faster payments

epitome

Does faster payments work on a saturday & sunday?
Thats the name of the instant transfer of money online via different banks right?

will the money show as received in the receiving nationwide flexaccount?

Margey

Hi

I think that initially Faster Payments only worked during the week excluding weekends. But i think now it can be used 24 hours a day and on any day of the week. so yes it does work on Saturday and Sunday.

Hope that word efficient answer helped

Margey

bubieyehyeh

I think it depends on the banks, I have one account, that I can pay money into by faster payment instantly on weekdays or weekends. However outgoing faster payments only seem to get sent near the end of the day on banking weekdays.

epitome

Hi, it worked!

Some of you may have been wondering why I just didn't try it and find out.
Well, it was the first time I had done it from within Lloyds and so I had not set up my recipient yet, and I was not familiar with the process and what was going to happen.

So I did it with £1 to start off with to make sure it went to the right account, and when you click on continue the Lloyds computer rings you at home instantly and asks you to key in the security code which is displayed on your computer screen, which I did, and then I checked Nationwide and the £1 was there already.

So then I followed up with a much larger amount which went through without a phone call and it too was showing in Nationwide immediately.

Thanks

One annoying thing is the lady in Nationwide said they have a £5000 limit on their faster payments out of Nationwide....
Lloyds is £25000

Mikeyorks

epitome wrote: »

One annoying thing is the lady in Nationwide said they have a £5000 limit on their faster payments out of Nationwide....

It's £10000 - according to FP :-

http://www.fasterpayments.org.uk/faster_payments/how_to_use_the_faster_payments_service_new/-/page/1948/

Gromitt

I've transferred 10K from Nationwide and its worked fine, so it's definitely not 5K. It does say 10K on Nationwides web site too.

Note however that instant faster payment are not guaranteed. Its only guaranteed to reach the sending bank "By the end of the next working day", so by Tuesday for payments made over the weekend.

epitome

Is it always free, there's no hidden charges that I'm unexpectedly going to be faced with?

Does Lloyds daily limit apply to Saturday and Sunday being counted as 1 day? Only they are saying I have exceeded my daily limit....and they won't let me send any today.

If I could find my PIN for telephone banking would Lloyds let me send some today by phone? I don't think I'll find that PIN though.

MoneySaverLog

epitome wrote: »

If I could find my PIN for telephone banking would Lloyds let me send some today by phone? I don't think I'll find that PIN though.

Can you not use internet banking instead of phone bank to make the faster payment? I'd check with any new payment by sending a test payment of a pound to start with to ensure that it's set up correctly.

YorkshireBoy

epitome wrote: »

Is it always free, there's no hidden charges that I'm unexpectedly going to be faced with?

Correct.

Does Lloyds daily limit apply to Saturday and Sunday being counted as 1 day? Only they are saying I have exceeded my daily limit....and they won't let me send any today.

I think you'll find that Saturday, Sunday, and Monday all count as one day.

In banking terms, Monday starts as soon as they've finished the Friday night processing run.

atush

My hsbc faster payments works at weekends.

Because I have transferred funds to others that way and it arrived in their accts in the next 2 hours.

epitome

YorkshireBoy wrote: »

I think you'll find that Saturday, Sunday, and Monday all count as one day.

In banking terms, Monday starts as soon as they've finished the Friday night processing run.

So we're still in the dark ages