Faster Payments from May 27 - confirmation from APACS

Dagobert

Biggles wrote: »

I'm reasonably satisfied with the way LTSB's online banking handles BACS (set it up on a Mon, funds leave my account on Tue, land in payee's account on Wed)

At TSB, a payment set up on Monday, can leave your account at the earliest on Tuesday. A BACS payment leaving the account on Tuesday will arrive on Thursday, NOT on Wednesday.

A payment can be scheduled for the next working day at the earliest. It enters the 3-day BACS cycle on the day it leaves the account. However, TSB still pay interest on the two days it takes to reach the recipient.

Milarky

Megalomaniac - RBS is NatWest! It may have taken several days up until now to do what you're doing but it should always have been possible (in theory) to send money between these accounts instantly. (Yes, I know they used to be separate banks in reality - but that's what 're-organisation' is meant bring about) If they've been using BACS and have simply migrated this type of payment to 'FP' (let's call it) then you still ain't got the instant transfers you'd expect - since FP goes outside the bank. I do hope your occasional standing order isn't going to clog up this delicate new system altogether..

And I was going to say that the official press release isn't exactly a model of precision either. If John MacFall wasn't such a total waste of space on the Treasury Select Committee, this is exactly the sort of thing (continuing to delay) I would be asking him to investigate

Megalomaniac

Milarky wrote: »

Megalomaniac - RBS is NatWest! It may have taken several days up until now to do what you're doing but it should always have been possible (in theory) to send money between these accounts instantly. (Yes, I know they used to be separate banks in reality - but that's what 're-organisation' is meant bring about) If they've been using BACS and have simply migrated this type of payment to 'FP' (let's call it) then you still ain't got the instant transfers you'd expect - since FP goes outside the bank. I do hope your occasional standing order isn't going to clog up this delicate new system altogether..

And I was going to say that the official press release isn't exactly a model of precision either. If John MacFall wasn't such a total waste of space on the Treasury Select Committee, this is exactly the sort of thing (continuing to delay) I would be asking him to investigate

No point in being rude. Did I not say they're the same? :rolleyes:

Milarky

Megalomaniac wrote: »

No point in being rude. Did I not say they're the same? :rolleyes:

Yes you did, quite fairly - and I apologise for my tone! :A

Hazzanet

Hmm, I'm starting to question whether RBS have implemented early. Example:



Here you can see that I have instigated a transfer to my Halifax Mastercard on the 1st May 2008, for £30.00.



And here you see that it was credited to the account on the 2nd May 2008. Under BACS, the earliest I would expect to see this is Tuesday 6th May (taking into account the Bank Holiday), if not Wednesday the 7th.

Anyone have any thoughts?

roddydogs

You may see it, but how can u prove your getting the interest?

Hazzanet

I can't, but by the same token, I also wouldn't have expected to even see it!

Milarky

Hazzanet wrote: »

I can't, but by the same token, I also wouldn't have expected to even see it!

From memory, payments to Halifax credit cards (Also HSBC & Lloyds TSB) do apply after just 1 day - rather than the usual two. I've reported this a number of times and it's been the case for a year or two now. However conventional Bank-to-bank payments still take 2 days - even when leaving from the same current. Why credit card payments are expedited I don't know but I suspect it's because they must get put onto the BACS batch instantly - which rolls overnight.

[But it isn't an example of a 'Faster Payment']

Dagobert

Payments from any bank to the West Bromwich Building Society are applied after just one day, too! This has been the case for a long time; it is not a Faster Payment.

Does anyone have an idea how this is possible?

MarkyMarkD

Hazzanet isn't seeing the transaction appearing on the second day, though, but the day after the second day.

Halifax will have received the money from BACS on the second day (Friday) but banks normally don't credit individual accounts until the third day (in this case, Tuesday). But there's no reason why they can't process them overnight on the Friday if they choose to. Halifax are just choosing to process BACS credits as soon as they get them, rather than delaying them over the weekend, I presume. Ditto for WBBS (or possibly they are just back-dating the transactions a day).