Faster Payments (not)

alterego_2

I rang my bank (OK, call centre) yesterday to advise them of an in-payment via BACS, which was needed to offset a direct debit going out the same day (it already had when I checked the account online at 8am). I was interested to know how long it would take to be credited to the account, knowing that I would be charged for exceeding my overdraft for every day that it wasn't, and was cheerfully informed that it would happen immediately, thanks to the Faster Payment Service (TM) that all the major banks had recently implemented.

I checked on-line a little later, and it wasn't there (of course) so I rang again, went through the same security questions, and finally got to speak to someone who repeated the party line and suggested I contact the bank initiating the transfer, as it was obviously their fault if it hadn't arrived. I mentioned that I had an emailed copy of the transfer on the screen, so he blustered about looking again in half an hour, or perhaps the next morning (!).

I did, and it wasn't, so I rang again and finally extracted the admission that the FPS wasn't guaranteed, and that as it clearly hadn't taken effect on this occasion, it would take the usual three days or, as it's a weekend, five days. There is no middle ground. If the FPS doesn't work, which apparently happens when it's too busy, it doesn't try again when it isn't - it just consigns your payment to the snail version and (conveniently) racks up extra charges for your bank. Wonderful...

Has anyone else had fun with this?

choc_mouse

Yes, it doesn't work. The system isn't fully implemented/supported but RBS/Natwest seems to be the few banks that do support it fully. You'll have to check the sending/receiving bank sort-codes individually to see if it's accepted and what the limits are.

http://www.ukpayments.org.uk/sort_code_checker/

Mikeyorks

alterego wrote: »

I rang my bank yesterday to advise them of an in-payment via BACS ................................................... >>>>>>
............... that the FPS wasn't guaranteed

It's either BACS or FP? They're not the same system. The former is 3/4 days .... the latter is within 2 hours.

Only the originator will know for certain how the payment was sent. If via FP .... they will have been told it will hit the recipient account within 2 hours (and that it had been accepted by the recipient Bank). If the money is now on your account it will show FP (or similar) if it came that way.

lheyw

It would be useful to know which institutions use it. Make keeping money in a saving account easier if it can be transferred 'instantly' to a current account for bills.

blueberrypie

Mikeyorks wrote: »

It's either BACS or FP? They're not the same system. The former is 3/4 days .... the latter is within 2 hours.

Only the originator will know for certain how the payment was sent. If via FP .... they will have been told it will hit the recipient account within 2 hours (and that it had been accepted by the recipient Bank).

Depends on the bank. Some of them - like Halifax - tell you whether it will go FP or not before it's sent. Some don't say anything, but are very reliable for FP (e.g. First Direct). Some give you clues - LTSB says something like "we will advise you when the payment is completed" if it's going to be FP, and something else if not. And some, like A&L, don't tell you anything at all - and in A&L's case, you can't even tell afterwards because it won't show on the transaction list until the next day either way.

blueberrypie

lheyw wrote: »

It would be useful to know which institutions use it. Make keeping money in a saving account easier if it can be transferred 'instantly' to a current account for bills.

There's a list of participating institutions, including their limits, at http://www.ukpayments.org.uk/faster_payments_service/value_limits/

There's also the sort code checker, which is useful for finding out if a particular account is FP-enabled, at http://www.ukpayments.org.uk/sort_code_checker/

I'm not sure FP covers savings acccounts though.

jambosans

blueberrypie wrote: »

Depends on the bank. Some of them - like Halifax - tell you whether it will go FP or not before it's sent. Some don't say anything, but are very reliable for FP (e.g. First Direct). Some give you clues - LTSB says something like "we will advise you when the payment is completed" if it's going to be FP, and something else if not. And some, like A&L, don't tell you anything at all - and in A&L's case, you can't even tell afterwards because it won't show on the transaction list until the next day either way.

I think Mikeyorks was pointing out and requesting clarification on the method of transfer. The OP said the payment was sent via BACS, however mentions Faster Payments later on in the post. I suspect it's crossed wires, with the OP's bank proudly stating "we accept Faster Payments", without realising/ explaining that not all banks/ building societies have full implementation. The sending bank should be able to confirm the method of transfer, which I would assume is BACS.

exel1966

alterego wrote: »

thanks to the Faster Payment Service (TM) that all the major banks had recently implemented.

Not ALL banks have implemented this and most of those that use FP have set limitations on amounts, some as low as £250.
Sometimes only certain accounts within a bank can accept transfers in or out via FP.

blueberrypie

exel1966 wrote: »

Not ALL banks have implemented this and most of those that use FP have set limitations on amounts, some as low as £250.

Some as low as £10! You have to wonder why they bothered.

opinions4u

blueberrypie wrote: »

I'm not sure FP covers savings acccounts though.

The vast majority of savings accounts will accept FP.

I'm only aware of Tesco that will send via FP from a savings account though.

Hopefully other posters will add to the list shortly!

alterego_2

"It's either BACS or FP?"

I wasn't expecting a fast payment, but when I enquired, Barclays assured me that a BACS payment would arrive immediately. Only later, when it didn't, did I get the spiel about 'maybe the next day' and 'reverting to 3 days when the system was heavily loaded'. All BS, no doubt!

My other beef is that the original purpose of my call was to let them know that funds were on the way, but they admitted that there was no way of noting this, or controlling their computer's reaction or subsequent charges. Either I wasn't speaking to someone senior enough, or the computer runs the whole show. I suspect the latter...