Can you withdraw an early BACS payment from your account? (Lloyds)

[Deleted User]

lloyds seem to only process BACS mon-fri on my statements

Mikeyorks

agrinnall wrote: »

I'm not convinced, although I stopped working on RBSG Faster Payments systems when I left in 2008 before SO processing was introduced I've just found this on the NatWest website :

Direct payments

Direct payments allow a one off or regular payment that can be made by a customer to a recipient.
The service allows participating banks to provide same day processing of electronic payments such as funds transfers, bill payments and Standing Orders.

Same day and every day aren't mutually inclusive. As I said earlier SOs only work on Bank working days .... FP or otherwise.

From the CHAPS CO site (now responsible for FP) :-

Standing orders are regular payments made on a specific date for the same amount, to the same person or beneficiary. These payments will continue to be made on ‘working days’ only.

agrinnall

Clearly things have moved on since 2008, I didn't even know CHAPS had taken over FP! Anyway, I stand corrected, although the mystery remains of the experience that Mike1901 has of SOs that prompted my reply in the first place.

jen245

Ive had so's come out of my Natwest current account at the weekend and go by FP. Although the date on my statement shows Monday, the funds have been available in the recipient account as soon as its debited on the Saturday/Sunday.

Mikeyorks

jen245 wrote: »

Ive had so's come out of my Natwest current account at the weekend and go by FP. .

That element of FP doesn't run on non-Bank days ...... so it isn't possible. If they got there over the weekend - they weren't SOs - they were 'bill payments'.

If you look at the copious threads of people complaining their SOs went nowhere over Christmas / New Year ...... that simply aligns with the fairly authoratitive view of the FP owners :-

http://www.chapsco.co.uk/faster_payments/-/page/756/

Twister84

Not all standing orders go via Faster Payments, as it depends on the recipient bank. If they do go via Faster Payment, they'll usually get there the same day.

Standing Orders will always go out on the day you've set - Direct Debits are always "on or around" a given date.

Debits and credits due on a Monday with Natwest & RBS will always show on the weekend. Unusual credits are not cleared until 3.30 pm the day that they are paid in.

Although that isn't always true as I found out that my final wage from my previous job was recalled the same day, then repaid to me. (The point being that even if you think it's usual and you've been getting it regularly it can still be recalled! If you want to use the money, it's your call!! Don't blame the bank )

Mikeyorks

Twister84 wrote: »

Not all standing orders go via Faster Payments, as it depends on the recipient bank.

Agreed not all go via FP as not all Banks yet offer the service. But it depends on the originating Bank ....... not the recipient Bank. There are 3 types of FP ........ and you're confusing it with the 'immediate' version ...... which does rely on the recipient Bank being able to accept it in real time mode. SOs via FP are batched and sent overnight = no real time = no problem.

Standing Orders will always go out on the day you've set

................. unless that day happens to be a weekend or Bank holiday. In which case - either via BACS or FP - they will go nowhere.

Twister84

Mikeyorks wrote: »

Agreed not all go via FP as not all Banks yet offer the service. But it depends on the originating Bank ....... not the recipient Bank. There are 3 types of FP ........ and you're confusing it with the 'immediate' version ...... which does rely on the recipient Bank being able to accept it in real time mode. SOs via FP are batched and sent overnight = no real time = no problem.

I'm specifically talking about Natwest/RBS here...When a Standing Order is set up, it can be seen on our systems whether it will be going through as a FP or not. Natwest/RBS have fully implemented the FP system, and as mentioned on the website, it's dependent on the recipient bank whether it will go via FP or not.

When will my payment go faster? Standing orders, branch, internet and telephone banking payments are processed faster when:

• sufficient funds are available in your account
• the sorting code of the beneficiary bank is a member of the Faster Payment Service
• the payment amount is within the faster payment scheme limits
• correct beneficiary account details are entered

As a cashier, I was there when they first implemented Faster Payments so I do know about how it works

Mikeyorks wrote: »

................. unless that day happens to be a weekend or Bank holiday. In which case - either via BACS or FP - they will go nowhere.

I meant that they will still show as having left the account.

noizeuk

Twister, I have no choice but to agree with you as I'm a fellow colleague. Not many people understand about the Debit/Credit system on weekends and it's only a problem when it leaves the account. Am I right in thinking it's working on a hybrid 5 day working week with FP allocated in the weekends entries? I can never get my head around the thing! Customers are happy if they have credits, but its a big no no when its a debit. If you think of it this way... banks never open on weekends and no transactions can be made, and you don't know what's going out on Monday because they haven't shown up over sat/sun. It actually gives you 2 days to review your finances and if overdrawn, time to get the money into the bank via Direct payment or cash before 12ish.

agrinnall

Mikeyorks wrote: »

That element of FP doesn't run on non-Bank days ...... so it isn't possible. If they got there over the weekend - they weren't SOs - they were 'bill payments'.

If you look at the copious threads of people complaining their SOs went nowhere over Christmas / New Year ...... that simply aligns with the fairly authoratitive view of the FP owners :-

http://www.chapsco.co.uk/faster_payments/-/page/756/

I'm coming back to my original opinion that RBSG do process FP SOs 7 days a week. The following is from the RBS website :

Same day payments

For eligible inter-bank payments, the new service reduces the time between a payment being made and the recipient receiving the funds from three days to near real-time.
The new Faster Payments Service accepts same-day transactions all day, every day and processes single payments in near real-time, provided funds are available and the payments meet scheme rules. Diarised and Standing Order payments are now processed in the early hours of the morning, again on a same-day basis.

I know that isn't the case for every bank, the only SO I have is with Nationwide on the 19th and the one in December was processed on the 20th as the 19th was a Sunday. But I'm reading the RBS statement as saying they process SOs in exactly the same way as a diarised payment. It would be nice to hear from a RBS or NWB customer whether they have had SOs go out on a Sunday, failing that I may have to see if I can get in touch with one of my ex-colleagues to find out for sure as it's bugging me now :think: