days ago for £7K. The guy said it wouldn't go through as they have introduced new limits to stop money laundering. I pointed out that they had managed to do £10K the previous week without problem, but he reckoned the limit changes day to day. I asked him to try just £5K but that wouldn't go through either.
All sounds a bit odd but just something to be aware of.

Oh, and they expect online Faster Payments to be live from next summer.

Extant

The important thing to remember is that FPS is not a guaranteed system and should not be relied on if you have a time critical payment to make.

Even when BACS has faded to the background for consumers, it still won't be a guaranteed system.

There are a lot of teething problems with FPS. The system was tested extensively before implementation, and a lot of work was done in all sectors of the industry (not sure why Lloyds TSB would have fraud concerns - they should have all been dealt with by now), but there are problems which just don't come out until the system is live and under normal use. We're talking about billions of pounds travelling about every day - it's far from simple.

moneysavingallday

in my experience the transfer with LTSB is not possible unless you ring them up and then you tend to get some clueless thick individual who doesn't understand the FP thing at all.