Faster Payments System FPS - Current state of play

agrinnall

Well according to both the Citibank and UKPayments websites the limit for FPS is £100K. The thread you link to is from last year and therefore has little relevance today.

Doc_N

agrinnall wrote: »

Well according to both the Citibank and UKPayments websites the limit for FPS is £100K. The thread you link to is from last year and therefore has little relevance today.

I'm afraid it still has every relevance - see the last page:

https://forums.moneysavingexpert.com/discussion/3462409

They may say that the limit's £100K, but they're actually operating on £500. And that's not even per transaction - it's a daily limit.

agrinnall

Fine, but that's a different thread (which I will admit I hadn't looked at before I posted). The old thread you posted the link to has been superceded by the payment requirements that came in on 1/1/2012. While there certainly seems to be evidence that that published limits are not being correctly applied, which is something that Citibank need to sort out, the new link you've referenced is the relevant one,

Doc_N

agrinnall wrote: »

Fine, but that's a different thread (which I will admit I hadn't looked at before I posted). The old thread you posted the link to has been superceded by the payment requirements that came in on 1/1/2012. While there certainly seems to be evidence that that published limits are not being correctly applied, which is something that Citibank need to sort out, the new link you've referenced is the relevant one,

They're both links to different sections of the same thread.

Citibank have been well aware of the 'problem' for a long time now, but don't seem in any hurry to do anything about it.

Tirian

Having tried and failed several times to transfer £100,000 through the Faster Payments from my Smile (Co-Operative Bank) account to my Principality B.S. account, I messaged them to enquire as to the problem (their website states £100,000 is the limit for Faster Payment transfers).

Reply received today stating

Smile_customer_services wrote:

I can confirm you can only transfer up to £19,999.99 online. If you require a larger amount to be transfered you will need to speak with a member from our Smile team on 08457 212 212.

Pity they don't tell you that anywhere on their FAQs or account t&c!!

Stompa

Tirian wrote: »

Pity they don't tell you that anywhere on their FAQs or account t&c!!

It's beyond me why banks in general don't seem to tell their customers the real limits.

Doc_N

Stompa wrote: »

It's beyond me why banks in general don't seem to tell their customers the real limits.

They all say much the same thing - it's an anti-fraud measure.

I see it more as an anti-customer measure, particularly when they limit it (as in the case of Citibank) to a maximum of £500 per day.

Tirian

Smile became somewhat more bizarre when I called in. First person I spoke to said that it point-blank couldn't be done - any transaction that size had to go through CHAPS (for which they charge a fee).

I pointed out this was not what their website stated, nor what their customer service message had said.

I was then told that they could put the request in but that this was what they had been told, and the transfer would probably be declined. Or it would have to go through the security/anti-money laundering team and might not go through until the end of the next working day.

I said I would take my chance with the former, and the latter was fine. He entered the transfer request, and then told me that it needed clearance from the fraud team and put me on hold. After a 5 minute wait, he came back on to say that the request had been processed but would need to go to the fraud team for checking before it would go through - and that he couldn't guarantee which system the payment would go through, I would have to check back in an hour or so to find out.

Five mins later, money deducted from Smile account. 1 hour later, it was showing in the Principality BS account.

Now I know that these kind of checks need to be made, but surely they could get their act together enough not to make the whole thing seem a bit more like a service and a bit less like a battle of wills??

In the end there was no part of the process or the terms that was problematic for me - so why start by telling me I'm asking the impossible?

Milarky

This morning found I could exceed the Nationwide sending limit of 10K by making an additional payment taking the total of payments above this. Nationwide seem to have changed their limit information it now reads:

+ A non Nationwide account

Multiple transfers can be made, providing you have sufficient cleared funds available.

Single payment... £0.01 - £10,000... Immediate...
Regular Payment... £0.01 - £9,999.99... Immediate...

Recall that previously they stated daily limits applied. That no longer seems to be what this says, nor what has been found.

Speculator

I withdrew £900 via FP from my Yorkshire BS Regular Saver yesterday and it has still not reached my Nationwide current account!

The withdrawal was processed yesterday morning (dated 2/7) and should normally reach the destination account within 2 hrs.

On their website, it states "If you send funds to an external account, they will normally reach the destination bank by the end of the following day"

This is very very slow for FP.