Faster Payments

gsmh

With the Bank of Ireland UK, if an outgoing faster payment is made after the 4.30pm cutoff on a weekday, or at the weekend, it will arrive in the destination account by the end of the next working day - so a payment made at 4.35pm on a Friday will arrive sometime on Monday, or Tuesday if the Monday is a Bank Holiday. This is within the Faster Payments framework. I was exasperated at the undeserved hyperbolic comments about the Co-operative Bank on this forum - they take minutes, occasionally, often seconds where the Bank of Ireland can take days.

I know Triodos faster payments can take some time; are there any other banks as bad as this?

Rob5342

Yorkshire building society was pretty bad when I had an account with, as far as I remember the transfer would be done the following morning. I moved my account as soon as I found out how bad they wete. I find it bizarre that companies whos sole business is banking have such archaic systems. 

gsmh

Often the reason cited is they are using a third party to do the transactions - like how Triodos and the Yorkshire Building Society use NatWest, but the Bank of Ireland has a sort code in the 9x.xx.xx range which is the same range as the other Northern Irish banks so I assume they are doing their own processing. Having said that, I believe Metro Bank uses Barclays, but its faster payments are instant both ways.

SiliconChip

Bank of Ireland is not listed as a Faster Payments participant, so it's not surprising that they can be slower than full members. This is, as suggested, also the case for most Building Societies such as Yorkshire (but not Nationwide, who are listed). I can see nothing to suggest that Metro use a third party, they are listed as a participant so I would asume that means they handle their own payments (and my experience of them supports that).

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/payment-system-participant-list/

penners324

Marcus can take a few minutes each way, Sunday payments out seem to be done early Mondays.