Faster Payments 30 December 2010 at 6:46PM edited 30 December 2010 at 6:48PM in Budgeting & bank accounts 21 replies 1.9K views

loveandlight

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.

jonesMUFCforever

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.

loveandlight

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?

loveandlight

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.

jonesMUFCforever

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

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.

loveandlight

I would change my bank if I were you 2010.

Mikeyorks

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)

rb10

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

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

rb10 wrote: »

Lloyds' systems don't work on weekends, so I believe that they show Monday's BACS receipts on a Sunday afternoon.

YorkshireBoy wrote:

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!