Faster Payments System FPS - Current state of play

Dr_Cuckoo3

Intelligent Finance terms and conditions effective from 13 November 2011 state that it offers faster payments

The online banking menu now has the option to send faster payments , but states that the receiving bank sort code does not accept faster payments

also the IF sort code 11-91-00 does not currently accept faster payments


Islamic Bank of Britain 30-00-83 now accepts incoming faster payments , but does not send faster payments

Chadsman

Does anyone know if Derbyshire BS is able to send payments by FP? It appears to be impossible to get an answer out of them.

Sceptic001

Chadsman wrote: »

Does anyone know if Derbyshire BS is able to send payments by FP? It appears to be impossible to get an answer out of them.

This was recently discussed at length in a thread on the savings and investment board. The conclusion was that they don't have outgoing faster payments. Several savers successfully deposited money using FP, but curiously Derbyshire resolutely denies receiving FPs. :rotfl:

bubieyehyeh

Dr_Cuckoo3 wrote: »

Intelligent Finance terms and conditions effective from 13 November 2011 state that it offers faster payments

The online banking menu now has the option to send faster payments , but states that the receiving bank sort code does not accept faster payments

also the IF sort code 11-91-00 does not currently accept faster payments

The faster payment option is disabled for me, I can't select it.

I enquired and apparently IF are starting FP on 21 Nov 2011.

Dr_Cuckoo3

Islamic Bank of Britain now offer outgoing faster payments on working days


"The cut-off time for making a payment is 3:30pm.

The online daily limit is £10,000 per working day. Transactions during the weekend will be subject to an overall limit of £10,000 (This is from 8pm Friday to 10:30pm Monday)."

It takes less than 5 minutes for outgoing payments to arrive at destination and the same for incoming payments (therefore superior to Coventry BS , Metro Bank and Cumberland BS)


CO-OP Bank faster payment limit has increased to £60,000

heloid

Cut off time 3:30pm? How stupid, faster payments should be able to be sent 24/7...

bubieyehyeh

I can now receive faster payments on my intelligent finance account, but still seem unable to sent. IF's internet banking website tells me the receiving account I want to send payment to can't receive faster payments, which is incorrect.

giblet10

bubieyehyeh wrote: »

I can now receive faster payments on my intelligent finance account, but still seem unable to sent. IF's internet banking website tells me the receiving account I want to send payment to can't receive faster payments, which is incorrect.

Yea ditto - trying to send from if to natwest and it says nw don't take faster payments!

bubieyehyeh

giblet10 wrote: »

Yea ditto - trying to send from if to natwest and it says nw don't take faster payments!

Yeah I feel it would be more honest of IF to actually tell the truth, and say "faster payment - not yet available" on their web banking. The main website says it will be available shortly but I wont be holding my breath.

pqrdef

Just noticed that Halifax online savers are now doing outgoing FP in real time instead of overnight - basically the same screens that you get when doing FP from a Lloyds current account.

So they join Tesco among the few savings accounts from which you can do a real-time FP without staging it through a linked current account.