MSE News: EU overhaul leads to faster electronic payments

adindas

Great info thanks. It explain the matter ....
Yes the account that I am talking abouts is a saving account from a Building Society.

noh wrote: »

It applies to building societies and most other organisations that provide payment services. Certain types of accounts including some savings products are not designated as "payment accounts" therefore the requirement to provide electronic transfers by the end of the day following request does not apply.

See Q16 here
https://fsahandbook.info/FSA/print/handbook/PERG/15/3

pqrdef

noh wrote: »

If it is agreed that a payment takes place on a specified future date then the date of receipt of the payment order is deemed to be that date.

So if I tell my bank I want to make a payment, and they say "We can do that for you next Wednesday sir, no sooner I'm afraid" then they'll be compliant, because Wednesday will be deemed to be the date of the payment order?

Obviously any kind of payment can be scheduled in advance, but that can't make it compliant. The key issues are going to be how much notice is the minimum required and/or at what point the instruction stops being provisional (amendable/cancellable) and becomes definite.

Mikeyorks

pqrdef wrote: »

So if I tell my bank I want to make a payment, and they say "We can do that for you next Wednesday sir, no sooner I'm afraid" then they'll be compliant, because Wednesday will be deemed to be the date of the payment order?

.

noh carefully and correctly used the word 'agreed'. Where does that fit in your example.

pqrdef

Mikeyorks wrote: »

noh carefully and correctly used the word 'agreed'. Where does that fit in your example.

I agree! I agree!

Vegeta_ble

I still think the DWP are breaking the law. The payment is not set up in advance; you sign on, they send the payment through on the computer, and it arrives three working days later. Fail to sign on, payment isn't sent. If you sign on a day late, they send it through then, so it's yet another working day.

Basically, the Jobcentre staff send the payment through manually when you sign on, so it's illegal, surely!

In the past, they have claimed the money back after two working days due to a missed appointment. One day before I was due to receive it. This is another thing they shouldn't be able to do!

jamesd

What's the basis for the belief that DWP is breaking the law? They don't have any obligation at all to follow the D+1 regulation because they aren't a payment service. Their chosen payment service doesn't have any obligation to use D+1 if DWP says do it three days later with a BACS Direct Credit because that's a future-dated payment request.

RachelNorman

I used faster payments to pay off my barclays credit card but the money went into a Barclays holding account. i have the accoutn details but the bank are unable to trace 3 of the 6 payments made to return them to me. people need to be aware of the dangers of using faster payments because any mistakes made the customers are liable for rather than the banks. I have lost over £900 and Am unable to get this back because of a silly mistake using Faster Payments.

leedspete_2

what happens if i pay by debit card will that still take 2 working days or is it covered by this fps as well

NFH

RachelNorman wrote: »

people need to be aware of the dangers of using faster payments because any mistakes made the customers are liable for rather than the banks.

Not true. The banks are liable for losses and consequential losses as a result of their mistakes.

pfpf

leedspete wrote: »

what happens if i pay by debit card will that still take 2 working days or is it covered by this fps as well

same question from me.

i paid via a debit card to my Amazon credit card on Sunday and theres still no sign of the payment on my statement.

would i have to send the payment from bank to CC instead to get the new FP timescale?