urgent query answer Asap PLEASE.

bouicca21

I doubt my bank is the only one to publicise a limit for FP but nevertheless reserve the right to interrupt a transaction if it is "unusual" in order to investigate for fraud. They wouldn't tell me me how "unusual" a transaction had to be in order to get flagged. They also said they had no way of telling the system that a transfer of £x was about to take place and should not be flagged.

When I transferred my deposit, I found the only cast iron way of ensuring it went through in the right timescale was to go into branch with two types of ID and do it by FP across the counter.

seven-day-weekend

Andypandyboy wrote: »

I used FP for a house completion and the amount exceeded £10k, it was there in the client account within 2 hours. I know this because a friend works there and she contacted me to confirm it had arrived.

I used internet banking (instant payments) to transfer £38k in four separate transactions (3 x£10k and one of £8k) to my solicitor's Client Account and they all reached her the same day. I was advised by the bank not to do more than £10k at a time.

Bart1

When I use FP on my internet banking (CoOp) I get a message to the effect that it will probably be there in two hours but COULD take up to 24......

The money always goes through in minutes but it sounds like it's not guaranteed

agrinnall

bouicca21 wrote: »

When I transferred my deposit, I found the only cast iron way of ensuring it went through in the right timescale was to go into branch with two types of ID and do it by FP across the counter.

There is no cast iron way, even a CHAPS payment could be held up if there is a suspicion of illegal activity or some significant system issue. I very much doubt whether doing an in-branch FPS is any more likely to go through uninterrupted than one done online, the system really doesn't care how the payment is initiated.

seven-day-weekend wrote: »

I used internet banking (instant payments) to transfer £38k in four separate transactions (3 x£10k and one of £8k) to my solicitor's Client Account and they all reached her the same day. I was advised by the bank not to do more than £10k at a time.

Unless your bank has a £10K transaction limit then their advice was poor, it really doesn't make any difference what amount is transferred if it's within the bank's limits.

Bart1 wrote: »

When I use FP on my internet banking (CoOp) I get a message to the effect that it will probably be there in two hours but COULD take up to 24......

The money always goes through in minutes but it sounds like it's not guaranteed

Correct, it's not guaranteed at all, transfers usually take between a few seconds and a few minutes, nearly all will go through within 2 hours, and all but a very small number will be completed by the end of the next working day (there's no up to 24 hours timescale).

For those using this forum who don't understand how Faster Payments works could I suggest that you take a few minutes to read up about it?

http://www.fasterpayments.org.uk/consumers

bouicca21

Going into branch with ID meant the staff put it through and thus evaded the customer system. This was what I was advised to do after a tedious 3 way discussion with Halifax fraud and customer services depts.

Perhaps it's just Halifax. They seem to generate flags for all sorts of daft reasons. On another occasion I had a credit card transaction interrupted as it was unusual. Well yes it would be - it was the first ever transaction on a new card ...

fed_up_and_stressed

seven-day-weekend wrote: »

I used internet banking (instant payments) to transfer £38k in four separate transactions (3 x£10k and one of £8k) to my solicitor's Client Account and they all reached her the same day. I was advised by the bank not to do more than £10k at a time.

That was the same as me, i did multiple transfers of £9,999 through faster payments as this got there within 2 hours and was free whereas chaps was £20 and was done the following day. No brainer.

Tuareg

bouicca21 wrote: »

Perhaps it's just Halifax.

Halifax REFUSED to do a free FP transfer of the money stating that in branch limit was £2500 a day.

They were of course only to pleased to do a no limit CHAPS payment buy only for £25.

bouicca21

Well they (after three way convo described above) sent 20k for me by FP - and that wasn't a special arrangement.

AdrianC

You'd be mad not to use CHAPS, imho. Not only is there a much greater likelihood of it arriving when you want it to, but the checking of destination is much greater. £25 is peanuts compared to the costs likely to be involved if it goes pear-shaped, and peanuts in the grand scheme of house-purchase costs.