Faster Payments - Is it working?

johnmoney05

Just did 3x £250 from A&L at 8am this morning.
1. £250 A&L to Tesco Saving - arrived Tesco within mins.
2&3. £250 A&L to Halifax and £250 A&L to LTSB - arrived Halifax and LTSB after 3 hours.

Steve_xx

johnmoney05 wrote: »

Just did 3x £250 from A&L at 8am this morning.
1. £250 A&L to Tesco Saving - arrived Tesco within mins.
2&3. £250 A&L to Halifax and £250 A&L to LTSB - arrived Halifax and LTSB after 3 hours.

Perhaps my emails to A&L have had a desired effect then?

stevedb11

I have accounts with Nationwide, Abbey(Santander), Birmingham Midshires, and Coventry, and have yet to experience a faster payment,although some of these Banks were supposed to be joining the FP Service

Steve_xx

The following is a copy of a statement received from HBOS:


In regards to your query, please allow me to advise that when a payment is created to another bank we will attempt to send this through the Faster Payments service.
This service now incorporates the majority of major UK banks, and enables certain payments to reach an external source within 2 hours, though many may arrive in just seconds.
To ensure for a smooth transition we are gradually phasing the integration of the Faster Payments service, whereby at present a payment of up to £1000.00 may be sent immediately. This is dependent on the type of payment being sent, and is providing that the destination account is eligible to receive a Faster Payment.
This maximum figure is planned to continually rise and we will regularly review this limit, until the upper limit of £10,000 is reached.
Please be aware that on some occasions, the payment could still take up to three bank working days and will be sent through the BACS system. The Faster Payment system is not a guaranteed service and is not available when paying a Credit Card Account.
More information on Faster Payments can be found at http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp?!!!!!HC5.
If you wish to discuss this further, please feel free to contact our Online Helpdesk on 08456 02 00 00. Our lines are open 24 hours a day, 7 days a week and a consultant will be happy to help.
I trust this information helps.
Regards

Sarah Craven
Online Help Desk

johnmoney05

Steve_xx wrote: »

Perhaps my emails to A&L have had a desired effect then?

For what I know...It has been always like this....I did a few times in June.

freddysmith

I have moved money between Barclays and A&L (both directions) with sums ranging from £2 to £9000, all have happen instantly or as soon as I had logged from one online account to the other.
I have found this an excellent system as now I don't have money sat in my main Barclays current account earning nothing, but a quick transfer to A&L to earn 3.15% gross.
I am sure I will be linking other accounts which have the faster payment system soon.
Yes Faster Payments works for me :j

chris1

stevedb11 wrote: »

I have accounts with Nationwide, Abbey(Santander), Birmingham Midshires, and Coventry, and have yet to experience a faster payment,although some of these Banks were supposed to be joining the FP Service

At the moment Abbey and most Nationwide accounts cannot send or receive faster payments. Coventry and BM can receive but not send, though of course the payment has to be sent from a bank than is enabled to send faster payments. Full details at
http://forums.moneysavingexpert.com/showthread.html?t=985463

gfplux

The system works perfectly between HSBC and NatWest.
The money moves quicker than I can log off one account on to the other.

Stompa

gfplux wrote: »

The money moves quicker than I can log off one account on to the other.

Perhaps you should try being logged into both accounts at the same time!

G_M

stevedb11 wrote: »

I have accounts with Nationwide, Abbey(Santander), Birmingham Midshires, and Coventry, and have yet to experience a faster payment,although some of these Banks were supposed to be joining the FP Service

Nationwide has one sort code 07-02-46 which is set up for FPs. It only offers this to NEW customers, though existing customers can apply. If you do, beware problems with your card reader/inetnet access and linked e-saver, so in fact best to also keep you existing Flex account open too!

You can then receive FPs (limit dependant on the sending bank) , but only send up to £10.00 (no, that's NOT a typo: TEN pounds) though this limit will be extended in Jan 09 sorry March, no April, err Sept 09 well.. anyway.... one day...