Faster Payments advice

anselld

Neil49 wrote: »

Different banks have different faster payment limits. Lloyds is £25k per working day, Nationwide £10k, Santander £100k.

That is true, however the overall limit to the entire Faster Payments system is currently £250k.

YorkshireBoy

agrinnall wrote: »

What's your view of what the alternatives are? A 3 working day payment using BACS DC is a possibility, but I'm not aware that any FI does it automatically when a FPS fails.

My view (I don't work in the industry) is that they have options* open to them that they don't publicise, up to the £250K current limit. However, these are subject to additional checks, hence even FP enabled bank to FP enabled bank could take an additional day. If YBS (as a building society using a NatWest collection account as an FP intermediary) can shift multiple £250K payments by close of business next day - including time spent at NatWest - then I'm sure all the current members of the scheme can do the same.

I agree with you though, that the banks won't run DC for personal customers, because that wouldn't comply with the PSRs. Additionally, I don't think they'd revert to a free CHAPS, as sometimes a CHAPS payment to a savings account requires a different sort code/account number combination...for the same destination account.


* I was made aware recently that Halifax call centre staff can move up to an additional £10K from an account you've already made a £25K payment from that day. So in theory, with 4 Halifax current accounts I could shift £140K same day! As it happened I was only moving just over £30K. By way of another example, I once moved £60K out of Tesco in one day...£10K myself (the then limit) online and a further £50K by phone.

agrinnall

YorkshireBoy wrote: »

My view (I don't work in the industry) is that they have options* open to them that they don't publicise, up to the £250K current limit.

I no longer work in the industry (almost 10 years away now) but I was closely involved with payment systems and in the development of FPS, and certainly at that time there was no bank 'back door' to send higher value transactions than customers were allowed.

Which isn't to say such a facility hasn't been developed since then (and anselld's experience might well suggest that there is), but I would have thought we might have seen it mentioned on here by someone who is a bank insider by now, and I haven't.

System

I thought the scheme limit had been rising as the FP scheme matured 100k > 250k > 1 million.

Obviously, not all participants might use those levels and some may use CHAPS in some instances.

mattconway

mattconway wrote: »

Good Afternoon

I wondered if anyone had any information on my scenario.

Me and my partner just made three faster payments for our house depositi from our Nationwide account to our solicitors Natwest account this morning. They have still not received payment.

Does anyone know from experience if it is common for there to be a delay due to it being a Saturday. Just a bit panicky due to the amount of money sent to them.

Kind regards

The solicitor received the money this morning!

Missus_Hyde

mattconway wrote: »

The solicitor received the money this morning!

Thanks for updating us; I’m very pleased to hear that! :T

Biggles

Missus_Hyde wrote: »

Thanks for updating us....

... so promptly!