Banks incapable of managing changoever to faster payments?

udydudy

Even though the UK banks are having so many problems implementing FP(hopefully over in 2 weeks time), developing countries like India have implemented NEFT and RTGS which are similar to FP long long back!!!.

Infact when I came to UK in 2022 I was surprised when barclays told me that transfers between two accounst in barclays itself(London Account and another in North england) would take 5 days to transfer!!..

In India even in 2002(infact earlier) cheque deposits or transfers within branches of the same bank took no more than seconds!!.

rb10

izools wrote: »

Absolutely I understand but some banks have stopped making / accepting BACS payments in the lead up to the deadline. This is what causes the problems Ted is alluding to.

I imagine that HSBC have not completely cut themselves off from the BACS system - because in that case no HSBC customer would be able to receive any Direct Credit (salary, benefits etc) or make any Direct Debits, both of which use the BACS infrastructure.

What they have instead done, is stop sending single BACS payments, so just one part of the BACS system. This is completely separate to Direct Credit & Direct Debits.

I have no idea why they did not just wait a few weeks, rather than causing all this hassle for their customers.

Ted_Bloke

shiny76 wrote: »

My wife got a similar letter yesterday regarding paying from her HSBC account to Nationwide CC. HSBC said the sortcode & account number wouldn't accept FP so they couldn't send it.

Fortunately she has another Nationwide current account that does take FP, so I've transferred money to that account so she can then move money within Nationwide from her current account to her CC.

As for a more general solution whilst the banks/CC companies sort themselves out. Don't you have the option to make an online payment via Debit Card? You could try that option.

I could have done that as I have another NW current account too - it just did not occur to me that I could pay into one NW thing if not the other.

I have only ever used Debit card for phone payments. There is the 'Standing Orders and Direct Debits' facility which I only ever use for regular utility etc. debits or regular savings, separate from the obvious 'Make a payment' option, I don't know whether that would have worked for a non-instant one-off payment on this occasion, but when I made my enquiry of HSBC they did not suggest that.

MrWillyWonka

Just a heads up that Halifax are now accepting faster payments to credit accounts. Seems that the new regulation is forcing banks to act.

BlueZenith

udydudy wrote: »

Infact when I came to UK in 2022 I was surprised when barclays told me that transfers between two accounst in barclays itself(London Account and another in North england) would take 5 days to transfer!!..

Did they have flying cars yet?