Faster Payments System FPS - Current state of play

DesG

Interesting figures there, I notice there were 213M BACS payments in December too.

With SO's I just havn't seen people asking questions about FPS and SO's, I suppose there is no urgency with Standing orders really, you set it up and forget about it.

Cheers, Des.

Mikeyorks

DesG wrote: »

I suppose there is no urgency with Standing orders really, you set it up and forget about it.

Cheers, Des.

Possibly not? I would hazard that a lot are set to arrive by specific dates (eg people who mistrust DDs). So if they are now arriving early ... people may wish to adjust the date back a couple of days?

But (the only SOs I have are internal transfers ... so have always been immediate) the absence of any real information is probably inhibiting people taking advantage of the FP benefit. I don't know if it shows on Statements as FP? Even if it does - the stop/go that a lot of people are experiencing with FP generally, may make them unduly cautious of moving the date back and risking a late payment.

DesG

Update:

Added £85/£25 limit on co-op payments.

Moved HBOS to Getting There category.

(Criteria for moving from Failure to Getting There: Can receive FPS, can send multiple FPS immediate payments of at least £1000. Unless anyone disagrees?)

Cheers, Des.

atlantis187

How much can u send through this FPS as tonight I tranfered £1500 from lloydstsb to first direct account and the girl on the phone said it would take about 3/4 days to go thru. She said the FPS amount changes each day and there is no way of telling how much u can send on a particualr day thru this system.

ShelfStacker_3

atlantis187 wrote: »

How much can u send through this FPS as tonight I tranfered £1500 from lloydstsb to first direct account and the girl on the phone said it would take about 3/4 days to go thru. She said the FPS amount changes each day and there is no way of telling how much u can send on a particualr day thru this system.

It's dependent on the bank. Lloyds is just a joke with regards to FPS.

dougz_2

ShelfStacker wrote: »

Update to the first post: HSBC are accepting FPS for their credit cards as well.

Are you sure? Is it not still as it used to be that they calculate interest as if the repayment had arrived same day, but, the card balance is not actually updated until it clears a few working days later?

TheLastMinute

I received my Nationwide FlexAccount statement today. Enclosed with it was small leaflet explaining the Faster Payments system and confirming that they will be introducing FP from Spring 09 and "plan" to have all FlexAccounts enabled by June 2009.

I hope this deadline doesn't slip again as I have been seriously considering changing my bank due to lack of Faster Payment - time will tale!

TLM

G_M

See Coventry BS here . Don't know myself if it's true....

agsnu

It is true. See https://www.coventrybuildingsociety.co.uk/onlineservices/usingonlineservices/paymoneyin.aspx

olly300

agsnu wrote: »

It is true. See https://www.coventrybuildingsociety.co.uk/onlineservices/usingonlineservices/paymoneyin.aspx

Seconded as true.

They use a HSBC sort code number.