Why do Yorkshire Building Society so called ‘Faster Payments’ take until the next day

enthusiasticsaver

I agree it is  frustrating.  If I pay from my  Starling or Nationwide it is almost instant whereas YBS is next day usually.  They do pay good interest rates though so I just make sure I allow at least a day to get it moved over. 

abc987

Yorkshire_Pud said:

I hope they eventually make it same day as most other institutions manage.

Don't hold your breath. 

littlemoney

I am considering opening an account with Shawbrook and they state withdrawals funds will be in the nomiated account the next day, but only if done before 2.30pm:(

cloud_dog

littlemoney said:

I am considering opening an account with Shawbrook and they state withdrawals funds will be in the nomiated account the next day, but only if done before 2.30pm:(

£500 minimum withdrawal.

Barkin

littlemoney said:

I am considering opening an account with Shawbrook and they state withdrawals funds will be in the nomiated account the next day, but only if done before 2.30pm:(

It's actually the next WORKING day. 

2:30pm is the cut-off for withdrawals by telephone or secure message. It's 9:30pm via the web portal. 

[Deleted User]

phillw said:

[Deleted User] said:

eskbanker said:
There is no need for non-direct participants to have next day faster payments -  it's a design choice to reuse a BACS type arrangement. 

As the processor will have a certain amount of capacity, then I presume also they negotiate a processing fee based on what time of day the transactions are processed.

No, it's 100% a system design choice.
YBS is the size of small bank and could easily negotiate real-time FPs.