Faster Payments still going slow - BBC

blueberrypie

A year after the launch of same day bank transfers, nearly half of eligible payments still take three or more days.

Some £45bn has not gone through the Faster Payments System as it should since May 2008, the BBC can reveal.

http://news.bbc.co.uk/1/hi/programmes/moneybox/8074379.stm

Nationwide only offer FP on amounts under a tenner??? I thought A&L were bad...

agsnu

And the vast majority of FlexAccounts are on sort code 07-01-16, which has no incoming or outgoing faster payments at all.

Lokolo

Lloyds don't have FPS under internet. Their online transaction methods are crazy and pathetic. I want to send some money yday at 1pm. It won't leave my account until Sunday. Wheres the bloody point in that.

Andy_Ches

blueberrypie wrote: »

http://news.bbc.co.uk/1/hi/programmes/moneybox/8074379.stm

Nationwide only offer FP on amounts under a tenner??? I thought A&L were bad...

They may aswell not bother for under a tenner.

HSBC faster payments service is excellent.

Milarky

Andy_Ches wrote: »

They may as well not bother for under a tenner.

In addition to which EVERY Nationwide single payment made has to go through their card reader separately for approval. Thus it takes about 60 seconds to send your £10 in the first place. You could repeat this exercise - paying £10 to exactly the same account over and over - of course but unlike (for example Natwest) you cannot simply use the card reader to verify the set up of a payee ONCE - and thus be able to make repeat payments in only 10 seconds or so. No, with Nationwide that's another 60 seconds of your life for each tenner - and at that rate it would take about 1 hour and 40 minutes to send (say) £1000 - even if that was possible.

(As they said on Moneybox; about as useful as a chocolate teapot)

Andy_Ches

That would drive me insane. Had a family emergency recently and I needed to get a few hundred pounds to my mum. Thank goodness for faster payments.

BruceyBonus

Milarky wrote: »

In addition to which EVERY Nationwide single payment made has to go through their card reader separately for approval. Thus it takes about 60 seconds to send your £10 in the first place. You could repeat this exercise - paying £10 to exactly the same account over and over - of course but unlike (for example Natwest) you cannot simply use the card reader to verify the set up of a payee ONCE - and thus be able to make repeat payments in only 10 seconds or so. No, with Nationwide that's another 60 seconds of your life for each tenner - and at that rate it would take about 1 hour and 40 minutes to send (say) £1000 - even if that was possible.

(As they said on Moneybox; about as useful as a chocolate teapot)

They haven't sent me one of those things yet, thank goodness. Does anyone know what triggers them to send one?

agsnu

BruceyBonus wrote: »

They haven't sent me one of those things yet, thank goodness. Does anyone know what triggers them to send one?

Do you have a cash card account or a debit card account?

BruceyBonus

agsnu wrote: »

Do you have a cash card account or a debit card account?

Debit card. Had the account since last December.

agsnu

How bizarre.

m277

BruceyBonus wrote: »

They haven't sent me one of those things yet, thank goodness. Does anyone know what triggers them to send one?

You need to request the card reader via their online banking system.