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

adindas

I understand during the weekend the SO is normally done the following working day.

What about the faster payment.
Say I am sending money to someone account this coming Saturday March 24, 2018, will it arrive on the same day on the other account?

If not when will it be arriving, thanks

pafpcg

adindas wrote: »

What about the faster payment.
Say I am sending money to someone account this coming Saturday March 24, 2018, will it arrive on the same day on the other account?

Faster Payments ignore the traditional concept of non-working days - it operates seven days per week. So anything you send (within the Faster Payments network) should arrive on the same day including Saturdays, Sundays and Bank Holidays (subject to the usual cautions about the FP guarantees and security checks). I can't recall sending anything from Coop Bank on a weekend to be certain this is true for the Coop, but I've no recollection of ever having a problem (other than Coop is slower than most to credit its accounts).

pafpcg

realaledrinker wrote: »

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?

Whether it's a problem or not is highly subjective - I think it's a problem about 75% of the time!

I'm reminded of when I was working in the central computing support unit of a large multinational thirty-odd years ago when our IBM International account manager proudly presented to us the results of an IBM research study showing the productivity gains that flow from having sub-second response times for user interaction with computer systems. My colleagues and I had the natural cynical reaction that this was just a marketing ploy to get us to upgrade our computers to bigger, faster and even more expensive beasts, but digging into the research showed the key factor in the productivity improvement was the *predictability* of the computer's response time - whatever the response time, if the user could anticipate the arrival of a response then the user could manage their work around it; what damaged productivity was if the user could not predict when the response would come. So in a world were we've been conditioned to expect inter-bank transfers to take seconds, then having to wait for the Coop to respond is an aberration and coupled with the variability (will it take 15 or 150 minutes?), this results in my refusing to use Coop as my primary bank account.

realaledrinker

You must be one of the 1% then.

Nick_C

Although most faster payments move from bank to bank almost instantly, the days of the transaction will vary from bank to bank. Most banks treat transactions on a non working day as taking place on the next working day. Tesco is an exception (there may be others.)

Send a FP from Lloyd's to Tesco on Sat 17th. Lloyd's will show it leaving your account on Mon 19th. Tesco will credit it on Sat 17th (two extra days interest )