Instant Payments ???

karatedragon

I sent £100 from my Coventry First current account to my brother who is with NatWest.

It took about 3 days for the payment to arrive with him

I thought that we now had "Instant Payments"?

Olipro

Coventry aren't participating in Faster Payments for sending, maybe for receiving, but not for sending.

karatedragon

I wonder why. Seems a bit un-revolutionary.

Olipro

karatedragon wrote: »

I wonder why. Seems a bit un-revolutionary.

Coventry probably don't have their own sort code, I would bet they probably use one of the commercial banks to do all the actual fund transfers... ergo they won't be sending by FPS because their bank would charge them a premium over standard BACStel.

karatedragon

Hmmm. Out of curiosity I rang them just now. Didn't know their helpline was open on a Sunday.

I was told that you can accept Instant Payments but as yet cannot send them. When I asked when they will introduce Fater Payments they guys said probably not for another 18 months or so!!!

karatedragon

Hmmm. Out of curiosity I rang them just now. Didn't know their helpline was open on a Sunday.

I was told that you can accept Instant Payments but as yet cannot send them. When I asked when they will introduce Fater Payments they guys said probably not for another 18 months or so!!!

BASFORDLAD

I do all my main banking with the cov and dont have a problem with not being able to send by FP,

The reason is as stated before, they dont have thier own sort code (its a HSBC clearing account)

preable

Yes they do not have there own sort code

Chris2000

From 1 Jan 2012 all payments must arrive by the end of the following business day, so they only have 18 months left in which to enable sending of FP.