Faster Payments - No longer Instant

Smitty

Hello

Has anyone else noticed that faster payments are no longer instantaneous?

I used to be able to send the money from one bank, log in to the target account and see the money. (Apart from Tesco bank)

In the last week or so it seems to take 5-10 minutes. I've noticed this with TSB, Halifax & HSBC.

Kind Regards

PeacefulWaters

They were never guaranteed to be instant, even though most are and continue to be.

It's perfectly possible, and legal, for a FP sent on the Thursday evening before good Friday to turn up by close of business the following Wednesday.

Smitty

Yes I am aware they were never guaranteed, I'm just highlighting a notable change in the last week or so.

I'm interested to see if anyone else has experienced this?

It's rather annoying when shuttling money around.

mgdavid

Smitty wrote: »

Yes I am aware they were never guaranteed, I'm just highlighting a notable change in the last week or so.
I'm interested to see if anyone else has experienced this?
It's rather annoying when shuttling money around.

I had an absolutely instant one within the last week.
I also had a paypal to bank tx (which is usually minutes) take from Saturday to Wednesday.
Who knows? It's no big deal as by design, I don't run any of my finances or accounts down to the wire...

PeacefulWaters

Smitty wrote: »

Yes I am aware they were never guaranteed, I'm just highlighting a notable change in the last week or so.

Be honest. Your title and opening sentence clearly displays/implies a thinking that they are always instant.

Smitty

I'm not trying to be anything other than honest.

In my experience until last week, HSBC, Halifax & TSB have been instant 99% of the time. But I can read... and am aware they are 'usually processed within 2 hours'.

None of my last 10ish transfers have been instant.

Thanks mgdavid, Im hoping its just a blip

Superscrooge

If I have already set up the payment details on my account then the payments are usually instant.

The only time I sometimes experience a delay is when making the first payment to someone I have never paid before

pfpf

as per the OP and apart from Tesco (never instant) I did notice TSB took a "little" longer than the usual "instant" this week. I do a big shuffle once per month and didn't notice any other differences.

pmduk

Last weekend was the end of one tax year/beginning of another. It's not unreasonable to presume transaction volumes have been substantially higher.

djpailo

I have just transferred from Santander to TSB to examine this and it does seem slower than what I usually expect, at least between these two banks. Normally it appears after a minute or so, but 10 minutes and still "waiting".

Maybe some banks are doing some maintenance work? Doesn't really matter anyway, its still well within the specified time constraints.

System

TSB seem to be migrating off the Lloyds platform recently.

TSB > Halifax would have been an internal transfer prior to that and likely instant.

Also, HSBC have never been the fastest IMO