Cooperative Bank - Faster Payments

Milarky

Dagobert wrote: »

Does a received Faster Payment increase the available balance immediately?

I am asking because the online customer interface does not update during the day, so one has no way of checking when the FP has been received.

IME it does update - just not instantly - but certainly within 60 minutes of the payment.

sieve

Dagobert wrote: »

Does a received Faster Payment increase the available balance immediately?

I am asking because the online customer interface does not update during the day, so one has no way of checking when the FP has been received.

Has anyone tried spending the received amount by debit card on the day of receipt?

Yes it does. Although debit card auths aren't reflected, credits (including FP credits) show on the online banking as soon as they are received.

Annoyingly I have just sent all but £30 in my account to my Barclays account hoping it would go by FP but it appears it has not so now I have to wait for BACS to pick it up. Wonderful - thrifty weekend for me then!

sieve

Blenheim wrote: »

Still not able to send faster payments though.

Just spoke to coop on the phone who managed to recall my BACS payment and recredit my account immediately - sending faster payments limit is £75. Once the money was back in I tested it.

Transfer 1 of £50,worked by FP. Transfer 2 of £50, also worked by FP. Transfer 3 of £50 didn't work. So it looks like there is also a daily limit in place too.

So don't try and send more than £75 in one go as the very helpful girl at coop said anything larger would go by BACS.

Dagobert

The question is: Is the £75 limit per target account or the daily total limit?

Nigella_2

If you click on customer service, you can see your online payments. It has a code next to the item and some are say A - within a few hours or H - within 3 days. There are other codes.

I have had code A with the balance affected that minute and code H's with either pending or immediate debits.

But the system isn't perfect as not all the banks have signed up to accept the faster payments and sometimes the payments can go either way slow or fast no matter what!

sieve

Dagobert wrote: »

The question is: Is the £75 limit per target account or the daily total limit?

Daily (also per target account) total limit is at least £100 as I managed to get two £50 transfers through to the same account today.

Dagobert

I sent 2 £50 payments, which were sent by FP. The 3rd £50 payment was scheduled to go by BACS. From that I concluded that there is a daily FP limit of £100.

However, from OH's account I managed to send 2 £75 to two different destinations.

premierfella

As per Dagobert's OH. Two payments just under the £75 mark by FP (to same destination account), then any third payment goes by BACS.

Its a shame IMO that the Coop do not apply the same card reader security procedure as the likes of Natwest (ie only requiring it for every new payee rather than for every payment).

Dagobert

premierfella wrote: »

As per Dagobert's OH. Two payments just under the £75 mark by FP (to same destination account), then any third payment goes by BACS.

Why under £75? I sent 2 x £75 from OH's account.

After my initial failed attempt to send a third £50 from my account, I logged back in and tried the following:

• send £75 to 3rd destination - BACS, cancel payment
• send £25 to that destination - FP
• send £25 to 4th destination - FP
• send £25 to 5th destination - FP
• send £29 to 2nd destination - FP

£204 int total. I have no idea whether logging in/out made any difference.