Lloyds TSB online faster payments

fatbutcher

I've just called LloydsTSB to ask what the daily limit is, he told me £500, not very useful at all!

BlondBoy

Hmm.

Made a payment online from Lloyds yesterday to A&L, got the usual 'allow up to three or four days' message and, hey presto, arrived and cleared in A&L today. Must have gone as a Faster Payment, surely?

£500 it was.



Chris

DocProc

Basically, for Faster Payments with Lloyds TSB:

1. There's no such thing if the amount involved is over £500 - so forget it!

2. There's almost no such thing if you are using Online Banking - so forget it! If the amount concerned is under £500 then there is a remote possibility of it going with Faster Payments but it can't be guaranteed.

And a bit more:

If you have a Lloyds TSB 'Online Saver' account attached to your current account then take note it is now only paying 0.1% interest. So you need to close it and open an 'Online eSaver' instead.

Anything more than £10,000 for a withdrawal out of your current account and you need to go in to the bank personally and do a CHAPS transfer.

Lloyds TSB can change the Individual Transfer Limit and Daily Transfer Limit pretty much to what they want and are doing so every now and then too. One day it might be £10,000, another day it's £5,000 and on another day it might only be £500. These facilities are a 'customer perk' if you like and do not come under the heading of them needing to provide this type of facility as a contractual responsibility to a customer.

alanclarke

I emailed Lloyds regarding Faster Payments with online banking and they sent the following reply:-

Thanks for your further e-mail about Faster Payments.

The Faster Payments service was introduced to our Internet banking service on the 23rd of July, however, due to a technical fault in August, we've not been able to send online payments via this method. All online payments are currently being sent through BACS, which has a 3-4 working day processing cycle.

Resolutions for technical issues such as this are not always easily found and can sometimes be prolonged. I'm sorry that I cannot give you any timescale when faster payments will be available through the Internet banking service again, but please be assured that our technical team are working on this as priority.

You can still make faster payments using our PhoneBank service by calling on 0845 3 000 000 (open 24 hours).

I'm sorry for any inconvenience this may cause you.

If there's anything else we can help you with, please let us know.

Many Thanks

***** *****

E-mail Support

Lloyds TSB

I have noticed that although it is not the same day via BACS it does arrive in the receiving bank account the following business day, it used to take 3-5 days and in above email they say it will take 3-4 days.

bruvafromanuvamuva

It's coming on for a year now since LTB's online faster payment service last worked and as a long-standing customer I find this totally unacceptable, I really can't be bothered to use their phone bank service as it's slow and clunky and I believe LTB should either offer the service in it's entirety or remove it all together.

As someone who works in online commerce I simply do not believe that a 'security issue' can take this long to fix, I'm convinced the reason LTB are dragging their heels is more about lost revenue from interest on payments they transfer than a genuine problem with the system (which strangely none of the other 12 banks enrolled in the scheme seem to suffer from).

I've written to LTB requesting a firm date for the online service to be re-instated and warned them that if they cannot provide it I will be moving my account to another bank, lodging a complaint with APACS and the banking Ombudsman and informing the BBC's Watchdog - may need to rally up a bit of support for this if anyone else is up for it?

In any case I'll post their reply as soon as I get it.

mrmajika

bruvafromanuvamuva wrote: »

I believe LTB should either offer the service in it's entirety or remove it all together.

Why?
Surely a phone service is better than none at all!?

bruvafromanuvamuva wrote: »

I've written to LTB requesting a firm date for the online service to be re-instated and warned them that if they cannot provide it I will be moving my account to another bank, lodging a complaint with APACS and the banking Ombudsman and informing the BBC's Watchdog - may need to rally up a bit of support for this if anyone else is up for it?

Sadly, you won't get a firm date; many have tried and failed. I'm not sure they know themselves!

APACs and the Ombusman won't be interested in this to be honest.

It's already featured on Watchdog in the last few months.

Biggles

DocProc wrote: »

Basically, for Faster Payments with Lloyds TSB:

1. There's no such thing if the amount involved is over £500 - so forget it!

2. There's almost no such thing if you are using Online Banking - so forget it! If the amount concerned is under £500 then there is a remote possibility of it going with Faster Payments but it can't be guaranteed.

I noticed that, when sending £500 to my Egg Savings, they were received the same day. But £1,000 took two days from the day of sending.

I notice also, that SOs, though for lower amounts, seem to be received same day. DAK if there's also a £500 cut-off for FP when using SOs?

Mr_LoL

Its shambolic I know. Grrrr. I was last able to send a faster payment online in July last year. Ever since then I have had to phone up and do it.

~Chameleon~

One might be cynical in thinking the reason they have removed online FP is an attempt to get more people phoning in so they can try to cross sell other products! :whistle:

Every single time I've called LTSB over the last few months they have attempted to sell me insurance and loans, and four times in one day recently!!!!

D1zzy

fatbutcher wrote: »

I've just called LloydsTSB to ask what the daily limit is, he told me £500, not very useful at all!

Well that's an improvement :rolleyes: - normally they say they don't know - Suck it and see until it works.