Faster Payments System FPS - Current state of play

rb10

I_luv_cats wrote: »

I received a letter from The Co-operative Bank today saying they are doing all electronic bill/standing order payments faster from 1.1.2012, with a view for them to arrive by end of play the next business day.

BACS is no longer provided from then....

@ present some payments take 3 working days. When I check the recipients account it doesn't accept faster payments. Will all inbound bank accounts have to be upgraded to accept faster payments ???

Put simply, yes, they will.

Dr_Cuckoo3

Cahoot faster payments from 1/1/2012

http://www.cahoot.com/terms/pdf/35016167_CAH10143SEP11T_V3.pdf

Metrobank faster payments from 19/12/2011

Wesleyan Bank "payments by the end of the next business day" service from 1/1/2012

Aldermore faster payments (12pm cut off time) from 14/11/2011

http://www.aldermore.co.uk/media/20318/savings-general-tandcs-oct11.pdf

Chadsman

Email from Principality...

We’re pleased to advise you that on 4 December 2011, we’ll be implementing a Faster Payment service. The introduction of this service is in keeping with new regulations from 1 January 2012 which change the way payments are processed between bank accounts.

This is great news for you, as it will speed up electronic payments to and from your Principality internet account/s. However the changes may affect the way you manage your savings, so please read the details below.

How the changes may affect the way you manage your savings

• If you want payments, withdrawals or transfers to reach your linked account on the same day, then we will need to receive your request by 4.30pm. If we receive your instructions after that time, the money will be transferred on the next day.
  
• We will no longer use BACS (Bankers' Automated Clearing Service – a method of electronic payment) for payments, withdrawals or transfers, as they take up to three days to reach your linked account. There will be no change to payments called into ‘Your Account’ via direct debit. These will continue to operate as currently.
  
• Faster Payments are limited to a maximum of £10,000 per transaction, up to a daily limit of £100,000 per internet account. You can however split your payment of more than £10,000 into a number of smaller transactions up to the overall daily limit.
  
• For 'single payment' transactions over £10,000, or above the daily limit of £100,000, you will need to send us a secure message through ‘Your Account’ including your payment instruction, the amount, payee, destination sort code, account number and a reference for the payment. This payment will be sent by CHAPS (telegraphic tansfer) and will incur a fee of £37.50*. We will need to receive your request before 12 noon on a business day for the money to be transferred on the same day. We will contact you to verify all CHAPS transactions and will not make the payment until we have done so.
  
• If you’ve already requested a payment, transfer or withdrawal from your internet account of over £10,000 to take place after 4 December 2011, we will cancel it on the date requested. We will send you a secure message nearer the time asking you to contact us, so we can reorganise your transfer.

A full copy of the new terms and conditions will be available from our website or at any Principality branch from 4 December onwards. If in the meantime, you have any questions, please send us a secure message through ‘Your Account’. If we can help you in any other way at any time, please don’t hesitate to get in touch.

I think (???) they will be only the second Building Society after Nationwide to implement outbound Faster Payments.

Joe_Bloggs

Chadsman quoted regarding the Principality BS:-

Faster Payments are limited to a maximum of £10,000 per transaction, up to a daily limit of £100,000 per internet account. You can however split your payment of more than £10,000 into a number of smaller transactions up to the overall daily limit.

The Nationwide are still stuck on £1000 as day in total for all faster payment transactions. The Principality are the first to give faster payments serious limits.

J_B.

Amigo34

Northern Rock paid us via Faster payment early this week.
Received money within 1 hour -
Does not seem to have any limit - amount involved was over £25k

Slightly annoyed though that the money is now sitting in my current account. I gave a cheque to C&G on Tuesday and it has still not cleared.

pqrdef

Why does the Co-op website say

"There are circumstances which may prevent payments going via the Faster Payments Service; therefore payments can not be guaranteed to reach the recipient the same day in all cases."

Will this still apply after 1st January, or will something get fixed before then?

These "circumstances" do seem to exist, because today I sent £1200 to my Lloyds account and got a Code H "Unable to send by Faster Payments - will take 3 working days" :mad:

alanq

One example: Co-op can only send via FP if the destination can receive FP.

noh

Lloyds do accept FP.
I suspect it may be a security measure. Was it your first payment to your Lloyds account from the Co-Op?
If not was the only previous payment a small test payment?
Others have reported the same ie their test payment of say £1 went via FP no problem but a subsequent much larger payment did not.
Did you need to use the card reader to set up the mandate?

charlieboycat

Amigo34 wrote: »

Northern Rock paid us via Faster payment early this week.
Received money within 1 hour -
Does not seem to have any limit - amount involved was over £25k

Slightly annoyed though that the money is now sitting in my current account. I gave a cheque to C&G on Tuesday and it has still not cleared.

I was told on the phone that their FPS transaction limit is £100,000.

Dr_Cuckoo3

Dr_Cuckoo3 wrote: »

Yorkshire Building Society appear to have changed the start date for faster payments to December


http://www.ybs.co.uk/savings/faster-payments.html