Is there a limit to the number of faster payments per day?

panholio

Just sent two payments, one just over £2000 and one just over £3000 from a Natwest account to a halifax account instantly with no problem.

EarthBoy

Faster payments are still being phased in gradually, and the timescales differ from bank to bank. Some of them send all payments by this method; some of them only do it for single payments and not standing orders; some still don't do it for anything. Also, some banks have set limits to the amounts or frequency of faster payments that you can make. There is no single rule, they all do it differently. If you've got a problem why not ask your bank what its rules are?

Milarky

EarthBoy wrote: »

There is no single rule, they all do it differently. If you've got a problem why not ask your bank what its rules are?

Part of the bank's obligations to all customers is to provide accurate, timely (and hopefully consistent) information on their services. Unfortunately there appears to be a huge amount of buck-passing in the area of Faster Payments information.

Did you listen to Moneybox (@about 16.30 into the recording) today? Abbey's had its name 'taken off the list' due to 'technical problems' allied to its its takeover by Santandar! Feeble excuses like this are what enquiring customers will still recieve. If Moneybox (with all its clout) can't even get the industry representative to saying anything more definite that 'there will be a lot more payments going through by the end [of 2009] than at the beginning' there's not much hope for the rest of us.

Yes, we as consumers can all write down the current 'rules' (I suggest that's a relative and rather overworked term here) and post them, but why should we have to? The real anwer I believe is that the banks have a free pass to take their time (and remain unaccountable for their lack of acumen to date) and they know they have - because of the credit crunch.