Faster payment Con / Scam

MEM62

flaneurs_lobster said:

I'm curious how you think that taking a couple of hours to transfer money is a blood-sucking con / scam?

It isn't.  

abc987 said:

Where's the regulator when you need them?

The regulator is there but you don't need them.  You have no complaint.    

25_Years_On

Is there a competition for bizarre complaints this week?

p00hsticks

25_Years_On said:

Is there a competition for bizarre complaints this week?

Could it be related to the schools breaking up for the summer ?  

Nebulous2

I do a monthly shuffle of money, on the 1st of the month, to meet minimum funding requirements of several bank accounts. I often do these transfers in the middle of the night. 

By the time I have closed one banking app, and opened the next one, the money is invariably there, ready to move on again. 

I am finding more often now that I need a code to authorise the payment, but my overall impression has always been how quick and slick the system is.  

eskbanker

abc987 said:

Any organisation that cannot satisfy the 2-hour transfer limit should have their licence rescinded.
In the meantime, ditch and switch is the only option.

Why should organisations who are complying with their obligations under the Payment Services Regulations have their licences rescinded?

Voting with your feet is the obvious and justifiable response for those who are unhappy with institutions who don't invest in achieving the more onerous service level, but it is optional.

* waits for gratuitous tired tropes along the lines of 'you must work for them' *

masonic

abc987 said:
Any organisation that cannot satisfy the 2-hour transfer limit should have their licence rescinded.
In the meantime, ditch and switch is the only option.

Many savers would rather see a higher rate on their savings, then a savings bank spending large amounts of money improving a payment system. My investment platform still uses BACS for withdrawals, so they take 3 working days, but I save £££ in fees by using them, so I am a happy customer. Likewise for my 7% regular saver from First Direct, even though their maturity process takes 2-5 days.

Qyburn

abc987 said:

Any organisation that cannot satisfy the 2-hour transfer limit should have their licence rescinded.

What "limit" is that?

badger09

eskbanker said:

abc987 said:

Any organisation that cannot satisfy the 2-hour transfer limit should have their licence rescinded.
In the meantime, ditch and switch is the only option.

Why should organisations who are complying with their obligations under the Payment Services Regulations have their licences rescinded?

Voting with your feet is the obvious and justifiable response for those who are unhappy with institutions who don't invest in achieving the more onerous service level, but it is optional.

* waits for gratuitous tired tropes along the lines of 'you must work for them' *

But it’s so obvious that you work for them! Just look at your name!!!!
😈

eskbanker

badger09 said:

eskbanker said:

abc987 said:

Any organisation that cannot satisfy the 2-hour transfer limit should have their licence rescinded.
In the meantime, ditch and switch is the only option.

Why should organisations who are complying with their obligations under the Payment Services Regulations have their licences rescinded?

Voting with your feet is the obvious and justifiable response for those who are unhappy with institutions who don't invest in achieving the more onerous service level, but it is optional.

* waits for gratuitous tired tropes along the lines of 'you must work for them' *

But it’s so obvious that you work for them! Just look at your name!!!!
😈

Damn, foiled again! I'd have got away with it if it wasn't for those meddling kids....