RBS - same day payments now free

bubblegumcola

Sorry if this is posted elsewhere but I hadn't heard of this until yesterday.

I went into my local RBS to pay my CC bill for this month and was worried the money wouldn't get to the CC company in time so would be charged interest etc. When I mentioned this to the teller she told me I could do what they call a "same day payment' where the money is instantly paid to them, not like the four days it normally takes so I wouldn't get an extra charges from my CC company. She said not all companies accept same day payments but tried and it worked. So its handy if you leave paying a bill very close to the due date like your CC bill which would incur extra charges by the time usual payments take to get to them.

The teller said that the 'same day payment ' used to cost 20 quid per transaction and its now free.

Do other banks do this? I'd never heard of it til they told me in the branch.

rb10

Yes, it's called Faster Payments ... not all the banks are part of it, the big five banks are all doing it, except Lloyds.

Careful when paying your credit card using it though, as lots of credit card companies aren't on it yet. At the moment, unless you're totally sure that it'll work, it's best to leave enough time for it to go by BACS (the old, three working days system), just in case.

jambosans

bubblegumcola wrote: »

The teller said that the 'same day payment ' used to cost 20 quid per transaction and its now free.

Like a previous poster said, it is a Faster Payment, however not the same as CHAPS, even though they are both same day payments. I doubt she sent the payment CHAPS for free, I would imagine CHAPS is still available for a fee (like £20 as you mentioned).

willo65

I think the main problem with the credit card is although the company receive it immediately they may still take a few days to credit to your individual account. As far as i'm aware only RBS Group branches allow you to send faster payments in branch, for the minute and any other banks you need to do via online/telephone banking.

rb10

willo65 wrote: »

I think the main problem with the credit card is although the company receive it immediately they may still take a few days to credit to your individual account. As far as i'm aware only RBS Group branches allow you to send faster payments in branch, for the minute and any other banks you need to do via online/telephone banking.

Halifax/BOS can be done in branch, or online/telephone.

Twister84

rb10 wrote: »

Yes, it's called Faster Payments ... not all the banks are part of it, the big five banks are all doing it, except Lloyds.

Careful when paying your credit card using it though, as lots of credit card companies aren't on it yet. At the moment, unless you're totally sure that it'll work, it's best to leave enough time for it to go by BACS (the old, three working days system), just in case.

When the Faster Payments was put in place, we were given a link to the APACS Faster Payments site http://www.apacs.org.uk/sortcodechecker/index.html

Before doing the Faster Payment, the sort code should be checked first to see if it will accept payments using this method.

jambosans wrote:

Like a previous poster said, it is a Faster Payment, however not the same as CHAPS, even though they are both same day payments. I doubt she sent the payment CHAPS for free, I would imagine CHAPS is still available for a fee (like £20 as you mentioned)

Faster Payment should, in theory, be quicker than a CHAPS payment. CHAPS payments are still £20, as such payments are still required, usually if you're in the process of buying a house and dealing with a solicitor.

Kavanne

OP, please continue to try and leave 3 working days for payment to arrive as faster payments doesn't always work.

jambosans

Twister84 wrote: »

Faster Payment should, in theory, be quicker than a CHAPS payment. CHAPS payments are still £20, as such payments are still required, usually if you're in the process of buying a house and dealing with a solicitor.

Thanks but I know the difference between FP and CHAPS, so there was no need for that explanation. Perhaps your explanation should be directed towards some of your collegues, seeing a collegue told a customer that essentially they were doing a free CHAPS, which was not the case. Not the end of the world and I can understand the logic behind the staff member's explanation of FP, same day transfer, but still different in many ways to CHAPS.

rb10

jambosans wrote: »

Thanks but I know the difference between FP and CHAPS, so there was no need for that explanation.

But lots of people read this forum ... some of them might well not know the difference between FP and CHAPS.

jambosans

rb10 wrote: »

But lots of people read this forum ... some of them might well not know the difference between FP and CHAPS.

Fair enough, should probably have not gotten on my high horse there, thought I was being given a CHAPS 101 leason. Ha. :beer:

eslick

Kavanne wrote: »

OP, please continue to try and leave 3 working days for payment to arrive as faster payments doesn't always work.

if its made via FP then it will work, you will be told the value date of the payment and it will arrive on that day. The only problem might be adding it to your account and this could take some time, however if you are charged because of this then they should give you the cash back as the money was in their account at the correct time its just that their systems cant cope with FP.

On the comment about solicitors, thats the scam of FP, my company was given a briefing from someone senior on the FP committee who developed the process, he told us that the average chaps payment was £100,000 and that the limit of FP would eventually be that figure. I argued like I do and asked him to explain how they reached that figure and got a load of rubbish. He said thats it was the average value moved by the likes of solicitors in house sales, I argued that this wasnt the case but he assured us it was but I think that other smaller payments forced this true figure from house sales down because FP would be a excellent benefit when buying a house as you would know that the funds were in your account within 2 hours and wouldnt end up with the waiting for the solicitor to confirm clearing.

Oh one other thing A&L has an amazing limit of £250 a day and only big banks are involved.