Faster Payments - Is it working?

Steve_xx

exel1966 wrote: »

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.

Yes I understand.

The payments I made, five in all, were £250 each and all to different accounts. I made them at 2am on Wednesday morning and they did not appear in their respective accounts until approximately 11pm on Wednesday evening.

exel1966

Steve_xx wrote: »

Yes I understand.

The payments I made, five in all, were £250 each and all to different accounts. I made them at 2am on Wednesday morning and they did not appear in their respective accounts until approximately 11pm on Wednesday evening.

I think the clue here is in the timimg possibly. Again, in my experience when trying to make a payment in the 'early' hours it will not go through as an FP, but when making payments during daytime (banking hours) it always has done.
A&L only do their payment runs overnight which may be significant in the use of FP's. Just a theory ! This is why with a&L accounts it takes funds 1 day longer to clear.

Steve_xx

Speculator wrote: »

I use Tesco Internet Saver and have manage to send £10,000 per day to my Newcastle 5 yr Bond over the past 3 days.

That's a pretty goodly amount that Tesco allow. Is that their maximum?

Speculator

Yes, maximum FP per day is £10,000 so I managed to send £30,000 over 3 days.

samizdat

The whole thing is an absolute disgrace, in my opinion, given the years and years of delay that the industry managed to engender before Faster Payments were implemented.

I think all of us at MSE, including Martin, should be lobbying the Conservative Party to legislate on bank transactions to make it a legal obligation to offer a standardised service, i.e. so that transaction limits, days of operation, payment methods (direct debit, standing order etc.) and so on are all equally available at every bank, building society and retail deposit-taking institution. Without a legal obligation, the industry will continually find ways of obstructing the free flow of funds because this is a significant barrier to competition, to the collective benefit of all depsosit-takers.

I have one account that I am pleased with, at First Direct. It allows multiple outbound payments on the same day to the same destination so that, despite the FP limit of £10,000 per transaction, there is no cap on the amount one can send, for free, for same-day value to any other account that accepts inbound Faster Payments. I have personally tried this with amounts up to £200,000 per day without any problems. Nobody rang me up or anything and, in fact, I was ever so slightly frightened by this. I would prefer a card reader for transactions on this scale but I am not complaining too much because I prefer this to the laughable situation with some other banks/institutions, e.g. Lloyds/HBoS, Abbey/Santander, Nationwide.

G_M

the Conservative Party to legislate

I agree FP needs enforcement by the CP is not really in a position to legislate....

samizdat

G_M wrote: »

I agree FP needs enforcement by the CP is not really in a position to legislate....

But they will be next year and there is not enough time to get this through under Labour. If you don't agree that the Conservatives will win, then by all means lobby Labour or whoever else you think will be in power.

Steve_xx

Tesco say on their website that you can transfer £10k per day. Not so if you transfer at the weekend I'm afraid.

My friend has an account with them and transferred £10k out of it on Saturday 11 July and right enough it went out as it should and it arrived at the destination account that day. On Sunday 12 July he tried to make a payment of £1k and that was disallowed. A message was displayed saying that it would exceed the daily limit of 10k and that he should change the amount/date. He left it and tried moving £1k again today, 13 July, and still it gave the same message and would not allow the transfer until 14 July.

He's phoned Tesco about it and the guy there said it because it is the weekend. Can't do faster payments at the weekend apparently, yet it was done on Saturday. The guy he spoke to promised to see about amending the website to make mention of this fact.

Make of that what you will.

hansi

I did a test transfer from Smile to my Coventry ESaver account at 06:30 this morning and it was in the account by 11.00:T:T

Froglet

I have just opened a savings account with Alliance and Leicester and once i received all my account details through the post ,i logged in and requested a transfer from the HSBC.,last Friday.

I expected it to be straight forward but when i next looked i discovered it would not arrive there until this Wednesday! So i cancelled the transfer and did it from the HSBC website instead.That was yesterday,Sunday and though i expected it to go today ,it actually arrived in the account yesterday !