Coventry Faster Payments?

A_Flock_Of_Sheep

So Faster Payments have been around for quite a while now but I notice that the Coventry Building Society's interpretation of this seems to be make payment today and it will go out the next working day and will arrive at the recipient's account "sometime" that day.

So why are they such laggards when it comes to faster payments. With my Nationwide account I can request payment now and it will be in the recipient account "sometime" today but usually within 2 hours.

agrinnall

Because they are not a full member of the faster payments system so they don't process payments in real time. They do however meet the requirements of the Payment Services Regulations 2009 which implement the EU Payment Services Directive, which require payments to arrive at their destination by the end of the next working day.

http://www.paymentsuk.org.uk/policy/european-developments/payment-services-directive

If you want a full FPS service then choose one of the full members

http://www.fasterpayments.org.uk/consumers/transaction-limits

alanq

Some people would be grateful for the Coventry system. There is time to cancel a payment if one realises one has made a mistake or the account has been hacked.

GingerFurball_2

A_Flock_Of_Sheep wrote: »

So Faster Payments have been around for quite a while now but I notice that the Coventry Building Society's interpretation of this seems to be make payment today and it will go out the next working day and will arrive at the recipient's account "sometime" that day.

So why are they such laggards when it comes to faster payments. With my Nationwide account I can request payment now and it will be in the recipient account "sometime" today but usually within 2 hours.

Assuming Nationwide aren't having one of their regular Faster Payments outages.

pafpcg

A_Flock_Of_Sheep wrote: »

the Coventry Building Society's interpretation of this seems to be make payment today and it will go out the next working day and will arrive at the recipient's account "sometime" that day.

At least the Coventry makes it clear that transfers to external accounts always take place the following working day - there's no obfuscation about their practice. If you want same-day transfers you need to look elsewhere.

But may I just clarify your statement? When making a payment, Coventry does not debit the account until the day the funds are transferred; YorkshireBS, for example, whilst also requiring 24-hours, debit the account the day before the transfer (losing a day's interest).

In my experience, Coventry appear to debit the account in the late morning (10:00 - 12:00) and the transfer takes a couple of hours with the funds usually credited to the receiving account by early to mid-afternoon. In three years of monitoring since Faster Payments were introduced and forty transfers from the Coventry, the actual receipt times (based on SMS alerts from the receiving bank) have varied by several hours without any discernable pattern (maybe just the volume of transactions on the day) but always within the stipulated limits.

But the real revolution was the introduction of Faster Payments after the tardiness of BACS when we lost days-worth of interest and with no real certainty of arrival on the expected day, thus allowing us to shuffle money between accounts to eek out every penny of interest......

G_M

This was one of the reasons I rejected Coventry when looking for a new bank c/a. But as said, at least they were upfront about both the timescale involved, and the explanation for it (when I rang to check).

I forget which bank they use (HSBC?) but as they are not a bank themselves they pass all payments to their bank (next day) who then implement the FP system.

Newly_retired

Coventry BS are also not part of the bank switch system. I found this out when I tried to switch my Coventry First current account to another bank.
In all other respects I have no problems with Coventry.