Faster Payments from May 27 - confirmation from APACS

ED

Nationwide Building Society have decided to join in, according to this Saturday's BBC Radio 4 'Moneybox'. APACS spokeswoman implied competitive reasons will cause many other building societies to follow suit, in coming months. Anyone here know of others who have made a decision yet...?

YorkshireBoy

ED wrote: »

Anyone here know of others who have made a decision yet...?

The 13 founding members are listed here: http://news.bbc.co.uk/1/hi/programmes/moneybox/7285167.stm

Interesting snippets from the above:

However, Nat West - which has already started writing to customers about the changes - confirmed to Money Box that it will not levy a fee on customers who take advantage of the new system.

What if I have an account with a bank or building society that is not one of the 13 that developed the new system?
It will depend on the bank or building society's own banking arrangements.
Take, for example, a customer who wants to move his money from the Halifax to the Coventry Building Society.

Coventry already has a relationship with one of the major "clearing" banks which means the transfer from Halifax can happen under the new faster system. But, at least initially, a payment going back the other way from the Coventry to the Halifax will still take three to four working days.

ED

Strong point, YorkshireBoy!

Mikeyorks

ED wrote: »

Anyone here know of others who have made a decision yet...?

According to one of the Banking sites the coverage (of faster payments) from founder members is already significant :-

Are All Banks In the Scheme?
Twelve banking groups (Barclays, HBOS, HSBC, RBSG, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey, National Australia Bank, Northern Rock, Citigroup) have committed to implement the scheme. Between them they represent 95% of the payments made in the UK. The other banks and building societies will be making decisions on how, when and if to join the scheme over the next year or so.

(Brain's tired ... but where did National Australia come from? Other than Australia!)

OK ... Clydesdale & Yorkshire?

YorkshireBoy

Mikeyorks wrote: »

(Brain's tired ... but where did National Australia come from? Other than Australia!)

National Australia Group encompasses Clydesdale and Yorkshire Banks. They did also have Northern Bank (until they sold it, a year or two ago, to the Danish Danske Bank Group).

EDIT: I see you've remembered/researched.

Mikeyorks

YorkshireBoy wrote: »

EDIT: I see you've remembered/researched.

The latter:o . Somehow, despite living in the place, they don't register on my Banking Richter scale as owning our County named Bank.

So ... do you get a "G'Day" when you pop in now?

Mikeyorks

Biggles wrote: »

Mysteriously, the APACS website doesn't have an FAQ for BACS or for FP, I assume the new ones are being written as we speak?

They're on the dedicated 'Faster Payments' site (see FAQ's down the left curve) :-

http://www.fastpayments.co.uk/index.htm

..... but strangely this site remains virtually as it was prior to the delay announced before the original Nov start date. Just updated with relatively cosmetic stuff regarding the new 'end May' date. But still lacking the specific date announced by APACS .... so perhaps they're still unsure!

YorkshireBoy

Mikeyorks wrote: »

So ... do you get a "G'Day" when you pop in now?

No, but there was a bit of confusion the last time I called in...

"Hello, I've got an appointment"
"Who with?"
"Shiela"
"Which one?"

MarkyMarkD

Biggles wrote: »

That link relates to SOs, not to BACS direct credits as used in payroll etc. Mysteriously, the APACS website doesn't have an FAQ for BACS or for FP, I assume the new ones are being written as we speak?

Indeed, that quote refers to BACS standing orders. Which is precisely what your comments were related to!

Direct credits are the opposite of direct debits and there is no float at all - value date is value date.

Meltdown_2

Mikeyorks wrote: »

Somehow, despite living in the place, they don't register on my Banking Richter scale as owning our County named Bank.
So ... do you get a "G'Day" when you pop in now?

Strictly speaking, you haven't had a "County named Bank" for some time - though you do still have a Building Society. (It seems like you used to have most of those!)
Yorkshire Bank is just a trading name for Clydesdale Bank (which is owned by National Australia Group Europe, which is owned by The National Australia Bank Group).

Still, I'm sure you will be happy to know that your deposits help to sponsor the Scottish Premier League ... _pale_