Faster Payment Service at Weekends.

Unillogical

I am currently with Natwest and by far the most annoying thing I have found is their switch to only accepting instant faster payments on weekdays during operating hours. Is this purely a Natwest thing or is this all banks? Essentially I would like to be able to send payments within a couple of hours 24/7 or at the very least at weekends during the day. Do any other banks offer this?

pinkdalek

I don't fully understand your post here. I sent FP into Nat West on a weekend without issues, yes it shows the next working day (Monday) as the date it is received, however if I need to access it I can do so. In fact I can always access my monthly salary when it falls on a Monday on the Saturday before it is due to me

pmduk

I have also sent FPs to and from Natwest at weekends with the funds received instantly. I suspect you're getting confused by the fact that Natwest date all weekend transactions on the next working day.

stclair

Unillogical wrote: »

I am currently with Natwest and by far the most annoying thing I have found is their switch to only accepting instant faster payments on weekdays during operating hours. Is this purely a Natwest thing or is this all banks? Essentially I would like to be able to send payments within a couple of hours 24/7 or at the very least at weekends during the day. Do any other banks offer this?

I do not beleive in this the customer is always right theory

However all faster payments made on a weekend will happen instantly however they will be dated Monday on your statement

agrinnall

As everyone else has pointed out, FPS works 24/7/365 unless there is a system failure or a planned outage. Full members must provide the immediate payment facility, and as Nat West are for definite a full member your analysis of the situation is faulty.

Vortigern

stclair wrote: »

...they will be dated Monday on your statement

If paid in to an interest bearing account, from what date will it earn interest?

pmduk

that would be subject to the T&Cs of the receiving account.

Vortigern

pmduk wrote: »

that would be subject to the T&Cs of the receiving account.

That is true for a deposit by cheque but surely a FP is cleared immediately? It would be difficult to reconcile interest payments if the date on the statement is not the effective date of receipt of cleared funds.

Gromitt

agrinnall wrote: »

As everyone else has pointed out, FPS works 24/7/365 unless there is a system failure or a planned outage. Full members must provide the immediate payment facility, and as Nat West are for definite a full member your analysis of the situation is faulty.

Don't forget however that the definition of "Faster payment" is "By the end of the next working day", so a Faster Payment made on a Saturday officially doesn't have to complete until end of business on the Monday (or Tuesday if a bank holiday Monday is present). Its just typical and expected that most payments will arrive within around 2 hours.

agrinnall

Gromitt wrote: »

Don't forget however that the definition of "Faster payment" is "By the end of the next working day", so a Faster Payment made on a Saturday officially doesn't have to complete until end of business on the Monday (or Tuesday if a bank holiday Monday is present). Its just typical and expected that most payments will arrive within around 2 hours.

Absolutely, but the OP's statement that they only do instant payments during business hours is just not true.

Unillogical

agrinnall wrote: »

Absolutely, but the OP's statement that they only do instant payments during business hours is just not true.

Indeed, I thought I had read a letter sent to me stating that they had changed it. Where it says payment date I assumed that would be the date the money was sent since whilst I've never used it you can send money to be sent in the future - as best I can tell the Natwest system would therefore, make it impossible to send money on Saturday to arrive on Monday as opposed to just being included as having arrived on monday.

Having done more research I imagine what was changed was how they treat money sent at weekends. For someone who hasn't really ever had to be overly concerned with the date of payments arrive the online form really isn't very clear.