Faster Payments - Is it working?

Andystriker

G_M wrote: »

though this limit will be extended in Jan 09 sorry March, no April, err Sept 09 well.. anyway.... one day...

To £11:rolleyes:

masonic

pinkpong wrote: »

masonic Would you kindly explain how did you se it up with Halifax?
I have A&L to Halifax set up fine. But I just can`t find how to add the A&L on the Halifax account page. I would like to send money from Halifax to A&L.
Any help, please?

You just need to go to the "Transfers, bills, standing orders,DDs" and under "Transfers and bill payments" select "Create New". Once it is set up, it will appear in the "Who you are paying" list underneath.

masonic

Steve_xx wrote: »

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

I think you've probably been misinformed by A&L in the first place. I've never known the situation to be any different either.

Careful_ly

I think Abbey are now accepting incoming FP, although I cannot check this myself as I don't have internet access as its a passbook savings account I have.

I set up a payment to go from Halifax and it bounced back, on resending it it appeared to go by FP, I checked the sort code which confirmed it as accepting FP.

jcb208

Can transfer £10000 from tesco to Alliance & leicester each day and in the account immediately

molerat

Steve_xx wrote: »

Some 12+ months after the introduction of the Faster Payments Service it seems to me that this scheme in general is a dogs dinner.

I think that just about sums it up. There is no standardisation across the banks. They all seem to make up their own rules as they go along :mad:

td_007

Indeed there is no need for any urgency on the bank's part - why should they? On the other hand see how particular they are when it comes to collecting money - late fee for being a day late, calculating debits before credits etc. etc. all of which are conveniently covered by "t&c":eek:

D1zzy

http://www.fastpayments.co.uk/faq.asp

Everything you wanted to know about FP

Oh - except who's doing what, when and how much :mad:

stevedb11

Yes I'm afraid the Big News Story about faster payments about a year ago, now seems a bit premature, judging from a lot of the posts about FPs.
Like other ops have said, the Banks are very good at taking "faster payment bank charges" from your account without any problems.:rolleyes:

exel1966

Steve_xx wrote: »

They sent me an email, as follows:

Thank you for your e-mail regarding the Faster Payments Scheme.

Like other banks, we are implementing Faster Payments in stages so our transaction limits could be different to those advertised by the Scheme at any given time, as could the type of transaction applicable for Faster Payments.

Whilst we have started sending single immediate payments of up to £250 by this method, payments may sometimes be delayed due to occasional fraud checks. Only one Faster Payment per day can be sent from an account at present.

Please be aware that any payment not sent by the Faster Payment method will transfer via BACS (Bankers’ Automated Clearing Services) which may take up to four working days to reach the payee’s account.

We do hope you find the above information useful, however, should you have any further questions or need any more help, please visit our ‘Help’ section online or contact us again.

Kind regards

Customer Services
Alliance & Leicester plc

Steve's resposne:

Thanks for your reply. This is absolutely appalling service given the fact that the Faster Payments Service has been in existence for 12 months. This is a positively archaic way for a bank to conduct its business. Please tell me when you propose to offer a proper banking service whereby reasonable amounts of cash can be moved fast.

Alliance & Leicester's response:

Thank you for your e-mail regarding the the Faster Payments Service.

I should explain that the Faster Payments Service is an industry wide service to speed up payments but in doing so we have to coordinate it with the rest of the financial industry. At present we are limiting the amount that can be transferred but we hope to increase this limit as soon as possible.

If you have any further questions or need any more help in the meantime please do contact us again.

Kind regards

Customer Services
Alliance & Leicester plc

My exeperience of A&L faster payments is that you can make multiple FP's of £250 on any one day, BUT only ONE per receiving account PER DAY.
It's been like that since I can remember and as far AFAIK nothing has changed recently.