New speedy system for bank transfers launched; account to account in under 2 hours

Cloudane

Night-owl wrote: »

I have to say although I would highly recommend A & L the fact that they do not have may branchs is a real put off to me, as the nearest one to me is 10 miles !!
And when I do go in branch they tell me they cant help me with any think of the account as it was set up online and I can only pay money in/take it out.

I may be wrong, but I would strongly suspect they'll let you switch to an "offline" account if you ask. It's just that if you chose a "Direct" (online) account you get a better interest rate etc, and the reason for that is it's cheaper for them to have you as an online-only customer. If they agree to help you out in the branch, it defies the object of them offering an online account with better rates to offset the money they save.

It's like when people see a price on a website and then complain when the in-store price is more: as soon as you step inside a brick and mortar store and take up someone's time, it costs the company more money So they'll refuse to deal with you, or in the case of goods refuse to price-match their online price. If it's important to deal with them face-to-face, you have to pay the price for it.

The lack of branches isn't going to bother me (when my welcome pack arrives...) - I do everything online anyway, except for paying-in, which can be done from any Post Office. Assuming they don't all shut

Kiwi_g

Further to my last post, I belong to a club where the members pay a regular amount by standing order to a NatWest account. The debit is set up for the first working day of the month and there are around 20 credits a month. I've just looked at the on-line bank statement and it shows 5 credits (all from NatWest accounts) dated 31st May giving the name of the remitter and a further credit dated today with the detail "Faster Payment". I'm surprised that the NatWest credits have been recceived earlier than before.

Mikeyorks

Kiwi_g wrote: »

I am confised by DaveO's comment (#13) regarding a limit on £10k on BACS transfers. Perhaps he could explain why mortgage lenders like Halifax and Nationwide use BACS for their mortgage advances to property conveyancers?

It's an unclear comment on the fact that a lot of Banks set a £10k limit on individual transfers out of personal accounts. Faster Payments mimics that limit on 'immediate' payments - whereas SOs will be £100k.

Mikeyorks

Kiwi_g wrote: »

I'm surprised that the NatWest credits have been recceived earlier than before.

Why? If you look at post #1 .... NatWest can both send and receive from 27th May.

And - as the 5 you mention are essentially internal SO transfers .... they were probably same day even before 27th May. Certainly would have been with Halifax - even over weekends and BH's.

Kiwi_g

Mikeyorks wrote: »

Why? If you look at post #1 .... NatWest can both send and receive from 27th May.

Yes, but the SO instructions were for the 1st of each month, not the last day. So there was no valid instruction for the accounts to be debited on the last day of the month.

smithja

Has anyone actually seen this working with Egg yet. I have made a £1 payment from Barclays today and was wondering will it appear today or tomorrow? They do say they accept the payments across all of their products.

James

MarkyMarkD

Kiwi_g wrote: »

My experience in a commercial concern is that whilst a Faster Payment can be made on the same day and that the credit can be seen immediately on the receiving account, there is no way (according to NatWest) that the details of who made the transfer can be seen until the bank update their records in the early hours of the following day.

I think this is going to be a pretty general complaint about Faster Payments. Just because the money arrives in your account, and is available, doesn't mean that it will be shown on online statementing systems instantly because these systems are not necessarily real-time.

I had an intra-A&L transfer to my current account yesterday, and it was in my available funds yesterday, but didn't appear on my transaction list until today - with yesterday's date.

Obviously I could have spent the money yesterday if I'd needed to. But I would not have necessarily known what the incoming funds were (if I was lucky to have lots of random incoming funds, but you know what I mean).

netimka

marcgr wrote: »

HSBC's limit is £20 at the moment. Will go up from 3rd June. By end of June will be £10,000. http://www.hsbc.co.uk/1/2/popups/faster-payments

thanks for this link... i was looking for some information why I was able to transer HSBC->LLoyds stright away but when I tried to pay HSBC -> HSBC credit card i was told it will take 3 working days...will have to wait till November...

If the payment is to an HSBC Credit Card, it will still take three working days to be credited to the account.
Payments HSBC Credit Cards will start to be sent via FPS in November 2008.

Milarky

netimka wrote: »

thanks for this link... i was looking for some information why I was able to transer HSBC->Lloyds straight away but when I tried to pay HSBC -> HSBC credit card i was told it will take 3 working days...will have to wait till November..

Slightly out of date. Note that the limit for Faster Payments was £100 yesterday http://forums.moneysavingexpert.com/showpost.html?p=11390963&postcount=60

Edit the limit is more than £100 now - just tested £250 and it would have gone by faster payments (would someone like to be bold find the actual current 'upper limit' by adjusting the amount then?) Ta..

YorkshireBoy

Milarky wrote: »

Edit the limit is more than £100 now - just tested £250 and it would have gone by faster payments (would someone like to be bold find the actual current 'upper limit' by adjusting the amount then?) Ta..

Just tested £250, £1,000, £2,000 & £10K from FD, and they all showed as arriving today (had I been able to afford to send them!!!).

Tried again with £11K and got the message...

"Today's cut-off of 19:30 for high value payments, has passed. Please enter a new date for your payment."

So would £10K now be possible from FD? It would seem so?