Faster payments - which banks are actually doing this?

blueberrypie

skinnerneil wrote: »

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.

Yep, the £250 limit really is a joke.

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.

That's odd - my transfers from A&L current account to my A&L ISA instantly - I don't even have to wait overnight to see it on the ISA account (as you do with most transfers between A&L accounts).

pvr

I am with the Halifax and set up a faster payment last Monday and it went instantly. The next day I sent another a faster payment but it took 3 days. When I queried this I was told faster payments are hit and miss you never know if they will actually go by faster payment or normal 3 banking days. Has anybody else been told this by Halifax or any other bank?

rb10

pvr wrote: »

I am with the Halifax and set up a faster payment last Monday and it went instantly. The next day I sent another a faster payment but it took 3 days. When I queried this I was told faster payments are hit and miss you never know if they will actually go by faster payment or normal 3 banking days. Has anybody else been told this by Halifax or any other bank?

Halifax's implementation of Faster Payments is shaky. Sometimes they will go through, sometimes they won't. (This should change in the near future, and all transactions up to £10k will go FP).

They will always tell you before you send the payment how long it will take to get there.

MoneySavingUser

rb10 wrote: »

Halifax's implementation of Faster Payments is shaky. Sometimes they will go through, sometimes they won't. (This should change in the near future, and all transactions up to £10k will go FP).

They will always tell you before you send the payment how long it will take to get there.

Yay at last the FP service was good in the start from them but then went a bit hit and miss

dizziblonde

Yeah Halifax is a bit of a "do you feel lucky" in if it goes faster or if it goes slower - the one I sent the other day went faster payments but sometimes it doesn't (to the same bank account).

trixietoes

LTSB and Natwest do. Frequently transfer cash between these 2 account and it appears immediately.

Bloomberg

skaps wrote: »

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?

HSBC and First Direct implemented it perfectly over two years ago. It has worked a treat ever since.

Consumerist

rb10 wrote: »

Halifax's implementation of Faster Payments is shaky. Sometimes they will go through, sometimes they won't. (This should change in the near future, and all transactions up to £10k will go FP).

Is this anything official or just on the grapevine?

MoneySavingUser

Bloomberg wrote: »

HSBC and First Direct implemented it perfectly over two years ago. It has worked a treat ever since.

I agree - apart from the reduction of the limit to 5k from 10k