Smile - faster payment limits

finder

Hi pals

I am new with Smile, with a smilemore account, and I am not impressed that being a paid account (£13/month, although waived for the first year) and despite their website saying they are able to send payments up a limit of £2000 via 'fast payments' (read here if interested), I have sent a £800 payment from the account and it has gone via BACS (it was the second payment I sent. A first initial payment of £10 did indeed go fast!). It isn't very helpful either that, as far as I can see, you won't know what route the payment goes through until you have actually sent it (too late to amend!)

So, any other smile or co-op customers, is the £2000 daily limit on their website something you can rely on or have I just been unlucky? Can you know whether a payment with go via 'fast payment' before you actually send it? Any other useful tips in relation to the account would be also welcome.

Thanks

oldagetraveller

I had a similar situation last week. Just to ensure the FP system was working I sent £10 to an external account which went via FP.
I agree it's not ideal that the method cannot be verified until after the transfer has been confirmed!
On the strength of that successful FP I set up another transfer for a much larger amount which annoyingly went by BACS but debited my smile account immediately, BACS payments don't normally do that with smile, in my experience with them anyway.
I contacted them to find out why this had happened and was told they sent FP but for whatever reason the receiving bank could not receive by that method at that time. So smile blamed the receiving bank which I have accepted.
Possibly the same happened in your case?
Actually they must have only recently upped their limit from £1000.

premierfella

oldagetraveller wrote: »

I contacted them to find out why this had happened and was told they sent FP but for whatever reason the receiving bank could not receive by that method at that time. So smile blamed the receiving bank which I have accepted.
Possibly the same happened in your case?

I am not a Smile customer, but my experience of other banks is that they will ALWAYS blame the receiving bank. In 99% of cases it is the sending bank that has issues or limits which cause the payment to default to BACS rather than Faster Payments where the payment is within the published value limits. I think it is far more likely that Smile have an anti-fraud measure in place where a low payment and then a significantly higher payment to the same payee on the same day are requested. If the second larger payment is sent by BACS and turns out not to have been made by the account holder it is far easier to recall via BACS than sort out a return of Faster Payments monies. Some will no doubt view this as positive, in the same way as some view their tight security procedures for logging in as positive.

oldagetraveller

[QUOTE=premierfella;37329782_I_think_it_is_far_more_likely_that_Smile_have_an_anti-fraud_measure_in_place_where_a_low_payment_and_then_a_significantly_higher_payment_to_the_same_payee_on_the_same_day_are_requested._If_the_second_larger_payment_is_sent_by_BACS_and_turns_out_not_to_have_been_made_by_the_account_holder_it_is_far_easier_to_recall_via_BACS_than_sort_out_a_return_of_Faster_Payments_monies._Some_will_no_doubt_view_this_as_positive,_in_the_same_way_as_some_view_their_tight_security_procedures_for_logging_in_as_positive.[/QUOTE]

I don't know about that because I've used the same procedure many times from my Smile a/c and each payment small and larger have transferred immediately and fully by FP.
I did contact the receiving bank (LloydsTSB) and they confirmed it was their fault on this occasion!
Personally I can't see why anyone would consider tight logging in security as anything but positive?:)
However, I totally accept the plausability of what you're saying

premierfella

Thanks oldagetraveller for the update.

In case there is any thought that my post was a Smile-bashing one (I'm sure there wasn't), I am pro-Coop (I even attended my regional Co-op members meeting yesterday). I am fully aware that the things that make Smile/Co-op Bank unusable for me are of great value to many customers.