Faster Payments (not)

I_know_my_ABC_and_my_CMYK

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.
Sometimes only certain accounts within a bank can accept transfers in or out via FP.

Co - Op banking is under £100 and it let me down on a transfer a about a month back so I don't even consider faster payments anymore to be on the safe side.

blueberrypie

alterego wrote: »

I wasn't expecting a fast payment, but when I enquired, Barclays assured me that a BACS payment would arrive immediately.

There's been a misunderstanding somewhere then, because BACS never arrives immediately. BACS and FP are entirely different.

alterego_2

Thanks BBP. I might remind Barclays that their staff are getting that wrong. I mentioned BACS to them several times...

jambosans

alterego wrote: »

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.

Giving Barclays your word that the funds are going to be there is very different from the funds actually being in the account. Why should they note the former? If the money is not in the account and you're charged, then stating it's on the way does not negate this.

Mags_cat

I've made a couple of payments recently that *have* gone through the FP scheme. Both came from my Lloyds standard current account, one went to another (business) account - was about £350 andf the other went to my First Direct ISA - was about £750.

Both went through almost immediately and Lloyds notified me when they had completed.

(Got to say, since opening the FD ISA I'm loving their customer service - everyone is super friendly and knowledgable.)