Lloyds TSB faster payments -internet banking

Milarky

premierfella wrote: »

I agree with vet8. My reading of the t&c changes that have been flooding my letter box over the last few weeks suggests the new directive is full of lovely get-outs and generous terms - in favour of the banks

I've started a thread on that topic to try and get some general awareness of the changes

http://forums.moneysavingexpert.com/showthread.html?t=1980567

So far it appears banks now need to provide 60 days notice of many changes affecting customers (which is some tall order, but the EU is to be thanked for once - the UK banks would never have willingly agreed to this)

Jonboy1889

From the looks of things on their site it is only by telephone?

http://www.lloydstsb.com/ways_to_bank_with_us/faster_payments_faq.asp

Is this the case for everyone? Is it BACS only online for any amount?

Dagobert

Jonboy1889 wrote: »

From the looks of things on their site it [FP] is only by telephone?

Is this the case for everyone? Is it BACS only online for any amount?

Regardless what TSB state on their website, any online payment <=£500 goes out by FP, so far without fail. (I have made a couple of hundred payments in the past 3 months.)

Biggles

Dagobert wrote: »

Regardless what TSB state on their website, any online payment <=£500 goes out by FP, so far without fail. (I have made a couple of hundred payments in the past 3 months.)

Yes, it uses the FP system, whether you send it by BP or SO.

But, under the present system, the BPs don't go instantly, they go the next day. The whole point of FP is that it gets there a few minutes after you click the mouse, not a few minutes after the bank's system decides to send it.

Is that not right?

Extant

Biggles wrote: »

Yes, it uses the FP system, whether you send it by BP or SO.

But, under the present system, the BPs don't go instantly, they go the next day. The whole point of FP is that it gets there a few minutes after you click the mouse, not a few minutes after the bank's system decides to send it.

Is that not right?

That's not really the whole point; the whole point is to replace the three day clearing time of BACS for consumers. The system was not built with specific access to it in mind, and indeed banks don't have to use it at all.

Jonboy1889

BarclaysManager wrote: »

That's not really the whole point; the whole point is to replace the three day clearing time of BACS for consumers. The system was not built with specific access to it in mind, and indeed banks don't have to use it at all.

Agreed, I'm moreorless happy to wait a few mins, beats 3 days anyway. Am I right in thinking Halifax has a £1k limit? Would you need to move £5k £1k at a time if that makes sense?

And does Lloyds have a daily limit, or is it just transactional? I got vantage today and want to get the £1k in cycle mode

Dagobert

Jonboy1889 wrote: »

Am I right in thinking Halifax has a £1k limit? Would you need to move £5k £1k at a time if that makes sense?

I can confirm the £1K limit. They let you know whether it will go by FP or BACS. Very often the system will not offer FP. It's totally unpredictable. There is a separate thread on HBOS FP.

Jonboy1889 wrote: »

And does Lloyds have a daily limit, or is it just transactional?

For FP, the limit is £500 per day per destination. (You can't make 2 payments to the same destination on one day.)
I have no idea what the overall limit is but have transferred out as much as £9K on one day from different current accounts.

Dagobert

I just wanted to arrange a payment for to-morrow. As usual, I left As soon as possible ticked.

What did they do? A little timer appeared and the payment went immediately: We are making your payment. Please do not use the keyboard as this may affect the process. Thank you for your patience.

Well, it wasn't what I wanted in this case, so I had to beam it back.

TSB have made immediate Faster Payments available! Anyway, I wouldn't trust this to work reliably; so I will keep on scheduling a day ahead as usual. But beware: enter the date if you don't want the money to leave immediately!

D1zzy

Dagobert wrote: »

I just wanted to arrange a payment for to-morrow. As usual, I left As soon as possible ticked.

What did they do? A little timer appeared and the payment went immediately: We are making your payment. Please do not use the keyboard as this may affect the process. Thank you for your patience.

Well, it wasn't what I wanted in this case, so I had to beam it back.

TSB have made immediate Faster Payments available! Anyway, I wouldn't trust this to work reliably; so I will keep on scheduling a day ahead as usual. But beware: enter the date if you don't want the money to leave immediately!

Since yesterday afternoon see
http://forums.moneysavingexpert.com/showthread.html?t=2003131