Faster Payment Service

MDD_2

pmduk wrote: »

You're getting obsessed. Their terms and conditions have been pointed out to you, your choice is to live with them or change cards. End of.

Thank you for your response. The forum topic that I posted is " Faster Payment Service ". Please try and understand that when posting.

What has emerged from the topic is that some banks, such as the MBNA, give a day due for payment including weekends.

The Co-operative bank who was one of the founder members say on their web site.

Key features of the Faster Payments Service

These are some of the most important features of the new Faster Payments Service.

•Except for payments made by standing order or future dated payments, the Faster Payments Service will be available 24 hours a day, 7 days a week, other than during periods of essential maintenance
•The service will speed up the time it takes to make and receive electronic payments
•Payments will be transferred between participating financial institutions and, in most cases funds will be available in the beneficiary’s account within two hours

noh

MDD wrote: »

Thank you for your response. The forum topic that I posted is " Faster Payment Service ". Please try and understand that when posting.

What has emerged from the topic is that some banks, such as the MBNA, give a day due for payment including weekends.

The Co-operative bank who was one of the founder members say on their web site.

Key features of the Faster Payments Service

These are some of the most important features of the new Faster Payments Service.

•Except for payments made by standing order or future dated payments, the Faster Payments Service will be available 24 hours a day, 7 days a week, other than during periods of essential maintenance
•The service will speed up the time it takes to make and receive electronic payments
•Payments will be transferred between participating financial institutions and, in most cases funds will be available in the beneficiary’s account within two hours

That is how it should work and how it did work in your case.
There was no problem with the FPS in your case.
The money was received in MBNAs collection account within the FPS quoted timescale.

The fact that the funds were not allocated to your credit card account until the Monday is down to MBNAs procedures used after receiving the funds in their collection account.

MBNAs procedures in processing incoming payments are no different to any other credit card I have.

What you don't seem to grasp is that the collection account and your credit card account are two separate things. The dates quoted on your statement are the latest dates funds should reach your credit card account not the collection account.

FPS was used to credit the collection account.
A batch process is run each working day to reconcile the payments to each individual credit card account.
The cut off times are published.

If you have a gripe it is that MBNAs process is not run in real time.
The FPS worked as it should.

MDD_2

noh wrote: »

What you don't seem to grasp is that the collection account and your credit card account are two separate things. The dates quoted on your statement are the latest dates funds should reach your credit card account not the collection account.

Noh so what you are saying is that the money transferred on a Saturday is in MBNA's collection account, they are in receipt of the money and it is not processed until Monday because they are not running their batch files for processing.:)

pmduk

MDD wrote: »

Noh so what you are saying is that the money transferred on a Saturday is in MBNA's collection account, they are in receipt of the money and it is not processed until Monday because they are not running their batch files for processing.:)

Exactly, they've told you when they expect the cash to arrive . Why do you expect MBNA (whom I don't believe are a clearing bank) to be sitting waiting for you to make a payment? You really need help with your obsession. Learn when to let go of a problem, you'll be a lot happier for it.

JuicyJesus

Successful troll is successful.

Lettuce91

MDD wrote: »

Can somebody please tell me who set up the faster payment service. The reasoning as to why is, I am having a dispute with the MBNA and I am saying that the service was set up to provide a faster payment system which in my opinion is a service to help the people it is not one that the banks have control over. From what I can see on the internet MBNA became a member of the service at a later date which to my mind brings them to abide by what the rules are and not formulate their own rules. It is a 24 x 7 x 365 system (that is what computers do).

i work for a bank and the amount of customers that complain about the faster payment service is unreal. It isnt a guaranteed service, it depends on where the payment is going to, how much it is for and even the time of day the payment is sent can affect it. The recipient of a faster payment also has a limit of how many they can accept a day. it can also take anything between 2 hours and 3 working days to reach its destination. hope this helps.

1jim

colettef09 wrote: »

i work for a bank and the amount of customers that complain about the faster payment service is unreal. It isnt a guaranteed service, it depends on where the payment is going to, how much it is for and even the time of day the payment is sent can affect it. The recipient of a faster payment also has a limit of how many they can accept a day. it can also take anything between 2 hours and 3 working days to reach its destination. hope this helps.

I can see why there are lots of complaints when banks websites state things like this below...... why not call it "faster payments....possibly....maybe.....but dont count on it service"


The Co-operative bank who was one of the founder members say on their web site.

Key features of the Faster Payments Service

These are some of the most important features of the new Faster Payments Service.

•Except for payments made by standing order or future dated payments, the Faster Payments Service will be available 24 hours a day, 7 days a week, other than during periods of essential maintenance
•The service will speed up the time it takes to make and receive electronic payments
•Payments will be transferred between participating financial institutions and, in most cases funds will be available in the beneficiary’s account within two hours

Lettuce91

1jim wrote: »

I can see why there are lots of complaints when banks websites state things like this below...... why not call it "faster payments....possibly....maybe.....but dont count on it service"


The Co-operative bank who was one of the founder members say on their web site.

Key features of the Faster Payments Service

These are some of the most important features of the new Faster Payments Service.

•Except for payments made by standing order or future dated payments, the Faster Payments Service will be available 24 hours a day, 7 days a week, other than during periods of essential maintenance
•The service will speed up the time it takes to make and receive electronic payments
•Payments will be transferred between participating financial institutions and, in most cases funds will be available in the beneficiary’s account within two hours

well maybe thats the case in the co-op but in the bank i work for its part of the policy to make each customer who sends a bill payment aware of the time scales and just because the co-op say it doesnt mean its true and it also doesnt say its guaranteed!

JuicyJesus

It's not guaranteed, but some banks are more reliable than others. HSBC, NatWest and Barclays tend to be regarded as the most reliable when it comes to sending a payment as FP (if it can go FP with these banks it usually does), Lloyds TSB and Halifax somewhere in the middle (usually does but there are glaring exceptions sometimes) and the Co-op and Santander somewhere near the dire end (it may go FP if you perform some form of voodoo ritual, and even then they won't tell you first). Nationwide, for what it's worth, seem to just be sticking their fingers in their ears and going "la la la la la Faster what? Ladedadeda". Proud to be different my colon.

There is, yes, a very slim chance of a payment going as BACS when it should go FP with one of the reliable banks listed above. I've never had it happen to me though - longest a payment's taken to reach its intended account is about 8 hours.

1jim

It just seems mad to me, why would they give themselves such a headache.... I see collette above says that her banks policy is to let everyone know that it may not work...but yet he/she conceedes that they get a huge number of complaints about the process (and presumably it not working)

To me it seems great when it works, BUT, I dont want to have to hope it works, I dont want to plan for it not working, I dont want to have to make payments 3days ahead incase it doesnt work. I just want it to work. IMHO they should go back to the drawing board, get a system that works, is guaranteed to work between sending and receiving banks. Those banks with systems that can do this should be allowed to use faster payments, those that cant shouldnt.
And no, having disclaimers dotted around their sites dont cut the mustard either, it may cover them legally, it seems that when it works its great, its the unpredictability of the system that needs addressing and will improve the customer experience