Co-op Bank - slowest 'Faster Payments' Bank?

michaels

Faster payments can take between 2 hours to close of business the next
working day non dependent on the time they're made.

So a faster payment can take effectively two whole working days (5 elapsed days if over a weekend) to get from a sending bank to a coop bank kcurrent account.

Is this the slowest 'faster payments' implementation of any bank?!

Be warned if you need to top up your coop bank to meet a direct debit payment going out. Personally I am wondering if the whole bank is still spending more time with Charlie and the 'Hos than on basic banking for the 21st century.

badger09

michaels wrote: »

So a faster payment can take effectively two whole working days (5 elapsed days if over a weekend) to get from a sending bank to a coop bank kcurrent account.

Is this the slowest 'faster payments' implementation of any bank?!

Be warned if you need to top up your coop bank to meet a direct debit payment going out. Personally I am wondering if the whole bank is still spending more time with Charlie and the 'Hos than on basic banking for the 21st century.

Standard stuff:cool:

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

I've had my Co-op account over 40 years:o and use it as my 'main' account. I've also had/still have current accounts with almost every bank (except Barclays). In my experience. Co-op is not noticeably slower than the others.

18cc

Starling bank is super-fast...

eskbanker

michaels wrote: »

Faster payments can take between 2 hours to close of business the next working day non dependent on the time they're made.

So a faster payment can take effectively two whole working days (5 elapsed days if over a weekend) to get from a sending bank to a coop bank kcurrent account.

Is this the slowest 'faster payments' implementation of any bank?!

Be warned if you need to top up your coop bank to meet a direct debit payment going out. Personally I am wondering if the whole bank is still spending more time with Charlie and the 'Hos than on basic banking for the 21st century.

Where did you get that quoted text from?

Their current account Ts & Cs state that inbound FPs are applied immediately they receive them and that outbound ones will be made within two hours.

Assuming from your top-up reference that you were paying in, where were you transferring the money from, i.e. was that a full member of the Faster Payments scheme?

Biggles

I don't know about two days, but I certainly agree they are the slowest of the 'Faster Payments' banks that I deal with.

It can normally take a good couple of hours for an incoming payment to be recorded, as opposed to more or less instantaneously for all the other banks I pay to. I know there's usually a standard warning 'can take up to two hours' but, in practice and with banks I am paying every month, it doesn't. Just with the Co-op.

To be fair, though, their outgoing payments seem to be just as fast as anybody else's.

Candyapple

Biggles wrote: »

I don't know about two days, but I certainly agree they are the slowest of the 'Faster Payments' banks that I deal with.

It can normally take a good couple of hours for an incoming payment to be recorded, as opposed to more or less instantaneously for all the other banks I pay to. I know there's usually a standard warning 'can take up to two hours' but, in practice and with banks I am paying every month, it doesn't. Just with the Co-op.

To be fair, though, their outgoing payments seem to be just as fast as anybody else's.

I would second this.

System

I used them (for my bills account) and they weren't any slower than other banks.

locky123

In my experience they are generally the slowest with Tesco being next.

michaels

eskbanker wrote: »

Where did you get that quoted text from?

Their current account Ts & Cs state that inbound FPs are applied immediately they receive them and that outbound ones will be made within two hours.

Assuming from your top-up reference that you were paying in, where were you transferring the money from, i.e. was that a full member of the Faster Payments scheme?

From a cs message when I querried why my incoming fp from first direct on 1st nov did not make it into the account until the end of the 2nd leaving the account to go overdrawn. I do a little shuffle every month to blag the bonuses and santander, habc, fd, halifax, lloyds and tsb all move money in and out instantly.

datlex

I find Tesco bank the slowest out of my banks. Coop are actually almost instantaneous for me.

eskbanker

michaels wrote: »

From a cs message when I querried why my incoming fp from first direct on 1st nov did not make it into the account until the end of the 2nd leaving the account to go overdrawn. I do a little shuffle every month to blag the bonuses and santander, habc, fd, halifax, lloyds and tsb all move money in and out instantly.

So are you assuming that the fault/delay is at the recipient's end rather than the sender's, on the basis that you normally see instantaneous transfers out of FD?

Like other posters above I don't recall seeing a FP into (or out of) my Co-Op account taking more than two hours, but personally I'd be pointing the finger at both the sender and the recipient if a particular transaction was delayed, rather than jumping to conclusions, or is this a regular reproducible scenario where you have evidence of the point at which the delay occurs?