Co-op Faster payments

Mark_In_Hampshire

Hi

Anyone know what the limit for sending and receiving faster payments to and from the Co-Op is?

When I send a payment from Halifax, I get told on the screen whether it will be a faster payment or not, and I get the option to cancel.

£100 seems to be the limit for sending TO a Co-Op account judging by the messages I get back when sending money to it.

What's the limit "from", since the Co-Op don't go to the same trouble as the Halifax to tell you whether it will be a faster payment or not. Sometimes you instruct it and the money appears in half an hour. Sometimes it vanishes for 3 days.

Anyone know what determines which course of action gets taken?

DrSyn

The fasterpayments site ( ukpayments.org.uk) states the following for the Co-op bank faster payments method:

One off payments= £2500. Standing Orders = £5000.

Did you actually ask for the payments to go via this method?
If you did not a good chance they would have gone via the "BACS" systems when it would indeed take 3 days.

Have you tried ringing them and asking "why the differnce in time"

zzzLazyDaisy

Mark_In_Hampshire wrote: »

£100 seems to be the limit for sending TO a Co-Op account judging by the messages I get back when sending money to it.

I recently sent £500 from Halifax to Coop. It went by faster payment.

I tried to make a similar payment, again for £500, two days later and faster payment was not offered. Don't know why though!

JackyO

I'm waiting for a payment from another bank, just phoned mine and they said that, at least when I send a payment, I can't opt for Faster Payment, and it depends whether:
a) It's available for from my bank
b) It's available from recipient bank
as to whether it gets used. I can't request it.

So I guess they're still making interest off the other payments (BACS).

How hard can it be to shift a few digits around without profiteering?