Funding A&L account - speed?

Wednesday

I've recently changed bank accounts from A&L to HSBC :j

I still have an overdraft with A&L, and my plan is to transfer £500 per month to them to service the account, and then transfer £450 back to HSBC to pay the rest of my bills and repay £50pm to the overdraft until it gets to zero.

Does anyone do this on a regular basis? I'd be working to a short time-scale, and would really need the payments to move there and back within 7 days. Is this realistic?

I haven't got access yet to HSBC's online banking. Can you set up a faster payment to do this monthly, or are faster payments special requests that need to be made over the phone each time they're needed?

Thanks

r1chscott

Hi,

HSBC allow Faster Payments up to £10k each day so getting the money to A&L wouldn't be an issue. Alliance and Leicester only allow Faster Payments up to the amount of £250 each day, so you would either need to do it as two payments one on the first day (as soon as the HSBC money shows) and one on the next. If you did it as one payment of £450 then it would go as a BACS payment and take 3 days to clear.

So either way you can do it within your timescale.

And on your other question, you have to manually create faster payments which you can do through Internet Banking (when you get access) as there is no mechanism to do a monthly payment automatically except through standing order.

Hope that helps, Rich.

YorkshireBoy

r1chscott wrote: »

If you did it as one payment of £450 then it would go as a BACS payment and take 3 days to clear.

I seem to remember that the first payment from A&L to a new payee will not go by FP.

But I can't remember whether it's a delayed FP (goes next day) or whether it's automatically sent by BACS (and takes up to 4 days). Anyone able to confirm?

Hazzanet

First one goes by BACS, anything up to £250 after that by FP.

heloid

I have 2 accounts with HSBC (current and savings). I send £250 to one and £250 then transfer internally to get them in once place after funding my account. I have a couple of other accounts (Halifax, First Direct) as well, so I can send 6x £250 in one go and have it end up in one account within a few minutes if need be.

Wednesday

Thanks everyone for your helpful comments. Looking forward to finally shaking free of A&L (eventually!).