Faster Payments from May 27 - confirmation from APACS

Biggles

MarkyMarkD wrote: »

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

Hi Mark. No, I've never referred to standing orders, only to BACS direct credits.

MarkyMarkD

I'm sorry that you are still confused, Biggles.

You have talked about the 3 day process for payments you make out of your personal LTSB account.

Let me assure you that these are BACS payments, which use the BACS standing order process (whether they are actually standing orders, or one-off payments) and not BACS direct credits (which are used by large institutions for things like salary credits, or by the government for benefits/tax credits/whatever).

Float only applies to the BACS standing order process, and not to the BACS direct credit/debit process.

Biggles

MarkyMarkD wrote: »

You have talked about the 3 day process for payments you make out of your personal LTSB account.

Let me assure you that these are BACS payments, which use the BACS standing order process (whether they are actually standing orders, or one-off payments) and not BACS direct credits (which are used by large institutions for things like salary credits, or by the government for benefits/tax credits/whatever).

Float only applies to the BACS standing order process, and not to the BACS direct credit/debit process.

I believe that's what I already said. Time to move on....

RickyBling

Worth noting that:

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

is nothing to do with APACS or the banks - it is an independent site set up by some payments consultants who appear to have had a inside track on the Faster Payments project until about 6 months ago - I wouldn't take their FAQ as gospel or the official line.

meatandtwoveg

Is there a definate date yet that you can transfer funds in 24 hours from one building society to another building society, rather than waiting three days or using the CHAPS service which costs?

Also, when this is implemented, will you lose no interest on withdrawals i wonder? Or will you now only lose one days interest instead of the three days incurred with the old BACS system?

MarkyMarkD

The building societies (at least, most of them) aren't members of the Faster Payments system, so they won't necessarily provide a same-day transfer functionality at all.

SparciaM

They first told me that the transfers would take 2 hours max and I asked for more info and they replied.

From First Direct:

Thank you for your message dated 18 Mar 08 regarding faster BACS
transfers.
12 major banks including first direct have worked with immediate payments limited to provide same day credits of a certain amount on the BACS system commencing 27.05.08.
We will be issuing full details nearer the time but they will not be subject to any charge.

meatandtwoveg

MarkyMarkD wrote: »

The building societies (at least, most of them) aren't members of the Faster Payments system, so they won't necessarily provide a same-day transfer functionality at all.

What about if the building societies use a clearing bank etc? I know from past experiences i think that someone like for example the Chelsea B/S use the CO-OP bank i think?

MarkyMarkD

All of the building societies have to use a clearer to do their payments. But whether they build in the faster payments functionality, or not, is up to them I suppose.

meatandtwoveg

MarkyMarkD wrote: »

All of the building societies have to use a clearer to do their payments. But whether they build in the faster payments functionality, or not, is up to them I suppose.

When will you find out or when will they let you know? Sick of losing interest when moving any savings by BACS. Its about time they cleaned this mess up!