faster payments

Wig

Tried sending 10K from Halifax current account to a Lloyds savings account (incentive saver) the saver account was created minutes earlier and funds transfered successfully from the Lloyds current acc to the saver account.

Halifax says on the faster payments quote that if you select todays date it will be sent by FP 7 days a week. The Halifax then said the payment was not possible and would not be possible until the 11th Jan. When it would take 3 days.

Why do you think this is?

• Because the Lloyds account was a saver not the current account
• Because it was a new account and I should have tried the Lloyds current
• Because it was £10K... I tried 5K and still no joy
• Because they lied saying 7 days a week and they only do it on week days?
• other

Thanks

rb10

Because the limit at the moment for Faster Payments is £2500 per transaction.

td_007

Halifax FP is not 100% reliable. I tried to transfer £1K and message came up saying it would be sent out in 2 days time. Canceled and tried the same payment about a hour later and it sailed through fine.

Try at different times of the day and you could be successful!

Wig

Ah, thanks, so what would happen if I tried 4 lots of 2500 ?

TRaven

Because even though FP is available 7 days a week the banks operate on a basis of five business days in a week and transactions on a Saturday and Sunday are considered to actually taken place on Monday. So any transaction today or tommorrow will show up as taking place on the 11th.Try it Monday to Friday and you will likely find it gets processed same day.
As far as I can see if you did let it go through on the 11th it will likely leave the account immediately since to the bank it is already the 11th

td_007

Wig wrote: »

Ah, thanks, so what would happen if I tried 4 lots of 2500 ?

Again I have noticed that one payment may go through FP while the other may not. To get over this as I have 3 Hfx a/c, if the total amt that I want to send does not go through the first time, then I split the amount and try to sent via the three a/cs. By and large this works....

blueberrypie

Wig wrote: »

Tried sending 10K from Halifax current account to a Lloyds savings account (incentive saver) the saver account was created minutes earlier and funds transfered successfully from the Lloyds current acc to the saver account.

Halifax says on the faster payments quote that if you select todays date it will be sent by FP 7 days a week. The Halifax then said the payment was not possible and would not be possible until the 11th Jan. When it would take 3 days.

Two things - one certain, one possible.

Certain: 10k is over Halifax's FP limit. If you send over that amount it will go by BACS, and will be sent the following business day (in this case, Monday).

Possible: Your Lloyds saving account might not be FP-enabled - savings accounts often aren't. The transfer from your Lloyds current account wouldn't have gone through FP, because it's an internal transfer, so that info is irrelevant. You can check whether your savings account is on a sort code that is FP-enabled by looking it up here.

Wig

It is FP enabled - I just checked, thanks.

So does the sort code relate to the account and not to the branch then?
I thought the sort code I was given was an internet "branch" IYSWIM

D1zzy

blueberrypie wrote: »

Two things - one certain, one possible.

Certain: 10k is over Halifax's FP limit. If you send over that amount it will go by BACS, and will be sent the following business day (in this case, Monday).

From Halifax online help in November:-

If a funds transfer is being made to an account with another organisation then up to £15 000 can be made per individual payment, however please be aware that only one payment can be made to an external mandate per day.
The Faster Payments System will currently not accept transfers higher than £1000, if you are looking to send a higher amount than this please be aware it will go through the normal BACS route which will take 3-4 working days.

Wig

Typical of the banks "shaft 'em" attitude to customers. We really are living in the dark ages in this country!

rb10

Wig wrote: »

So does the sort code relate to the account and not to the branch then?
I thought the sort code I was given was an internet "branch" IYSWIM

Different banks use sort codes in different ways.

Some (e.g. Halifax) will use it to refer to the branch at which you originally opened the account. Others (e.g. Nationwide) will give different types of accounts different sort codes.

So it could mean either.

But, for Faster Payments, they work out whether your account can receive FPs depending on what sort code it has.