Faster Payments from May 27 - confirmation from APACS

Mikeyorks

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?

Not really an option to opt out for longer than the bedding in period. Faster Payments is an initiative driven by the need to voluntarily eliminate float .... before the regulators enforced it. So they won't take kindly to Institutions who decide to remain on the sidelines ... nor should customers. This bit from the (unofficial) Faster Payments site gives some perspective?

A secondary reason is that the banks will use the new payment system to replace those payments which currently incur float. (Float is where paying customers are debited on day 1 but the beneficiary is not credited with the payment until day 3; the banks thereby earn two days interest on the payment). Float is a legacy of the older BACS payment systems for inter bank payments and has been an issue with the banking regulators for a while.

Night-owl_6

Sorry if this has already been asked elsewhere but will this service be coming to A&L anytime soon?

gt94sss2

This page show what each bank is planning re: rolling out faster payments.

Regards
Sunil

10_66

If transferring money by Faster Payments into an account is limited to £10,000, when closing a savings account of more than £10,000 with one company where they transfer the closed funds to your bank account, will the sending organisation automatically choose to send by BACS (because the funds exceed £10,000), or would you need to know the limits and make more than one transfer yourself?

Milarky

Going by that BBC article therefore, come Tuesday we will have (listed in 'good-to-go' order?)

27 May:............R?....S?

RBS:............... Yes/Yes
HSBC: .............Yes/Yes
Barclays:..........Yes/Yes
Northern Bank:...Yes/Yes - branch service only initially -£5 fee for single payments!!

Lloyds .............Yes/No - for first two weeks
A&L : ..............Yes/No - until 'late Summer', then 'all together'
HBOS: .............Yes/No - until 'August/September'
Cyldesdale*: .....Yes/No - 'rolled out in the Autumn'
Yorkshire
Citibank............Yes/No - for Egg/personal Citi customers
Northern Rock:..Yes/No - absolutely no timescale at all

Coop Bank:....... No./No - will 'roll out' only starting in July..
Abbey:..............No/No - vague, vague, vauge...
Nationwide*:......No/No - by the 'end of the year'!
(n.b there is only a single sortcode for all current accounts anyway!)

*'small' number of customers (selected how?) will find they can use all the features straightaway

Hazzanet

Milarky wrote: »

.
Nationwide*:......No/No - by the 'end of the year'!
(n.b there is only a single sortcode for all current accounts anyway!)

*'small' number of customers (selected how?) will find they can use all the features straightaway

Nationwide have 07-01-16 as the main FlexAccount sort code along with another one that they initially started using when they started their FlexAccount service back in the distant past. When I spoke to Nationwide, it's the ones not in the 07-01-16 range that will have FP's immediately. Sadly I have a 07-01-16 account

http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1289

EDIT: The other code is 07-44-56 although this is showing as not receiving in the sort code checker at the moment.

Milarky

Hazzanet wrote: »

Nationwide have 07-01-16 as the main FlexAccount sort code along with another one that they initially started using when they started their FlexAccount service back in the distant past. When I spoke to Nationwide, it's the ones not in the 07-01-16 range that will have FP's immediately. Sadly I have a 07-01-16 account

http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1289

EDIT: The other code is 07-44-56 although this is showing as not receiving in the sort code checker at the moment.

(And there was me thinking they were the Flexaccounts held by the executives!)

smithja

I just spoke to Egg as I was calling about my Egg Money account and asked about FPS to check it was not just savings accounts which it was going to work with from Tuesday and they said no, it will be all accounts.

Mikeyorks

10_66 wrote: »

If transferring money by Faster Payments into an account is limited to £10,000,

The top limit is £100k ..... after the initial bedding in period, where Banks may impose much lower limits for practical and security purposes.

There are 3 distinct types of FP. The 'immediate' variety is likely to be limited to around £10k in perpetuity - because of the higher fraud risk (and not to overly remove CHAPS traffic??). The 'diarised payment' type is a bit subject to the whim of individual Banks ... will start out at £10k but likely increase. However SOs are targetted at £100k.

See table at this link :-

http://www.fastpayments.co.uk/faq.asp#AreThereDifferentTypesofFasterPayments