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jonesMUFCforever

2sides stop it - my ribs are hurting now!! LOL LOL

I refer back to my post on paying bills - it leaves my account immediately by FPO it is just the recipient that takes time to apply it to my account such as utility bills and credit cards. A bit out of control of my bank.
Have fun looking for your money.

meer53

Why don't you stop posting drivel and speak to Santander ?

meer53

I know exactly how faster payments work.

Mikeyorks

What are you trying to prove? That Santander are useless ..... but we all knew that. So why put money into them - panic - try to transfer it out again and then find they're no better at FP than most else of what they do?

But however bad they are - the PSR Regs that were implemented 1st Jan 2012 are on their side. Provided your FPO hits the target account by close on 10th April. And no amount of sending test money into them / out of them - and then posting the results - is going to change that.

Mikeyorks

2sides2everystory wrote: »

I'll give you a clue - the PSRs are not a target, and neither do they represent what is expected by customers or what actually happens in practice.

No - you seem to be clue less. The PSR covers exactly what happens in practice. It's why BACS is no longer used in personal banking since 1.1.12. And why FP or CHAPS are now the only online transfer mechanisms customers can directly invoke.

FP has 3 distinct elements - viz 'immediate' / SO / forward dated ...... and all operate differently. But not all Banks are the same and whilst 'immediate' means just that in most cases - there is a long stop in the form of 'by end of next business day'. Which is primarily there to facilitate agency banks being able to continue to operate under the PSR.

But it's not a wise person who chooses to identify how Santander FP works, on a new payee, on the eve of a Bank Holiday.

MoneyMagic01273

^^ this guy is a hoot! :T

Ilya_Ilyich

Mate you only have one life. Calm down and enjoy it. Smell the flowers. When you're on your deathbed do you really want to look back and remember the time you spent hours of your life on a giant sperg about faster payments potentially costing you 20p?

PhoenixDF

Im just going to say that although payments are sent via the FP system when they leave the Bank they are transferred in batches via an internal transfer system.

Each bank use their own interal transfer system to apply the batching process to their accounts and the amount being credited to the destination account is sent from a bank's suspense account.

So effectively, the money that credits the external account is the banks money whilst yours is processed interally for audits.

FP is effectively a software system user to transfer funds from banks suspense accounts directly to destination accounts working on a D+1 timescale.

Therefore, some banks batching processing times may be very frequent and the funds debit/credit accounts instantly or within the golden 2 hour time frame and others won't credit until the end of following day.

That is about as much information that can be advised without breaching various company and security regulations. The information I've provided is accurate, true and is based on factual knowledge from working within the industry.

Thats my 2 cents and I am sure someone will want to argue some points raised but thats all you're getting from me this weekend.

rpstdavids

And the fun continues..........:rotfl:

Chrisblue1962

2sides2everystory, I think the title "Are Santander planning to defraud me" is a bit OTT..

I hardly think the boffins at Santander spend hours and hours burning the midnight oil "planning" to defraud anyone, never mind you..

The banking system in the UK / EU is not perfect because after all it involves human beings and human fallabilities.

If you're really bothered, next time you go out, just check behind the hedge first to see if Santander are watching you...they'll be wearing trenchcoats, sunglasses and pretending to read FSA guidance documents...:rotfl: