Faster Payments System FPS - Current state of play

stclair

southcoastsounds wrote: »

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

Its because FPs can not be recalled where BACS can within a certain time frame. So once the FP has gone its gone......

steve1980

It's just taken Santander 3 working days to send £1.00 my new First Direct account. Who is the problem with??

Milarky

steve1980 wrote: »

It's just taken Santander 3 working days to send £1.00 my new First Direct account. Who is the problem with??

The first payment you make to any account will still leave as a BACS. Should now be Faster Payments therefore.

Milarky

21 December:* there have been notable changes advised.

One off:
Halifax 2500 -> 25k [as per Lloyds again]
Santander 1k -> 100k

Standing Order:
Santander 50k -> 100k

*previous page cached

MoneySaverLog

Milarky wrote: »

21 December:* there have been notable changes advised.

One off:
Halifax 2500 -> 25k [as per Lloyds again]
Santander 1k -> 100k

Standing Order:
Santander 50k -> 100k

*previous page cached

Blimey, Santander are going to have better limits than Lloyds TSB in that case. Not that I've touched 25K to be fair, but good to know the option is there if needed.

adindas

Has anyone tried to send FPO using Santander account say over £5000.00 and it went smoothly ?

According to this, Santander shall now could do up to £100,000 limit ...

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

adindas

Some people might need it such as to be sent to Solicitor when buying property ...... at the moment people are using CHAPS which cost a little bit or BACS which take sometimes before it arrives ....

MoneySaverLog wrote: »

Blimey, Santander are going to have better limits than Lloyds TSB in that case. Not that I've touched 25K to be fair, but good to know the option is there if needed.

al25

adindas wrote: »

Has anyone tried to send FPO using Santander account say over £5000.00 and it went smoothly ?

According to this, Santander shall now could do up to £100,000 limit ...

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

Yes, it works almost instantly.

adindas

Thank you for your information

al25 wrote: »

Yes, it works almost instantly.

adindas

Another examples of people who might use limit of £100,000 FPI/FPO is that someone who just get money from the proceed of property sale and expect to use the money again to buy another property. So his only option is to put it in instant access saving account.

If he find another instant access account paying a higher interest, he might transfer a few hundred grands to another provider ... This need to be instant FP to avoid loose of interest ...

MoneySaverLog wrote: »

Blimey, Santander are going to have better limits than Lloyds TSB in that case. Not that I've touched 25K to be fair, but good to know the option is there if needed.