Lloyds TSB faster payments -internet banking

Dagobert

D1zzy wrote: »

I can't think of any of the other banks I deal with which do not allow you to set-up a same day BACS payment.

HBOS, Cooperative Bank, (and A&L I believe)

D1zzy

A& L definitely do, I think HBOS do, not used Co-op.
Natwest and Tesco do
ICICI do
ING do
Coventry do
can't remember about the others - but it would have been an issue for me so I think I would have remembered if it was a problem

Biggles

D1zzy wrote: »

Don't know how you draw that conclusion- I can't think of any of the other banks I deal with which do not allow you to set-up a same day BACS payment.

The point is, it will still arrive in the payee's account on the same day (that's the BACS schedule, not controlled by the bank) and Lloyds let you keep your own money a day longer. Sounds better to me....

Dagobert

D1zzy wrote: »

A& L definitely do, I think HBOS do, not used Co-op.
Natwest and Tesco do
ICICI do
ING do
Coventry do

HBOS BACS payments definitely DO NOT go out on the day you schedule the transaction.

Biggles wrote:

The point is, it will still arrive in the payee's account on the same day (that's the BACS schedule, not controlled by the bank) and Lloyds let you keep your own money a day longer.

This is not correct. A BACS payment set up at TSB will leave the account and enter the BACS cycle at the earliest on the following working day. It will still spend 3 days in the BACS cycle:

• set up on Monday
• leaves account on Tuesday
• arrives on Thursday

Dagobert

Yesterday, I made an online test payment to an account capable of receiving FP. The payment was scheduled for the following working day and and indicated as BACS payment:

Please allow three to four working days for payments to reach the payee

However, the payment was carried out via FP (sent and received to-day).

This is a complete joke:

• Same-day payment is not possible.
• No indication whether it will be sent via FP or BACS.

The APACS sort code checker won't help you either as TSB are not applying the £10K threshold for payments. You won't have any idea when the payment will arrive and therefore have to assume a BACS schedule.

10_66

Dagobert wrote: »

Yesterday, I made an online test payment to an account capable of receiving FP. The payment was scheduled for the following working day and and indicated as BACS payment:


However, the payment was carried out via FP (sent and received to-day).

This is a complete joke:

• Same-day payment is not possible.
• No indication whether it will be sent via FP or BACS.

This is what happened to me, see post 7 above.

irn_bru

I transfer money every month between Lloyds and natwest via internet banking. A while ago there was a short period where the payments would clear instantly but that didn't last for long. Then this month I noticed a payment was cleared on the same day.

All payments are less than £500. Perhaps they're trialing the system again?

Crap_with_money.com

Faster payments are definitely possible with Lloyds, but not guaranteed (Via phonebank anyway as i work there, but not sure about internet banking).

When you call and make a funds transfer or bill payment, if you ask for it to be sent the same day the system will automatically apply for a FPI, and depending on the time of day you're making the transfer it will generally go through.

Lloyds process their payments Mon-Thu at 10pm, and Mid-day - 4pm on a Sunday (For everything over the weekend and a Monday), so if you try to transfer around this time, the FPI will generally not go through as it's too close to the deadline - but should be ok the rest of the time

Hope that makes sense!

xx

withnell

Biggles wrote: »

The point is, it will still arrive in the payee's account on the same day (that's the BACS schedule, not controlled by the bank) and Lloyds let you keep your own money a day longer. Sounds better to me....

I've found that many BACS payments are now going through in 2 working days rather than the three, for instance transfers out of ICICI and FirstSave, both of which are not on the FP system, made on a Monday arrived on a Weds

Dagobert

withnell wrote: »

I've found that many BACS payments are now going through in 2 working days rather than the three, for instance transfers out of ICICI and FirstSave, both of which are not on the FP system, made on a Monday arrived on a Weds

When banks say 3 working days, they mean the number of days including the days money is sent and received (for instance money sent on Monday arrives on Wednesday). What you refer to as 2 working days above is referred to 3 working days in banking terminology.

The timing of BACS payments has not changed. The BACS cycle has always been 3 working days. However, some banks hold on to the money for an extra day BEFORE passing it on to BACS thus earning a day's interest.

Bank of Scotland used to do this and as far as I know Cahoot still does.

You also need to be aware of the sending banks' cut-off points. If you schedule the transfer after cut-off it will arrive a day later because it is sent a day later.