Faster Payments System FPS - Current state of play

gt94sss2

Not sure from when, but I see HSBC have finally increased their 'Standing Order' FPS limit to a much more useful £1,000 - it was £50.

Regards
Sunil

MPH80

Nationwide have upped their limits to £10k

http://www.nationwide.co.uk/faster_payments/default.htm

Milarky

MPH80 wrote: »

Nationwide have upped their limits to £10k

http://www.nationwide.co.uk/faster_payments/default.htm

It's weird that the Standing Order limit is '£9999.99p' - I can't see any logic there.

alanq

MPH80 wrote: »

Nationwide have upped their limits to £10k

Not before time! I think that Nationwide FlexAccount facilities are excellent (am still getting used to revamped online banking but still very good). The £1000 Faster Payment limit has been the one major drawback. Strange that I have been logging into online banking and there has been no message about this change. I usually get messages about far less important changes.

alanq

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

I too have had near instant Faster Payments OUT of NR recently. However, a Faster Payment INTO a NR Esaver (5) this morning from First Direct came back with a response that the funds would be added by close of business tomorrow.

Milarky

alanq wrote: »

I too have had near instant Faster Payments OUT of NR recently. However, a Faster Payment INTO a NR Esaver (5) this morning from First Direct came back with a response that the funds would be added by close of business tomorrow.

I believe that is a standard message due to a different 'handshake' from normal. I had that message come up when paying into Coventry BS, for instance. (In practice you may find the funds do apply on the same date they were paid)

Mags_cat

I've just (last night) been paid October's expenses and I went to transfer them to my savings account as normal this morning.

That's usually a two minute job : First Direct 1st a/c to Lloyds TSB Vantage has always previously been a FP transfer (and indeed, vice versa).

This morning FD's message stated that "There was a problem with the beneficiary bank recieving this payment. Would you like us to try to make the payment later on today?".

It's not an issue for me, I'm just moving cash about, but I wondered if there was a problem with Lloyds FPs? I thought I saw a thread the other day where someone was trying to pay a credit card or a bill and the FP that normally went through didn't - that was Lloyds too.

System

Many of the Nationwide Savings sort codes are now enabled for inward FPs

07 00 30
07 00 55
07 00 66
07 00 93
07 10 40

System

Citibank now have a £500 limit for outgoing Faster Payments :T

southcoastsounds

The Coop have a notice up for current account holders

"Once we receive a payment instruction from you we are unable to reverse the payment or get the funds back, therefore it is important that you provide us with the correct details"

Is this different to the old BACS system? Could be worrying otherwise

Tom