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Faster payments limit

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Comments

  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    On perusing the following link:-
    http://www.ukpayments.org.uk/faster_payments_service/value_limits/

    RBS have a limit of £99,999.99 for standing orders.
    J_B.
  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
    Depends on how quickly you need the transfer, a cheque would have no limit to the amount you could draw :-)
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    cepheus wrote: »
    I don't see why a higher limit couldn't be arranged in principle if they wanted to, since some other banks manage to do this. It still may be a good idea to insist on advance warning for higher amounts. However, then they wouldnt be able to charge CHAPS, and those Fat Cats need feeding somehow! :)

    Can you enlighten us on which banks have variable upper limits for FPS? I haven't heard of any, and having been involved in FPS development I would be very surprised to find that it is actually being done.
  • Gromitt
    Gromitt Posts: 5,063 Forumite
    Some banks seem to have variable limits on FPS. Such as 10K for an instant transaction and 100K for a standing order transaction.
  • cepheus
    cepheus Posts: 20,053 Forumite
    edited 26 May 2012 at 10:08AM
    agrinnall wrote: »
    Can you enlighten us on which banks have variable upper limits for FPS? I haven't heard of any, and having been involved in FPS development I would be very surprised to find that it is actually being done.

    I can't because they don't, why? Because they don't want to (see above), or have a can't do attitude.

    Why do CHAPS, SO, or Lloyds FPs have a different limit? Because they have decided to allow them a different limit, simple as that. If it helps, lets call this new invention faster payment with advance notice so it has a different status like the others. Does that help? It isn't rocket science.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    agrinnall wrote: »
    Can you enlighten us on which banks have variable upper limits for FPS?
    Citibank draw the line at £500 for immediate FP. Anything bigger they will only send overnight.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
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