Faster payments - which banks are actually doing this?

skaps

Hi Im with alliance and leicester and my payments to non a and l accounts always take 3 days. When is this faster payments service actually going to happen?

g_attrill

This list seems to be pretty comprehensive:

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

A&L are behind the times a bit, I suspect they are looking at security etc. before implementing it at a higher limits.

Overall it would help if you could find out at the time of sending whether a payment would definitely go by Faster Payments.

sarabeth

The Bank of Scotland has been doing it for ages now. At least a year.

It generally works but they always say that it's not guaranteed to go faster and may take the three standard days. I think it depends on the receiving bank as well.

Baldur

See - http://www.ukpayments.org.uk/faster_payments_service/value_limits/

There's a £250 limit for one-off A&L Faster Payments online or by phone.

Are the non-A&L accounts able to receive FP?

skaps

A and L may say they are doing it but ive not seen any evidence of faster payments.

stclair

Natwest & RBS have been full throttle from day one 10K a day limit.

cottager

stclair wrote: »

Natwest & RBS have been full throttle from day one 10K a day limit.

Yes, they and Barclays are currently the only high street banks offering the full £10k possible under the scheme, since HSBC halved their limit to £5k recently -- they (HSBC) also offered the full amount within about a week of FP going live I believe, and I'm hoping their recent about-turn isn't a portent of things to come with the others still doing it.

kittiej

Co-op say £100 max to go by faster payments otherwise it will go by the BACS service which can take 3wd

HTH someone.

Thomas_Crown

The Lloyds TSB limit is shown as £5,000 for retail customers. Iirc that is now £10,000 as I sent £9,500 by FP in December2009.

blueberrypie

skaps wrote: »

A and L may say they are doing it but ive not seen any evidence of faster payments.

They are definitely using FP - I'm an A&L customer (for now) and regularly send funds by FP.

A&L have, as noted by Baldur, a £250 limit on FPs. They also do not use FPs if it's a new recipient, and they don't use it for Standing Orders. If your payments are not SOs, under £250 and are not to newly set up recipients, check if the receiving accounts are FP-enabled by entering the sort codes here: http://www.ukpayments.org.uk/sort_code_checker/

skinnerneil

As far as I am concerned A&L are totally ripping customers off by not offering the FP system.
We are having building work done so have to make some large payments regularly to our builder.
Every time , the payments disappear from our account but take 3-4 days to turn up at the builders.
I guess A&L are sitting on this money and earning interest off the back of it.
Multiply this by however million transactions per year and that is a tidy profit.

We also notice this happens when we move money from our current account to our A&L Isas. Money leaves our current account but takes 3-4 days to get to the ISA.
When we send money the other way - it turns up in the current account immediately.
Complete rip off.

We use RBS for our business account and we can do payments up to £ 25,000 per day and they always seem to be FP.