Why don't all Banks and Building Societies have Faster Payments

agsnu

MarkyMarkD wrote: »

Most banks are charging retail customers the same for FP as for BACS - i.e. nothing. I haven't seen evidence that they are charging corporate customers the same.

E.g. Coutts & Co corporate clients info:

£3 is a lot more than 25p.

I have to say that I don't see the point of "next day" faster payments. :rolleyes:

Bank of Scotland Business Current Account - 25p for BACS (or 8p for bulk BACS) vs 45p for FP.

Just a couple of examples. FP is evidentially an expensive development for the banks and it is not surprising that they are charging for it.

Interesting. I was under the impression most banks had agreed to charge the same for FPs as they charge for BACS on most tariffs. i.e. not free, but relatively cheap.

agsnu

gazzaaaa wrote: »

There maybe not legal requirement to offer faster payments but looking at the banking code with respect to clearing
"This service may not be available from all banks and building societies."
I believe it is available to all banks and building societies now so I believe that my building society is in breach of the banking code (which they subscribe to).

Note that the banking code says from. This service may not be available from all banks and building societies, or in other words, not all banks and building societies necessarily offer this service.

Whether or not the infrastructure is there for all banks and building societies to clear payments through FP (and since the roll-out is still in progress, it's known that DCA isn't running yet, no idea about agency bank interfaces and stuff but I wouldn't be surprised if it wasn't all done yet) there is nothing in the banking code which says that everyone who subscribes to it must offer Faster Payments.

Not to mention building societies are generally smaller and have cruftier IT systems in place (just look at the mess Dumfermline made of their upgrade, writing off millions) so it'd probably take longer for them to implement FPs.

Feel free to complain, the whole thing is a joke and it's shocking how slowly progress is being made. But at this point, I think the blame firmly falls at the feet of the founding members of the FP system for not getting their own systems fully up and fully running in a timely fashion (in the case of Lloyds, Nationwide, Abbey, etc). Barclays, RBS and HSBC have been pretty good.

Twister84

At this moment in time, if you do a FP from an RBS branch to an account elsewhere, it's free for personal customers. However, I do recall there being a small fee involved for business customers.

MarkyMarkD

It isn't a breach of the banking code to fail to offer a particular payment method.

Many financial institutions will not allow transfers out by CHAPS; those that do charge a high fee.

Tesco PF (to name but one) will not accept credits by CHAPS - inexplicable though that is.

olly300

I have a personal current account with Coventry Building Society and they do accept faster payments into the account. They use HSBC to process payments.

I haven't checked with regards to payments going out as I don't generally use this account to pay bills.

Their webpage is down but the cached version states this:

BACS payment
Sometimes called an electronic credit or BACS payment, this is the simplest way to deposit money into your Coventry account.
Just provide your bank or building society with the following details to arrange a transfer to your Coventry savings account:
Coventry Building Society - HSBC, Corporation Street, Coventry
Sort Code: 40-63-01
Account number: Please quote the last eight digits of your account number
If the bank or building society is a member of the Faster Payments Service you will receive money into your Coventry account(s) in 'near real time'*.
If the bank or building society does not provide this facility or the payment is outside of the service, you can either send the payment via CHAPS or Telegraphic Transfer (see below) or the normal three day working cycle via the BACS system will apply.
All Faster Payments will be clearly shown on your statement.
*For our purposes 'near real time' is defined as within 2 hours, although in certain cases this could take up to 24 hours depending on the time the transaction was made.

pb3

xyz123 wrote: »

The BBC article says Abbey have signed up for Faster banking..is that true? i thought they actually withdrew from the scheme?

Any abbey customers used faster payments?

Absolutely no sign of Abbey implementing faster payments.

They certainly can't use the excuse that they are a small bank/BS! :mad:

willo65

pb3 wrote: »

Absolutely no sign of Abbey implementing faster payments.

They certainly can't use the excuse that they are a small bank/BS! :mad:

There an ex BS and no matter what the problem may be (FP, BGC, Changing Coin, Large withdrawals) people still choose to bank with ex BS which mostly don't offer the full services a bank does.

BurningSnowman

G_M wrote: »

Nationwide don't offer Faster Payments to their existing, loyal, customers, but DO offer it for new customers, who get the 07-02-46 sort code.

Open a new Flex account, switch your DDs over, check it all works (incl FPs!), then close your original a/c.

Nationwide are still phasing it in even for these accounts, and they are apparently still capped at £10/payment. Given this and the fact that they are 'aiming' for June 2009 for everybody, it hardly seems worth opening a new account. I doubt the cap will be lifted long before they phase it in for all accounts anyway.

agsnu

pb3 wrote: »

Absolutely no sign of Abbey implementing faster payments.

They certainly can't use the excuse that they are a small bank/BS! :mad:

Their excuse is that they are massively revamping their internal systems to provide greater integration with their new parent (Santander), and they can't make FPs work until after that.

I find it amusing that Abbey ATMs still have the green on black text interface from the 90s.

oxenryd

agsnu wrote: »

Their excuse is that they are massively revamping their internal systems to provide greater integration with their new parent (Santander), and they can't make FPs work until after that.

I find it amusing that Abbey ATMs still have the green on black text interface from the 90s.

I received a Faster Payment into my Abbey Bank Account this morning.