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

bigadaj

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 be aware of the actual terms and conditions of use of the relevant service and work in accordance with the most pessimistic assessment.

It's up to you if you want to risk incurring overdraft fees and charges for moving money around a few hours earlier than strictly necessary, but it's one way in which the banks can make some money back from the deals they offer be that rewards, higher interest rates etc

hollie.weimeraner

Candyapple wrote: »

I would second this.

So would I. Co-Op is generally at least 2 hours before payments show up and have been known to be overnight.

I also bank with Nationwide, Santander and TSB which are all more or less instantaneous.

Nick_C

Yorkshire Building Society FPOs typically take about 36 hours. FPIs are usually overnight.

System

Nick_C wrote: »

Yorkshire Building Society FPOs typically take about 36 hours. FPIs are usually overnight.

YBS isn't a clearing bank, it uses NatWest - if it's payments arrive before the end of the next business day then they aren't 'late'

Nick_C

Heng_Leng wrote: »

YBS isn't a clearing bank, it uses NatWest - if it's payments arrive before the end of the next business day then they aren't 'late'

I appreciate they are not a bank (neither are Nationwide). Its just frustrating that they claim to use Faster Payments, yet they are so slow. Of course, it's faster than BACS!

pafpcg

Nick_C wrote: »

I appreciate they are not a bank (neither are Nationwide).

In these circumstances Nationwide *IS* a bank - they were a founding member of the Faster Payments Service when it launched back in 2008. The list of the current participants is here: www.fasterpayments.org.uk/about-us/current-participants

For the retail customer, the old division between "banks" and "building societies" is pretty meaningless today - the only distinction now is "mutually-owned" and "non-mutual", though there are differences in the legislative environment in which the two sectors operate.

But to get back to the OP's question, if you want to experience the ultimate in "faster payments", try a payment from Tesco to Coop. Whenever I'm desparate enough to try it, I always allow an hour or so before checking to see if it's arrived. And all these comments on the expected speed of an inter-bank transfer exclude the dreaded "security checks" delays!

Adrian99999

I also can confirm that Co-op is very slow to receive a payment.

teddysmum

I used to do my round robin by taking money from our Co-op account,then returning anything not needed to be deposited for standing orders to regular savers or spends for cashback.


Very often,but not always,Co-op took a couple of hours for the return payment,but was just as fast outwards as the others were both ways. Tesco's appeared to have a slight lag inwards, but I found that logging out then back in showed the transfer was completed.

pmduk

The posters are right, Co-op is slow to credit receipts, but fast at making payments

realaledrinker

The Co-op system to credit your account is batch based rather than real time. Not sure on how often it runs, but that's why incomings don't appear for an hour or so. Cannot believe that this is a problem 99% of the time?