Faster Payment issue...

fatmcgav

Hi there,

I've recently switched my main current account away from HSBC to A&L. This account is used for Wages, and monthly expenditure excluding Bills.
I've got a 2nd account at HSBC which I use for all my bills, and have set-up a standing order to transfer from A&L to HSBC on the 1st of the month, under the impression that with the new Fast Transfer scheme, as advertised on my A&L account pages, the money should be transfered same-day.

However i've just reviewed my HSBC bills account, and have identified around £150's worth of Overdraft fees where i've gone over my pre-agreed overdraft, due to the transfer from A&L taking upto 4 working days... Ala BACS transfer...

So:
1) Should the transfer from A&L be same day? How would i check?
2) What are my chances of claiming these charges back from HSBC? Are they likely to turn around and say 'Sorry, it's not our problem', and point me at A&L? What if i threaton to move the account to A&L?
3) If I can't get anywhere with HSBC, what is my likelyhood of being able to reclaim from A&L due to the fact that they've advertised Fast Transfer's but not delivered?

Basically, I want to get as much of the money taken from the charges back...

Any help/info appreciated.

Cheers
Gavin

withnell

1) Should the transfer from A&L be same day? How would i check?

A&L trnasfers are limited to £250/payment, one payment a day

2) What are my chances of claiming these charges back from HSBC? Are they likely to turn around and say 'Sorry, it's not our problem', and point me at A&L? What if i threaton to move the account to A&L?

Might be worth a try! Can't lose anything by asking

3) If I can't get anywhere with HSBC, what is my likelyhood of being able to reclaim from A&L due to the fact that they've advertised Fast Transfer's but not delivered?

I'm sure you'll find they talk about "implementing" FP, and make no promises that your payment will be instant - indeed I believe all banks offering FP have a disclaimer somewhere saying some payments may be made via BACS

mparter

If you were switching the other way I'd think HSBC would be likely to be more helpful than A&L but given that your moving to A&L, my experience with them to date is that they won't really give a monkeys.

But you don't know until you ask I suppose.

heloid

Alliance and Leicester refunded me £25 in an overdraft fee because I accidentally paid my rent twice (manual and SO), you might be lucky with HSBC as well?

I stopped using Alliance and Leicester for the sole reason they don't support faster payments above £250 a day - glorified savings account now. I don't need my money disappearing for 4 days - don't know how you Brits put up with it before!?

willo65

How will threating to move the account away from HSBC help in anyway, they can already see you are not using the main account like you used to so why will they want to help you?

Dagobert

FP from A&L are limited to £250 per destination per day.

So, if you have 10 accounts capable of receiving FP you can transfer out £2500 a day.