Faster Payments System FPS - Current state of play

pqrdef

Speculator wrote: »

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

Yorkshire BS seem to figure out how late they can leave it, depending on where it's going.

King_Of_Fools

Speculator wrote: »

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.

Yorkshire BS do use NatWest as their bankers for transfers so I wonder if the RBS problems have affected it.

Speculator

Money finally arrived in my a/c this afternoon, over 29 hrs after the transfer was processed!

agrinnall

Many Building Societies work this way, they don't have the Single Immediate Payment functionality so all transactions are treated as Forward Dated Payments. That means they are picked up in the batch run overnight after you have made the payment and sent to the receiving bank at some point after that, to arrive (as YBS have said) by the end of the next business day.

RRRRodgA

This probably needs updating going by the first page.

FPS limits.

BOS/Halifax over the phone limit £500.00

BOS/Halifax over the internet limit £25,000.00

Milarky

RRRRodgA wrote: »

This probably needs updating going by the first page.

BOS/Halifax over the internet limit £25,000.00*

*per account held (something you would never be told by the Payments Council due to i) complete lack of standardisation in bank use of FPS, ii) self-appointed task to produce a 'next steps' report this year - thus in no hurry to ensure current information is complete)

kulath

Egg

Egg doesn't really do faster payments though they say they do.

They wrote to customers around Oct 2011 to say: "The new regulations will require most sterling payments within the UK and sterling or Euro payments within the EEA to reach the destination account by the end of the next (or following) working day following receipt of instructions (subject to instructions being received by our cut off times)." "For sterling payments within the UK we will generally use the Faster Payments Service (where available).".

This presumably refers to the Payment Services Regulations [1].

"The Faster Payments Service allows customers to make faster auromated [sic] payments, typically using the phone or online banking, enabling the payments to get to the destination within a couple of hours." [2]

One might therefore think that as Egg say they are using Faster Payments, the money will get to the destination within a couple of hours. However this is not the case and it seems to take till the end of the next working day.



Egg in their letter say "This will generally mean that you can make more flexible and Faster Payments from your Egg account". This seems to be deliberately misleading. This sentence does not suggest that they are only using Faster Payment internally, but rather that they are offering it to the customer.



[1] http://www.fsa.gov.uk/pages/consumerinformation/product_news/banking/banking_conduct_regulation/index.shtml
[2] http://www.fasterpayments.org.uk/faster_payments/about_faster_payments/-/page/1942/

opinions4u

Egg comply with legislation on speed of payment.

Although it really is time to get out of Egg. Their rate has been poor for over a year.

kulath

opinions4u wrote: »

Egg comply with legislation on speed of payment.

I agree (though it's probably only a regulation, not legislation as such, hence no penalties for infringement).

But they are being misleading (to say the least) when they say they use Faster Payments. They may use it internally but it doesn't benefit the customer.

innovate

kulath wrote: »

I agree (though it's probably only a regulation, not legislation as such, hence no penalties for infringement).

But they are being misleading (to say the least) when they say they use Faster Payments. They may use it internally but it doesn't benefit the customer.

Nothing is misleading in what they say, and it does benefit the customers - Egg do use Faster Payment (for sending and receiving money) well within the rules, and customers benefit because it no longer takes 3 days for payments to arrive the other end.