Are all Natwest Payments now Faster Payments?

johnsons_baby

Or is there a limit to the amount that can be sent FP from a Natwest account?

I want to send £2000 to my Grandad's Lloyds account today, it's from my car insurance settlement plus some money I've saved, I need him to have it so I don't fritter it away!

I rang telephone banking and they said it 'should' go FP but it 'could' go slower but it should be there by Tuesday at the latest?

I asked if this payment would be better done in 3-4 smaller amounts to guarantee it getting there today or just as a lump sum? She said it was my decision whichever way it went!

Am really no wiser following my conversation with them!

p00hsticks

I've never been able to enter a weekend date for payment on the Natwest online system - it always defaults to the next working day (in this case Monday) - although the money does disappear from my balance straight away. I'm afraid I'm not sure exactly when it reaches the recipient though, so of limited help to oyu. Sorry.

YorkshireBoy

I believe their FP limit is £10K. Could be wrong, but it's certainly more than £2K.

FPs normally land within 2 hours (often immediately). However, under the PSRs (payment services regulations) they're allowed to credit by the end of the next working day.

Because today is technically Monday, in banking terms, the answer "it could be Tuesday" is true...and compliant with the regs.

More likely, it'll land today (but be dated Monday 28th), providing Grandad's account is a current account.

johnsons_baby

It is a current account but given the uncertainty of the date it'll land, going to do the old fashioned thing and withdraw the money at the counter and walk to LTSB next door and put it in his account!

YorkshireBoy

johnsons_baby wrote: »

It is a current account but given the uncertainty of the date it'll land, going to do the old fashioned thing and withdraw the money at the counter and walk to LTSB next door and put it in his account!

Why does it matter what day it'll land in his account?

It'll leave your account immediately, so as soon as you press 'submit' you can rest assured you won't be able to "fritter it away".

johnsons_baby

As I'm looking at cars today and tomorrow, if I find something I want to buy (& he's coming with me) we'd need to have to money available to purchase or put a deposit down.
I don't trust myself not to spend it on other things so its better to give it to him for safe keeping

Agricolae

If you send it via online banking it will most likely arrive in "real-time", so it will be sent by NatWest and accepted by Lloyds in the same second. That is how Faster Payments usually works.

If you send it over the phone it will be sent a working day after you request the payment (so Tuesday, because we are now past Friday so technically today is "Monday") if you have not sent a payment to the same person before. This is so additional security checks can be completed. Other reasons to do with internal procedures may also delay the payment until Tuesday even if you have sent a payment to him before.

jonesMUFCforever

Why on earth send it anywhere if you are going to look for a car tomorrow?
What can your Grandad do with his Lloyds card that you cannot do with your Nat West one?

If the FP is delayed for any reason what will you do then??
Will you really fritter it away in 24 hours??

pinkdalek

OP - most banks will have a FP limit, sorry but for Nat West I don't know the maximum, however I would be very surprised if £2k was over their limit as HSBC is £10k, Llloyds/Halifax is £25k.

If you send it over the weekend it will be sent immediately, if it can go as a fast payment it will show in your grandad's account and be available that day. For banking purposes as banks transactions run Mon-Fri it will show on both your statements as Monday.

If it can't go as a faster payment then yes it will be end of day Tuesday at the latest.

What you do with your money is your business, if you would rather send it to your grandad so your don't spend it then do so. Good luck.

johnsons_baby

What I do with my money is my business and not for judgement to be passed on, thanks.

There is always a possibility of money being used 'not for purpose', it's easy to think that 'oh I'll just borrow £10 out of that and put it back next week' do that a few times and you could be £50 down.

As it was my car that was written off and my insurance which paid out, I kind of feel it is mine to do what I want with it. The question was about FP, times, limits not a discussion about what I do with my own money.

In the end took the cash out and put it in his account in branch.

jonesMUFCforever

johnsons_baby wrote: »

What I do with my money is my business and not for judgement to be passed on, thanks.

There is always a possibility of money being used 'not for purpose', it's easy to think that 'oh I'll just borrow £10 out of that and put it back next week' do that a few times and you could be £50 down.

As it was my car that was written off and my insurance which paid out, I kind of feel it is mine to do what I want with it. The question was about FP, times, limits not a discussion about what I do with my own money.

In the end took the cash out and put it in his account in branch.

Touchy quite an apt username.

I was only warning you that FP is not infallible - it could have gone wrong with the amount having been debited to your account but not reaching your grandad 's account, especially as you are doing this over the weekend.
Glad you got it sorted anyway.