faster payments between banks

skyjumper

I saw this and thought it might be of some use to few here

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

what I don't understand is that when i try making transfers from and to HSBC to A&L it still takes 3-5 working days even though the money is debited instantly from the sending account.

Both these banks are in the list for apacs. Then why the delay- I don't understand

any thoughts?

Milarky

skyjumper wrote: »

what I don't understand is that when i try making transfers from and to HSBC to A&L it still takes 3-5 working days even though the money is debited instantly from the sending account.

Both these banks are in the list for apacs. Then why the delay- I don't understand

any thoughts?

Probably because your transfer is a standing order? HSBC group does not presently put standing order payments through FPS and does not plan to for about another year. Send a 'single payment' and it will be instant.

If, by A&L, you are referring to their credit card - that does not use an A&L sort code (it uses Coop bank) and payments to it will still take two days regardless of where you send from or by which method.

skyjumper

thanks Milarky

Hsbc to A&L is by SO
but A&L to HSBC is always one off payment. the money is debited instantly but I always have to wait 3-5 days before the money actually appears in the HSBC Account

Extant

Faster Payments isn't a guaranteed system - there might by any number of reasons it's not going by FPS. The amount, destination, account activity, etc.

YorkshireBoy

skyjumper wrote: »

A&L to HSBC is always one off payment. the money is debited instantly but I always have to wait 3-5 days before the money actually appears in the HSBC Account

A&L FP's have a very low cap at the moment. Even lower than Halifax's £500 I believe.

It really is a pleasure to see £9,999 FP's winging there way from HSBC to Tesco and back within minutes. If only...

realaledrinker

Are both accounts' sort codes enables to make & receive faster payments? The sort code checker only shows if an account can receive faster payments.

I work for the co-op & only 2/3rds of sort codes can receive at present time & only two (yes two) can make them.

Will be 100% both ways by mid 2009.