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Faster Payments from May 27 - confirmation from APACS
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MarkyMarkD wrote: »I never, ever, ever pay any bill using BGC. Losing money on bill payments because of BGC "float" is a personal choice - which can be completely avoided by paying bills by DD.
Good point, it should have occurred to me that there is "float" in that too and the length of time it was used for. It was one of only 3 methods for paying bills, BGC with cash or cheque (or the Girobank equivalent), paying them in the Gas Board shop etc by cash or cheque or sending a cheque or postal order to the company you are paying.
Plus it was not just bills as it was obviously there when you paid any money in to your own bank account at a branch other than your own, whether or not it was your own bank, the only banks I recall having real time processing from a very early point was TSB and I think maybe Clydesdale as they have had PIN pads for cash withdrawal (no signature) and deposits, when you only presented your card at any branch since I can remember and I am 35 which would make it at least 25 years. I beleive they were the first in the UK to at least make widespread use of it as every branch had it, they were very much ahead of the pack.
James0 -
You can now check whether an account is able to accept incoming faster payments, by going to this site and keying in the sort code of the receiving account.
Note that the site has a disclaimer that the information is for informational purposes only and should not be relied on blah blah blah.
I checked a couple of accounts today:
NatWest YES :T
Cahoot NO
Alliance&Leicester NO
Nationwide NO
FirstDirect YES :T0 -
Do you think most banks will take this up or is not in their interest to do so in that they won't be able to hold onto the money and earn more interest on it for themselves?0
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Essenchill wrote: »Do you think most banks will take this up or is not in their interest to do so in that they won't be able to hold onto the money and earn more interest on it for themselves?
Most of them are; all the majors are included in the scheme (HSBC, NatWest, Lloyds TSB, Barclays, Halifax) and a few more minor ones (Co-Op, Abbey, Alliance and Leicester)... if there was a conspiracy to earn interest on everyone's transferred money then it would be an exceedingly incompetent one, considering everyone who's everyone is joining FPS0 -
It all seems to be a bit of an anti-climax to me. I have current accounts with a couple of institutions and all but one will have the outgoing system in place on the 27th.
It really gets my goat that the "live" date is given as the 27th, but these banks still haven't managed to pull their fingers out of their proverbial to get this system up and running for customers when they say they would.
Seems a bit pointless if an account can receive FPs but no-one can send me any!!!
Ah well, such is the UK banking system!43580 -
It really gets my goat that the "live" date is given as the 27th, but these banks still haven't managed to pull their fingers out of their proverbial to get this system up and running for customers when they say they would.
Seems a bit pointless if an account can receive FPs but no-one can send me any!!!
Ah well, such is the UK banking system!
Would you prefer it if everyone tried to make payments (probably a lot of them just people like us checking if it was really, truly same day) on a brand new system on day one, completely overwhelming it and not giving the banks time to iron out any teething troubles?
On a system this size you can't test properly on a massive scale before going to the public, especially since there are a lot of foibles at the banks' ends which could make things go wrong. No, you need to have a phasing in period where any kinks can be worked out, which is exactly what this is.
Note also that the banks and APACS haven't said that the 27th will be a "live" date, just that they'll be introducing it after that date. Slightly different.0 -
ShelfStacker wrote: »Would you prefer it if everyone tried to make payments (probably a lot of them just people like us checking if it was really, truly same day) on a brand new system on day one, completely overwhelming it and not giving the banks time to iron out any teething troubles?
Perhaps not, but I'd have been happier if they'd said that, for example, the 1st July was the 'live date' and slowly introduced it so everyone was up and running on that date.
There's been all this hype about it coming in on the 27th May, I just feel a little perturbed that it's not off-the-shelf-ready for me to use.
It's not going to make a huge difference to me as I'm organised enough to be able to work within the confines of a system that takes on average two to three days to complete a transfer, but same day transmission would be 'nice' from day one of the system being 'introduced'.
I feel let down by my banks.... I can't help it43580 -
It all seems to be a bit of an anti-climax to me. I have current accounts with a couple of institutions and all but one will have the outgoing system in place on the 27th.
It really gets my goat that the "live" date is given as the 27th, but these banks still haven't managed to pull their fingers out of their proverbial to get this system up and running for customers when they say they would.
Seems a bit pointless if an account can receive FPs but no-one can send me any!!!
Ah well, such is the UK banking system!
I fully agree, Barclays £5 limit for the first weeks is pretty restrictive. I understand they want to check it does work by reducing the volume of transactions but it should already have been fully tested and ready to go. They should not be introducing experimental IT projects, especially when it comes to the banking system without a great deal of confidence it is working.0
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