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Faster Payments System FPS - Current state of play

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  • IrishGypsy
    IrishGypsy Posts: 353 Forumite
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    Are building societies included in the 1st Jan deadline (along with the 'banks')?
  • Milarky
    Milarky Posts: 6,356 Forumite
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    IrishGypsy wrote: »
    Are building societies included in the 1st Jan deadline (along with the 'banks')?
    Sort of. In as much as their own clearing banks will have ensured they can receive everything by FP which any other bank customer can. But many accounts will not be 'payment' accounts. Only defined 'payment' accounts, as I understand, will then gain access to 'FP-out' services and the remainder is a mixed bag of some 'bank transfer' (via FP) and some 'post/cheque/clearing'. The 'bank transfer' I see being adopted over 'cheque/clearing' during 2012, but it won't happen overnight. Let's see where we stand in 12 months.
    .....under construction.... COVID is a [discontinued] scam
  • bubieyehyeh
    bubieyehyeh Posts: 587 Forumite
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    Are Paypal withdrawls to a current account, covered by the 1st Jan deadline? Previously the timelines seem to be like BACs.
  • steve1980
    steve1980 Posts: 2,334 Forumite
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    IrishGypsy wrote: »
    A bit unfair to be honest (plenty of staff like to know what's going on and are knowledgable), but like anywhere you'll get staff who don't either pay attention or give a monkeys (unfortunately) :(

    It really isn't unfair! You need to deal with them to believe it!
    Estate Agent, Web Designer & All Round Geek!
  • pqrdef
    pqrdef Posts: 4,552 Forumite
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    Tried a test payment from Tesco to Cahoot, but Tesco doesn't yet recognise that Cahoot accepts FP, so is sending it by snail. Three days.

    Well that's more successful than trying to send money from Tesco to a Halifax Online Saver. Tesco still doesn't recognise that sort code at all. although it's been in use for several months now.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • hansi
    hansi Posts: 3,001 Forumite
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    I transfered a Cash ISA from one provider to another,and would you believe in this technological age, they send the transfer by cheque!:rotfl::rotfl:
  • Stompa
    Stompa Posts: 8,348 Forumite
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    pqrdef wrote: »
    Tried a test payment from Tesco to Cahoot, but Tesco doesn't yet recognise that Cahoot accepts FP, so is sending it by snail. Three days.
    I tried a test payment from Tesco to Citibank and that too appears to be taking the slow route.
    Stompa
  • pqrdef
    pqrdef Posts: 4,552 Forumite
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    The Citibank website seems to be enforcing a £500 daily limit on outgoing immediate FPs. I am not a happy bunny.

    The site is offering me the alternative of converting my instruction to a scheduled future payment, to go on Monday.

    I haven't explored whether it's possible to improve on this by phone, because previous experiences with the call centre have led me to cross it off my list of acceptable ways to go.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • Stompa
    Stompa Posts: 8,348 Forumite
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    edited 6 January 2012 at 2:36PM
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    pqrdef wrote: »
    The Citibank website seems to be enforcing a £500 daily limit on outgoing immediate FPs.
    Now why doesn't that surprise me?!

    Have you ever managed to make a faster payment to Citibank?
    Stompa
  • Doc_N
    Doc_N Posts: 8,294 Forumite
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    Even now, Citibank are still putting a maximum of £500 a day on Faster Payments - but without telling anyone!

    http://forums.moneysavingexpert.com/showthread.php?p=46603071
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