West Brom

G_M

West Bromwich Easy Access 3.

Faster Payments possible inbound anyone know? They tell me not but I don't believe them!

Edit: same question for Derbyshire Netsaver....

10_66

If you enter the sort code on THIS link, it'll tell you whether or not they receive Faster Payments (you can usually find their sort code if you scout around on the companies website).

For example, one of the sort codes on the Derbyshire's website is 57-00-55. If you enter that into the sort code checker, it tells you that this particular sort code will accept Faster Payments and BACS.




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MoneySaverLog

Their West Brom regular saver is accepting faster Standing Order payments from LTSB judging by the day it leaves my account and my passbook being updated by them.

When I asked in their Birmingham City branch they did not have a clue and asked me what Faster Payment was!!!

G_M

They really have no idea! Email response from the Derbyshire:

Good Afternoon
Thank you for taking the time to email us
Unfortunately we do not use Faster Payments. We are hoping to have this available by the end of the year. Therfore any transfer will be by BACS or CHAPS.
Kind Regards
Caroline XXXXXX
Service Consultant
Derbyshire Building Society

10_66

G_M wrote: »

They really have no idea! Email response from the Derbyshire:

Good Afternoon
Thank you for taking the time to email us
Unfortunately we do not use Faster Payments. We are hoping to have this available by the end of the year. Therfore any transfer will be by BACS or CHAPS.
Kind Regards
Caroline XXXXXX
Service Consultant
Derbyshire Building Society

Maybe they just assumed (or didn't read your email properly) you meant do they permit Faster Payments from their accounts, rather than into them?

Their t&cs say payments in can be standing orders or BACS, but the sort code (according to the sort code checker) states that they do receive Faster Payments. It's not at all clear is it?


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G_M

Yeah maybe they mis-read. More likely they don't know/understand. My enquiry was:

"Can you confirm whether you accept transfers into this account using my bank's Faster Payments system as opposed to BACS?"

Seems pretty unambiguous to me.....

manxmoney

I don't think West Brom (original thread) or Derbyshire are part of BACS. Few building societies are, so faster payments to the end destination (your BS account) are not possible and normal BACS/CHAPS are slow compared to most UK inter-bank transfers.

My issue with West Brom is that their websave products are operated by direct debit only (initial funding option by cheque). In the real world, initial funding should at least be permitted by BACS. Strangely their on-line application system is identical to that used by several others which do allow initial BACS funding, West Brom don't present this option even for existing savers. So you are left with a hit and miss situation of moving enough funds to a nominated current account before the day when West Brom intend to present the direct debit. Pain in the ..........

G_M

manxmoney wrote: »

I don't think West Brom (original thread) or Derbyshire are part of BACS. Few building societies are, so faster payments to the end destination (your BS account) are not possible and normal BACS/CHAPS are slow compared to most UK inter-bank transfers.

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No but Faster Payments should be possible to the destination bank that West Brom/Derbyshire use. It then just needs allocating from the BS's bank account to the customer's account using the Reference. This may take an extra day, so FPs same day + allocation = next day.

Scr00ge

G_M: Did you manage to figure out the fastest way for transferring money into the West Brom account? I'm also stuck in the same situation...

Thanks.

oldfella

West Brom told me they didnt support FP as they are not a clearing bank - whatever that has to do with the question.

I told them I wouldnt use them until they do.

Sparky47

The Derbyshire Netsaver account will accept faster payments into the account, but will not show up until the next working day as their system is only updated once a day at 8am.