faster payments???

money.seeker

Hi,

Is anyone else having trouble with faster payments being paid into Building Society accounts? Be interested to hear of other experiences.

heppy23

money.seeker wrote: »

Hi,

Is anyone else having trouble with faster payments being paid into Building Society accounts? Be interested to hear of other experiences.

Some so called banks (Abbey, co-op) haven't gone onto faster payments yet so I am not suprised that some building societies haven't started too.

A lot of building societies clear their money through one of the big clearing banks so I don't think they will ever adopt faster payments.

zx2011

Have look at http://en.wikipedia.org/wiki/Faster_Payments_Service#Participating_banks for who is and who is not.

money.seeker

Thanks for your reply.

As you say, a lot of building societies clear their money through one of the big clearing banks. The problem is that it is likley the clearing bank being used are setup to receive faster payments therefore the building society cannot opt out of receiving them.

I am new to this site so not sure if this has been discussed before? Have you come across this before?

Extant

money.seeker wrote: »

Thanks for your reply.

As you say, a lot of building societies clear their money through one of the big clearing banks. The problem is that it is likley the clearing bank being used are setup to receive faster payments therefore the building society cannot opt out of receiving them.

I am new to this site so not sure if this has been discussed before? Have you come across this before?

Why the hell would you want to opt out?

Lansdowne

BarclaysManager wrote: »

Why the hell would you want to opt out?

"you" being the building society.
Presumably they might not want to participate in receiving faster payments because they will need to alter their IT systems to allow the money to end up in the right customer's account. If the payment arrived in the B Society account on day 1 but only reached the customer on day 3, there would be mega complaints.

Milarky

They can't 'opt out' of the process unless they arrange to bank in a particular 'branch' (i.e. sort code) which is not enabled to receive these payments. This is most unlikely to be the case where they maintain a single 'collection' account, and the customer merely quotes their passbook number as 'reference'. Depending on who they bank with, therefore, the majority of Building Societies can now receive faster payments.

therixonator

Thought I'd just add my tuppence worth...

I have a current account with Halifax and a savings account with ING. I tried a faster payment from the former to the latter today but it wouldn't let me. I tried a smaller amount, still no joy. I ring Halifax, they say everything is fine, must be the ING, I ring ING, they say they have no control over incoming payments (which is true apparently) and so I ring Halifax again. This time they say not all payments are guarenteed to go quickly and that the process is completely random as to what goes as a faster payment and what doesn't. I try a £1 payment and it works. My conclusion, banks just want to hold onto money for as long as possible and are still a bunch of thieves. Faster payments has so far achieved nothing as even participating banks do it at their discretion. Nothing has changed. Does anyone have any views on this?

BASFORDLAD

Well my building society (Coventry) certain accepts them:j

withnell

I've had issues sending faster payments all this week with Halifax, tried varying amounts at different times of day to my Tesco savings - Halifax say it's Tesco's fault, but my dad has happily been making payments into his account from Barclays

Regards the wikipedia list, not sure if it's entirely accurate - it quotes citibank as being FP enabled, but references a bbc article that says its not!

456789

Halifax always has problems with it - sometimes it will work fine for any amount other times it won't work at all....