Which cards accept faster payments ?

JJ43

I discovered a couple of weeks ago that I can pay my EGG card and Santander card via Faster Payments which lead me to wonder which other cards accept these kind of payments.
I don't see why I should have to pay them up to a week early via the normal way.
I know Direct Debits are usually taken on the due date by the bank, but Capital One seems to take them 5 days before the due date.

So which other cards definately accept faster payments ?

firsttimestudent

I know Natwest & RBS does.

Davewils

Egg has never done fast payments for me. When I use the 'make a payment' thing on my Egg online account (to top up my Direct Debit monthly payment) it always takes 3 days to appear. Obviously it takes Direct Debit's when it says it will be i would count those as 'fast payments'.

System

To send a Faster Payment to Egg you would need to send it directly from your bank, not via Debit Card/Direct Debit on Egg's website.

FYI- Tesco bank and Capital One both accept Faster Payments.

Davewils wrote: »

Egg has never done fast payments for me. When I use the 'make a payment' thing on my Egg online account (to top up my Direct Debit monthly payment) it always takes 3 days to appear. Obviously it takes Direct Debit's when it says it will be i would count those as 'fast payments'.

Davewils

aha, will do that next time then cheers.

david39

I thought that Faster Payments were a function of the sending bank, not the receiving bank.

Surely, all banks will accept payments (faster or slower) - it's the choice of the sending bank as to which method is employed.

I bank with Lloyds and Yorkshire Bank and both usually send my payments by the Faster method - but occasionally they go by the old method. I've just made a payment from my LLoyds bank account to my Lloyds credit card and that has gone by the slow method.

I think that they are all aiming at 100% Faster but there has been a lengthy build up to that goal and not all banks have reached it yet.

izools

david39 wrote: »

I thought that Faster Payments were a function of the sending bank, not the receiving bank.

Surely, all banks will accept payments (faster or slower) - it's the choice of the sending bank as to which method is employed.

I bank with Lloyds and Yorkshire Bank and both usually send my payments by the Faster method - but occasionally they go by the old method. I've just made a payment from my LLoyds bank account to my Lloyds credit card and that has gone by the slow method.

I think that they are all aiming at 100% Faster but there has been a lengthy build up to that goal and not all banks have reached it yet.

Both the sending and receiving bank have to support faster payments for the payment to go through as such and only when the payment is initiated by the sending bank (i.e. standing order) and not the receiving bank (i.e. direct debit).

epsilondraconis

My bank accepts faster payment. OP if you want, transfer £1000 to my account and I'll tell you how fast it arrives!

The following link will answer your question:

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

jazzfool

Does anyone know of a credit card for which it is possible for a regular on-line payment to clear the cc account on the day the payment is made on-line?

I'm tired of getting hit by the 3-5 days clearance period when weekends fall within this period.

It irritates me that payment is not instantaneous in this day & age. I know it's only £12, but it seems like a money-spinner for the credit card company.

twist-and-shout

MBNA will accept faster payments.

Halifax CC do not.

preable

Halifax does and so does barcleys and hsbc