Faster payments for pre-arranged transactions?

anticlaus105

I have accounts with Lloyds and Natwest. Previously I have always made various payments on the day required and they now always go via faster payments. A while back I set a payment up for a future date and it did not.

If I set a couple of payments up for a in a few days time will they go via faster payments or normal BACS?

zppp

anticlaus105 wrote: »

I have accounts with Lloyds and Natwest. Previously I have always made various payments on the day required and they now always go via faster payments. A while back I set a payment up for a future date and it did not.

If I set a couple of payments up for a in a few days time will they go via faster payments or normal BACS?

So as long as your bank participates in the Faster Payment scheme, subject to the transaction limits, the first payment you make will go as an FP so long as it does not exceed the bank's transaction and overall limits. Subsequent transfers will go through the BACS system if the payment is above the bank's daily limit.

I suggest you contact your bank and check what the situation is, as it varies bank to bank.

anticlaus105

Very useful link. Cheers for that!

Mikeyorks

But it doesn't answer your question ..... as data on 'future dated payments' appears to fall down all the cracks.

If a previous 'future dated payment' has gone via BACS - then expect that to continue. Unless your first payment was above £10k ..... and subsequent ones won't be.

If you ring your Bank - the likelihood of getting an accurate answer is remote. I now just do 'immediate' payments as at least you know where you stand (ish!)

premierfella

If you can't make an immediate Faster Payment on the day, and are not sure whether future dated single payments with the bank go via Faster Payment, you could always set up an annual standing order instead (the advantage being that you know the standing order limit for Faster Payments for sure from the link already provided). Then just diarise to cancel the "Standing Order" after the payment has been made.

jonesMUFCforever

With LTSB payments have gone through BACS.