FP to Coventry BS

sorcerer

I just did a Faster Payments transfer from Nationwide to Conventry Building Soceity, so far it's been over an hour and no money has turned up at Conventry.

I thought faster payments are normally within a few minutes, anybody else had problems transfering FP to Conventry.

innovate

I believe the service level commitment is by end of next working day?


EDIT: Yep, remembered correctly. From payyourway.org:

From 1st January 2012, all electronic payments will need to reach the recipient’s account the business day after they have been initiated by the payer, because of changes to the law.

I believe the law referenced is an EU law - - - none of the UK law makers seemed to feel obliged to put a bit of fire under the bankers backsides! Just an observation.....

mulronie

innovate wrote: »

I believe the service level commitment is by end of next working day?


EDIT: Yep, remembered correctly. From payyourway.org:

I believe the law referenced is an EU law - - - none of the UK law makers seemed to feel obliged to put a bit of fire under the bankers backsides! Just an observation.....

Almost - but there's technically no such thing as EU law. There are only EU Directives, which national parliaments transpose into national law - in this case the EU's Payment Services Directive (PSD) landed in the UK as "Payment Services Regulations (2009)".

Actually though as you say the requirement is that credits are received to the payees account by the end of the next working day - so really with Faster Payments our banks are being much more generous to us than they need to be!

sorcerer

Thanks just checking the money is in now. Is their anywhere I can see what limits banks accept, since BACS is now defunct.

mulronie

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

savetilibleed

sorcerer wrote: »

I just did a Faster Payments transfer from Nationwide to Conventry Building Soceity, so far it's been over an hour and no money has turned up at Conventry.

I thought faster payments are normally within a few minutes, anybody else had problems transfering FP to Conventry.

Often takes a couple hours to Coventry I find, but it gets there OK.

Norman_Castle

sorcerer wrote: »

Thanks just checking the money is in now. Is their anywhere I can see what limits banks accept, since BACS is now defunct.

Nationwide has a £10,000 limit but you can do multiple transfers up to £50,000 per day.

sorcerer

Norman_Castle wrote: »

Nationwide has a £10,000 limit but you can do multiple transfers up to £50,000 per day.

Great thanks, just waiting for some money to turn up at the Nationwide, then I'll be doing a few Faster Payment transfers.

Glen_Clark

The money may go in straightaway, but be anything up to the next working day before your account is updated on their website to show it.