Faster payments - first direct and nationwide

OMAR

Whats the limits and acceptance times of these two banks....receiving and outgoing to each other? Thanks Guys

premierfella

From Nationwide:
http://www.nationwide.co.uk/faster_payments/faq.htm
What are the current Faster Payments limits?

Sort code 07 02 46
Send payments £0.01 - £250
Receive payments Subject to the limits set by the sending bank

There is a cumulative daily limit of £1000 for Single Immediate Payments (SIPS) and £1000 for Future Dated Bill Payments (FDPS). This means that if you make a number of payments for the same day that in total breach these limits, any payments above the limit will be sent via BACS – eg 5 x payments of £250, the 5th payment will be sent via BACS.
This service is currently being rolled out to FlexAccount customers with a sort code of 07 02 46 only. Other FlexAccount sort codes will benefit from the Faster Payments service in due course.

From First Direct:
http://www2.banking.firstdirect.com/1/2/banking/faster-payments
£10k total daily limit per beneficiary (if sending to Nationwide it will only go via Faster Payments if the payment is being made to Sort code 07 02 46).
Not live for standing orders yet.

gerbil23

I am really fed up with Ntionwide. Rubbish rates and very slow transfer of money. Halifax can transfer fast, A&L can do it, what is taking NW so long? Seriously thinking of leaving. Once upon a time NW had the best rates now it is one of the worst. :mad:

blueberrypie

gerbil23 wrote: »

I am really fed up with Ntionwide. Rubbish rates and very slow transfer of money. Halifax can transfer fast, A&L can do it, what is taking NW so long? Seriously thinking of leaving. Once upon a time NW had the best rates now it is one of the worst. :mad:

A&L's limit is £250, same as Nationwide.

eslick

nationwide werent one of the original ones to take part in faster payments as they were a building society and didnt take part in the discussions with the big banks to set it up. They are now playing catch up. AL are just terrible, how come you can only make one transaction to one beneficiary in any one day, its your money.

FD are excellent on the other hand and have transferred quite a high amount to purchase for new windows and it was there within minutes

Baldur

eslick wrote: »

nationwide werent one of the original ones to take part in faster payments as they were a building society and didnt take part in the discussions.

Incorrect, Nationwide were one of the original founding members of FP - see http://en.wikipedia.org/wiki/Faster_Payments_Service

Participating Members The original founding members of the new service were: Abbey, Alliance and Leicester, Barclays, Citi, Clydesdale and Yorkshire Banks (National Australia Group), Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, and Royal Bank of Scotland Group (including NatWest and Ulster Bank).

noh

Baldur wrote: »

Incorrect, Nationwide were one of the original founding members of FP - see http://en.wikipedia.org/wiki/Faster_Payments_Service

Here's another link to confirm.

http://www.ukpayments.org.uk/faster_payments_service/background/

eslick

i stand corrected