We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Faster Payments

Options
loveandlight
loveandlight Posts: 1,200 Forumite
Part of the Furniture 500 Posts Combo Breaker
edited 30 December 2010 at 6:48PM in Budgeting & bank accounts
Is it possible to do a faster payment online on a Sunday?

I am planning on doing an online transfer using the faster payment this Sunday from my Lloyds account to a HSBC one. I can't do it any earlier than Sunday as the money doesn't arrive in my Lloyds account until Sunday (it's a regular gov't payment to me and always arrives on a sunday) and I then need to transfer it direct into a HSBC account the same day.
«13

Comments

  • Even though the money arrives on a Sunday it will be dated Monday or Tuesday next week as Monday is a Bank holiday.
    Not sure if it will go by faster payments or BACS.
  • The monies always show as immediate available funds so there's no worries there about it not being available for immediate transfer. I just need to know whether its possible to do an online bank transfer on a sunday. I know it will go as a faster payment as I do them all the time between these two accounts but just need to know if it can be done a sunday?
  • LOL. I've ended up answering my own question!! I've just called Lloyds and they told me faster payments work every day of the week regardless of whether its a bank holiday or a sunday so it means I can go ahead as planned. Thanks for your help jones anyway.
  • In that case it should go through but with LTSB faster payments you won't know for sure until you try it.
    Again Sunday is not a working day so will probably be date Monday or Tuesday
  • 2010
    2010 Posts: 5,460 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    You`re lucky you`re with LTSB and not the shambolic Halifax, where it`s pot luck if you can get FP any day of the week.
  • I would change my bank if I were you 2010.
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    There are 3 types of 'faster payment' ...... immediate / diarised and SO. Of these the 'immediate' is the one you want and it will go on any day of the week. But only up to Lloyds limit which currently stands at 2.5k (?).

    (But I'm more intrigued by the incoming that always arrives on a Sunday? :) As - unless it is FP (unusual for Govt as generally their accounts don't support it) it's a bit curious)
    If you want to test the depth of the water .........don't use both feet !
  • rb10
    rb10 Posts: 6,334 Forumite
    Mikeyorks wrote: »
    (But I'm more intrigued by the incoming that always arrives on a Sunday? :) As - unless it is FP (unusual for Govt as generally their accounts don't support it) it's a bit curious)

    Lloyds' systems don't work on weekends, so I believe that they show Monday's BACS receipts on a Sunday afternoon. I'd guess that this is what is happening here.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Mikeyorks wrote: »
    (But I'm more intrigued by the incoming that always arrives on a Sunday? :) As - unless it is FP (unusual for Govt as generally their accounts don't support it) it's a bit curious)
    I suspect it's actually paid on a Monday, but LTSB will know it's due (if it's a BACS Direct Credit) and so post it from 12 noon Sunday (when Monday's working day begins). This may explain?...
    ** A normal working day runs from 22:00 to 22:00 the following day, however on a Friday evening the working day runs from 22:00 to 12:00 on Sunday (as Saturday is classed as a non-working day) and then from Sunday 12:00 to 22:00 on Monday.

    http://www.lloydstsb.com/internet_banking/payments.asp
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    rb10 wrote: »
    Lloyds' systems don't work on weekends, so I believe that they show Monday's BACS receipts on a Sunday afternoon.
    I suspect it's actually paid on a Monday, but LTSB will know it's due (if it's a BACS Direct Credit) and so post it from 12 noon Sunday (when Monday's working day begins).

    I've got a Vantage account with them. But it's only ever fed with FP from my Halifax accounts .... so I've never been able to deduce when they do Batch runs.

    But I suspect you're (both) right that this is a BACS Direct Credit (most Govt payments are). But to appear on a Sunday then they must run Batch at some point over the weekend. And the quote from YorkshireBoy implies they do that at some point early Sunday.

    I suppose consistency in Bank processing is too much to hope for? I always thought I had the logic of the Halifax processes ...... until they started taking SOs (due on the Monday) out on the Sunday afternoon. Seems no rationale for it - other than to cut down the elapsed time of the Sunday night Batch, where they presumably attempt minimum staffing ............ but at the cost of customer confusion!
    If you want to test the depth of the water .........don't use both feet !
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.