Internet Banking - FIRST TIMER

Gromitt

heloid wrote: »

since the OP relative is with Natwest it will moved within the bank avoiding the faster payments system altogether.

Natwest = Lloyds TSB Group?

I thought they were completely different, thus needing a FPO rather than a TFR.

AdamJK_2

OK let me explain - but the thread is by far going off topic....

The FP is now up to £25k as pointed out. If you were to phone the bank, as some on the board have reported and have been told (rightly or wrongly) you would be informed that there's a £500 ceiling to FP transfers within 2 hours - over this amount the payment will take (read can take) up to 1 working day to credit to the recipients account.

I don't pretend that this is always the case - it would be foolish to do so given the complexity of the various banks payment processing systems and anti-fraud systems in place.

The point I'm trying to convey is that the LBG advice is that payments of £500 are guaranteed to be within 2 hours. Payments over can take up to 1 working day - the public website states that payments can take up to 1 working day. I know from experience that payments can go through faster and have done so, conversely payments I would have expected to go through straight away haven't. If you're being told that the large payment will be sent immediately by someone then they probably shouldn't be saying that as the scripting states "payments can take up to one working day to credit the recipients account".

The advice the bank gives is 'one size fits all'. If they promise to send your £10k in two hours and it's not there then they have a complaint, if they say 1 working day and it takes 2 hours then no complaint, no foul, no harm.

I was trying to provide a accurate answer to the OP - the very answer I was provided with by LBG. Expect 1 working day for the FP and you won't be disappointed!

gt94sss2

AdamJK wrote: »

The point I'm trying to convey is that the LBG advice is that payments of £500 are guaranteed to be within 2 hours. Payments over can take up to 1 working day - the public website states that payments can take up to 1 working day.

LBG obviously gave you the wrong advice. Any Faster Payment is guaranteed to arrive in two hours once it enters the faster payment system.

A few payments may be delayed slightly because of fraud checking but their won't be a default £500 limit as you describe.

The reasons banks quote 'by the end of the next working day' is because that's how long EU regulations state (and I suspect some building societies are slow at reflecting payments received). The faster payments system exceeds this minimum standard..

Regards
Sunil

Worthingchappie1983

Thank you to everybody who took the time to respond to my thread.

I have noted that I will receive a USER ID in the post and password is set up once I have this, however still a bit hazey on whetherI will be able to send the GBP 5,000 to a NATWEST account.

I'd like to say that i am online and banking online, however I still hav'nt received my user id. I requested one last Friday. Is it too early or is it worth chasing them up.

leodis

The transaction limit online is £25k so you'll be fine with the transfer to NatWest. The £10k limit is just for telephone banking - up to £500 immediately, over £500 next working day.

zerog

As most people have said, Faster Payments from Lloyds up to £25,000 will generally be sent immediately. However, AdamJK has a point here. I think he is trying to say that payments over £500 to a new payee may not be approved for sending immediately. This is certainly the case in my experience and has resulted in my internet banking becoming blocked several times.

Because you, Worthingchappie1983, are using internet banking for the first time, first of all you'll need to set up your phone number, then wait 7 days for it to be activated.

When you add the payee after 7 days, an automated system will call you to verify the details, so make sure you can get to your phone from your computer. You can then send the payment. I am almost certain that it will be blocked for fraud prevention. Once you see this message, DO NOT DO ANYTHING ELSE on internet banking except logging on and off. Any further transactions will cause you to be unable to log on and you will need to phone them to unblock it.

The payment should be approved and sent by the end of the next working day. It is possible that Lloyds will call you to verify that you want to send the payment (since at this point, anyone stealing your post could impersonate you and set up online banking on your behalf.).