Sneaky Lloyds to Egg SLOWER payments

ikr2

It is not a SO. It is a payment set up on the Lloyds site. I select payments each month and put in the amount. Using this method in previous months it has got there within 2 hrs and been confirmed as a FP. These were always under £1000

It is only because for once this payment was over £1000 that I discovered it would not be a FP

tom717

ikr2 wrote: »

To my mind, these inconsistencies in FP mean that I will always allow the 4 days for BACS to go through in the future

To be honest that's what you should do anyway. I'm sure that somewhere in your CC paperwork it will tell you to allow 3 working days.

Milarky

@ikr2,

Was this a 'future-dated' one-off payment or an 'immediate' one? I ask this because Lloyds did not actually send a future dated payment I made a few months back as a faster payment but as BACS instead. You may be right that this still counts as a 'standing order' (and therefore goes slower if above the £1000 limit) but I would have to check the amount I sent.

@others,

Saying things like 'faster payments is not guaranteed' isn't helping because you are running two separate issues together - confusing

i) a bank's own implementation of Faster Payments (i.e. when one would know in advance that FPS would not be used for a particular type of payment - because the bank says it won't)

with..

ii) the rare occasion when Faster Payments has become unavailable for some reason. This happens a couple of times a year (maybe?) but no one really knows because of general bank cageyness about being straight with customers.

Basically, it's safe to say that Faster Payments is 'on' nearly all the time and that the majority of times it will be your bank which is the problem.

Oh, and we had the spectacle the other day [a first, I think] of Nationwide's 'incoming' payments not working when everyone else's were.

Joe_Bloggs

It suits the banks if people are lulled into trusting Faster Payments. The consumer will be lulled into moving money at the last minute. I moved money between banks and topped up a cash ISA on Sunday evening. When it works it is a joy.

Then just when you thought is was working, FP falls over. The banks win because they get to keep the penalty charges. The only alternative was to have done a transfer via BACS three working days ago, anticipating the failure of FP.

Allegedly there is a Payments Council who were passed the buck by the OFT. I am sure they are sitting on their hands fretting about cheques rather than concerning themselves with flaky FP performance.

J_B.