LLoyds Standing order faster payment service ..

lshaw123

Hi

Does anyone know how long it takes for a receiver to receive funds by lloyds standing order? Isit next day? I read somewhere that it goes through via FPS & seen that it doesn't? Isit only fps to other lloyds account or all banks?

Thank you

Svenena

I have SOs set up from Lloyds to Barclays, and the transfers are almost instantaneous. It will depend on the receiving bank - whether they receive faster payments, and what their limits are.

anselld

Should be FP up to £1000 providing the receiving bank accepts FP.

Svenena

According to their website, Lloyds' daily limit for faster payments is actually £15,000: http://www.lloydstsb.com/internet_banking/payments.asp#a. It does say payments to new recipients may go by BACS, although it allowed me to make a payment to a new recipient for £1,500 the other day and it went by faster payments.

lshaw123

Svenena wrote: »

According to their website, Lloyds' daily limit for faster payments is actually £15,000: http://www.lloydstsb.com/internet_banking/payments.asp#a. It does say payments to new recipients may go by BACS, although it allowed me to make a payment to a new recipient for £1,500 the other day and it went by faster payments.

Thanks, I need to send 2k to a hsbc account, lloyds have just told me the standing order will go through bacs and the fps limit is 500 ?

Do you know If you are able to cancel payments online? Its a new card never used their online facility before

Svenena

You can definitely make faster payments of more than £500 online - as I say, I did so a few days ago. Maybe the limit is lower for telephone banking? It might be going by bacs because it's the first time you've paid the recipient.

I can cancel or amend my SOs and payments via online banking, but they were also set up this way, so not sure whether that makes a difference. If they've already left your account, I would assume you can't stop them.

adindas

It also depends to the receiving ends.
I have tried it many times from Lloyds Tsb to HSBC, Halifax, or FD, it arrives within minutes.

So if it does not arrive in the same days, the problem might lay on the receiving end and not from Lloyds TSB.
ADINDAS

lshaw123 wrote: »

Hi

Does anyone know how long it takes for a receiver to receive funds by lloyds standing order? Isit next day? I read somewhere that it goes through via FPS & seen that it doesn't? Isit only fps to other lloyds account or all banks?

Thank you

Milarky

Standing Orders are treated the same as 'single payments' - i.e. they will go via Faster Payments as long as the receiving bank accepts Faster Payments

The one exception is that 'future-dated' single payments (code 'BP')(technically still a type of standing order) haven't gone via Faster Payments in the past but via BACS instead. That may now have changed so that all payment types are treated exactly the same but I haven't tried it again since getting caught previously and will now only send 'immediate' single (i.e. 'manual') payments or 'regular' standing orders.