What is a faster payment service?

sarahlou29xxx

I need to pay my aqua card and heard they do a faster service.
Sorry if I sound stupid but what exactly is that and how do I do it?

DCFC79

If its what I'm thinking then its just a quicker form of payments being processed.

bengal-stripe

Virtually all bank transfers are Faster Payments these day. A transfer usually arrives within minutes, but the latest at the end of the next business day.

Go to your bank account on-line, set up a new payee. Enter aqua's account number and sort code (which you will find on the statement). Reference is your 16-digit account number. Enter amount and send. If speed is the essence, be aware although the payment should arrive today, it might not be allocated to your account before Monday.

sarahlou29xxx

Thankyou it's not due for another 12 days just like to make sure I'm on time.

MDMD

sarahlou29xxx wrote: »

Thankyou it's not due for another 12 days just like to make sure I'm on time.

Why not set up a DD so you can't forget? They usually get taken on the due date.

bris

FPS is just a banking term for almost instant bank transfers. It leaves your account and hits theirs in minutes with a rare chance it may take a few hours.


With the old way it could take up to 3 working days so it is a big improvement.

agrinnall

To be safe you need to make the payment on the business day before the due date as while FPS normally works within minutes/hours the service has until the end of the next business day to arrive and be within the requirements of the Payment Services Regulations.

You should also bear in mind that from some financial institutions that are not full members of the Faster Payments system the payment will never arrive on the same day it's sent as they process payments overnight. If you tell us who you bank with we can tell you what sort of service they provide.

sarahlou29xxx

Thanks for your help
I bank with hallifax

chuckley

you would've had the 'how to pay' leaflet in your 'welcome letter'...

bengal-stripe

sarahlou29xxx wrote: »

I bank with hallifax

Here is Halifax explaining Faster Payments

http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp

You can also set up the payment in advance and you can stipulate a certain date in the future when the payment shall leave the account.

So you can't forget and the bank's computer won't forget either.