Banks incapable of managing changoever to faster payments?

Ted_Bloke

I long griped on forums here about the incompetence, if that's what it was, shown by banks in taking three days, weekdays only, in making money transfers which materially take that number of femtoseconds. Things have improved of late - and it was late and later than promised.

Last weekend and this week I thought, considering the times we live in, that it would be a nice gesture on my part if I paid off some of the sums that seem to have accumulated on a credit card account of mine.

But on three attempts at its routine 'make a payment' facility, my bank said they were unable to pay this , and on enquiry I received some gobbeldygook explaining that by new regulations "[FONT=&quot]payments made within the UK must reach the beneficiary bank by the next working day with effect from 1 January 2012[/FONT] " but the beneficiary - a credit card account which is run by another bank - "[FONT=&quot]is unable to accept bill payments made through the two payment systems we and most other banks are using to comply with the requirements of the Payment Service Regulations.[/FONT]"

But that I can go round the houses and "[FONT=&quot]make alternative payment arrangements
as listed below.

-Issue a cheque
-Raise a Bankers Draft (standard fees apply); or-
-Make a payment by debit card or credit card if the payment
is made to a major beneficiary.
-Bank Giro credit[/FONT]"

Oof!

So to speed up the system (after all this time) it is being made slower, inconvenient and uncertain. It looks like I will have to waste time with various many accounts and wonder if something will fall through and I miss a payment to someone or other, this near to the festivities. :mad:

I don't know whether to blame incapacity on the sending or the receiving bank.

I wonder if at least all SO's and DD's will now go through.

Has anyone else had this problem and what is the minimum-trouble way to deal with it? Should one have to deal at all with this problem caused by someone else's disorganisation?

callum9999

I have no idea what you are talking about?

Is that entire block of text just a long winded way of saying the "make a payment" screen didn't work?

Ted_Bloke

callum9999 wrote: »

I have no idea what you are talking about?

Is that entire block of text just a long winded way of saying the "make a payment" screen didn't work?

See my sig.

callum9999

Ted_Bloke wrote: »

See my sig.

I wasn't moaning about the length per-sae, I just had no idea what you were specifically talking about!

System

callum9999 wrote: »

I wasn't moaning about the length per-sae, I just had no idea what you were specifically talking about!

Callum, I posted about the same thing in the Bank Account forum, see my post there - maybe it makes more sense? Sorry, won't let me link to it direct.

sharpy2010

Unfortunately, your attempt at a humorous writing style have sadly failed, and at the same time people don't know what your talking about either. Bit of a double fail, I'm afraid.

Ted_Bloke

kerrin wrote: »

Callum, I posted about the same thing in the Bank Account forum, see my post there - maybe it makes more sense? Sorry, won't let me link to it direct.

Seen that. http://forums.moneysavingexpert.com/showpost.php?p=49170819&postcount=1
You have received exactly the same message as I have. I suppose it's our fault it's so long, but maybe it does save pointless questions.

Two questions arise.
One practical - maybe there is a solution? Yes I could start phoning but I'm abroad and refuse to waste effort because of their lack of planning in the introduction of an obviously needed thing that has taken them ten years to institute. I have messaged the credit card company and will tell if I get any useful response.

And the second is that it is a matter deserving general comment here that banks mismanage such an overdue and long awaited change.

izools

Ted_Bloke wrote: »

Seen that. http://forums.moneysavingexpert.com/showpost.php?p=49170819&postcount=1
You have received exactly the same message as I have. I suppose it's our fault it's so long, but maybe it does save pointless questions.

Two questions arise.
One practical - maybe there is a solution? Yes I could start phoning but I'm abroad and refuse to waste effort because of their lack of planning in the introduction of an obviously needed thing that has taken them ten years to institute. I have messaged the credit card company and will tell if I get any useful response.

And the second is that it is a matter deserving general comment here that banks mismanage such an overdue and long awaited change.

Ted before we start talking about solutions you're going to need to make it clearer what you're actually complaining about.

Your first post is elaborate, that's fine, I like a good long detailed post.

Thing is, it doesn't really make sense or explain what your grief is.

Care to expand on what it is you're actually trying to find a solution to?

andrew-the-cat

By the end of this month, all banks will have to accept faster payments iirc. So it's just a teething problem which will be sorted before the beginning of January.

Ted_Bloke

izools wrote: »

Ted before we start talking about solutions you're going to need to make it clearer what you're actually complaining about.

Your first post is elaborate, that's fine, I like a good long detailed post.

Thing is, it doesn't really make sense or explain what your grief is.

Care to expand on what it is you're actually trying to find a solution to?

In case it is not clear, my particular little problem is that I am trying to make a routine payment via bank to credit card that I have often done before and it is not working.

It is now looking that it probably can be made to work, but that has involved repeated coming back on my part. For other people it might cause a problem, e.g. missed payments, or multiple payments, hassle at least. Others have certainly had the same problem.

The general issue is that it has taken very many years for the banks to get round to this faster payments system during which there have been constant complaints by public and in the popular financial press. Slow payments must be a problem for instance for everyone who has to juggle incomings with outgoing obligations or who needs services dependent on receipts of moneys and all sorts of situations. So it was frustrating to see that when at last a system was finally introduced it did not seem to be working and was worse not better than usual!

jen245

So basically, you are trying to make a payment from your bank account, to your credit card, but because your credit card account doesnt accept faster payments, your bank wont allow you to send the payment.

Do you have any other accounts that you would be able to make the payment from? Can you call up and pay over the phone with a debit card? It should be a temporary problem, as in January, all banks have to be able accept/send FP, so it should just be an issue for the next few weeks