Fast Payment (FP ), is there any the Limits ?

gt94sss2

adindas wrote: »

Thank you for the answer. I did direct debit from HSBC to Lloyds TSB in sum of £,1000.00. Both a/c are under my name. This is actually quite annoying as, as I want that it will hit the a/c at the same daya. Not to mention, I loose interest rate for 3 days.

From the link it says that for HSBC and Llloyds TSB is up to £10,000, FP should be available.

Do you mean a standing order instead of direct debit (which only big companies can do)?

HSBC will begin to send them by Faster Payments this month - on the UK Payments limits page scroll down and you will see another table (specifically for standing orders).

HSBC announced the following a few weeks ago:

Market leading performance in payments – we are the UK's number 1 bank for BACS (32%) and Faster Payments (26% ex standing orders) and have a 21% share of CHAPS

Regards
Sunil

adindas

Yes it is SO, sorry for mistake

ADINDAS

gt94sss2 wrote: »

Do you mean a standing order instead of direct debit (which only big companies can do)?

Regards
Sunil

Milarky

gt94sss2 wrote: »

HSBC will begin to send them by Faster Payments this month

Making them about the last bank to do so - and having 'slipped' a year in the announcement (i.e. it was slated for 'end 2009' originally.) HSBC was actually one of the Faster Payments 'good guys' as well

Well, as pointed out above it isn't anything the UK government is doing to make these things speed up for customers' benefit it's European 'interference' and the 1 Jan 2012 ('you're-all-out-of-excuses') deadline from the Payment Services Directive - and at least that one will have come through a bit quicker than the 15 years delay imposed on the WTD by UKplc

naked

D1zzy wrote: »

BTW -the overall FP limit appears to have been raised this month to £100K ... when the banks choose to implement it

Santander seem to have revised their limit this month - down to £0 :mad:

APACS currently say Santander can do bill payments of up to £300 and it's worked for me in the past, although it's been pretty hit and miss.

I've done 3 payments, for £25, £50 and £299 this month and none have gone by faster payments.

I'm voting with my feet.

adindas

My other experience.
I transfer payment from my Halifax to Lloyds TSB twice in value of more than £5,000, It is already 2 working days and I have not seen it in my LloydTSB a/c.

A few minutes before I did this the transfer of this large sum, I tested it using small amount of money it arrived just a matter of minutes.
Conclusion Small amount: yes, Large Amount: No. (interest rate earning ???)

I tested transfer from several high street banks which allow Faster Payment to my Santander and visa versa. The amount is just about £1.00, for testing. Guess what it never arrives less than 3 working days.

I believe the bank have incentive to keep for few days to earn interest.

ADINDAS

naked wrote: »

Santander seem to have revised their limit this month - down to £0 :mad:

APACS currently say Santander can do bill payments of up to £300 and it's worked for me in the past, although it's been pretty hit and miss.

I've done 3 payments, for £25, £50 and £299 this month and none have gone by faster payments.

I'm voting with my feet.

naked

A standing order I've got set up for my HSBC Mastercard from my Halifax account hasn't gone by Faster Payments today.

However I've done a bill payment to and from the same account and it has gone by faster payments. It's not arrived yet, but it's only been 10 minutes

Edit: Interesting, Halifax have confirmed the payment's been made and my "available credit" on the HSBC card has gone up correctly but my account is not showing the payment (or the standing order made earlier).

Still seems to be a bit hit and miss. At least when you do a payment online with Halifax it says "this should go by faster payments" before you confirm.

Milarky

Standing Orders and Future-dated single payments are not 'guaranteed' to go by a particular route (eg as a Faster Payment); neither are Immediate Single-payments of course, but at least the 'better banks' will tell you at the time if the payment will or 'has' gone as a Faster Payment at the time you request it - giving you the 'control' to try again later when it may be available.

Halifax clearly have a long-standing issue with providing access to Faster Payments. They haven't (indeed can't) explain which criteria they use to decide between FP and BACS.

A&L/Sanander can use the excuse of 'migration' for quite a while yet, I would guess.

If you want something done 'about' the vagaries of Faster Payments implementation you few options because it's a classic example of no one person being responsible when things don't work; the banks wave their hands and mutter 'technical problems' or 'security' (or 'migration') and UK Payments - who actually provide the service - which works flawlessly - will just refer any enquiry back to the bank. In addition, the banks never put a representative up themselves to answer for this mess but hide behind their trade body, the BBA, which has no authority to answer for anything. Checkmate.

adindas

Dear Naked
Normally in case the amount is small it is ok with FP. But try it with large sum such as above £5,00 and see how does it work ..

ADINDAS

naked wrote: »

However I've done a bill payment to and from the same account and it has gone by faster payments. It's not arrived yet, but it's only been 10 minutes

m.