Faster Payments Experiences

KeithEssex_2

Thought I would try and send a couple of faster payments this morning to see exactly what I would be allowed to do now the system has started to be rolled out.

I was able to send up to £20 from HSBC into both Lloyds TSB and Halifax accounts. The Payments were there within seconds of hitting the send button. However trying to send from both Halifax and Llloyds only gave me the option of sending on a T+1 basis (i.e. 28th). Still a major improvement mind.

I also sent a payment from HSBC into my Birmingham Midshires account but that one has yet to appear. They do have up to 2 hours of course so it hopefully should still appear today.

Has anyone found any faster payment surprises ?

Dagobert

I set up a payment from Lloyds, which will leave the account to-morrow but I'm pretty sure it said "allow 3-4 working days". Maybe they have not updated their text.

whu

lloyds - will receive payments on fast service but outgoing will take effect from 6 June

KeithEssex_2

The payment from HSBC into the Birmingham Midshires account was received within the 2 hour period. :j

Milarky

whu wrote: »

lloyds - will receive payments on fast service but outgoing will take effect from 6 June

That's the reason it can't use Faster Payments yet - the system is limited to accepting 'immediate' payments. 'Diarised' payments only possible after 6 June - regardless of bank.

KeithEssex_2

Day one seems to have gone quite smoothly. No horror stories of any missing payments anyway! HSBC and RBS Natwest seem to be two of the best Banks on Faster Payments ...

Let's hope that they all increase the limits asap to something a lot more useful. I wonder if they have a limit on the number of FPs that you are allowed to do in a single day ?

p.s. Shame on the other Banks who weren't ready for today (Abbey, Co-op, Nationwide ...)
http://news.bbc.co.uk/1/hi/programmes/moneybox/7417826.stm

planemad

Can I use the Faster Payment system to pay funds from Natwest Current account to a Birmingham Midshires E-Saver account almost instantly?

Thanks in advanced

KeithEssex_2

planemad wrote: »

Can I use the Faster Payment system to pay funds from Natwest Current account to a Birmingham Midshires E-Saver account almost instantly?

Thanks in advanced

BM received my payment within 2 hours from HSBC. On that basis NatWest should be similar as I assume the delay was on the BM side (in order to check the payment).

The only point to note is that my payment was during the working day. Theoretically it should be the same as FP are meant to be 24x7 but you might find that some of the Building Societies aren't as advanced as the major Banks !

Try it with a £1 to check what happens

Mikeyorks

KeithEssex wrote: »

Theoretically it should be the same as FP are meant to be 24x7

Only the 'immediate' element of FP is 24/7. Diarised payments and SOs operate to different criteria and likely to only be supported on banking days for the immediate future (SOs will always be banking days only . Bill payments a bit at the whim of individual banks). And these not supported at all until 6 June.

KeithEssex_2

Mikeyorks wrote: »

Only the 'immediate' element of FP is 24/7. Diarised payments and SOs operate to different criteria and likely to only be supported on banking days for the immediate future (SOs will always be banking days only . Bill payments a bit at the whim of individual banks). And these not supported at all until 6 June.

Hi Mike,

Do you know if the Building Societies operate a realtime balance on their savings accounts ? Or will you see the money leave my bank (HSBC) and appear in the B/S the next day ?

Mikeyorks

Depends on the BS. But most should (perhaps not immediately) show the transaction in close to realtime. As they're essentially using chunks of their ATM code for FP. So - if they can show ATM transactions in realtime, they should similarly be able to show 'immediate' FP transactions the same way.

Later

I'm still a bit hesitant that SOs will be shown on receipt - but suspect they will as I think all of FP is using ATM protocols. This link is to an unofficial site that was involved in the early days of FP / training. But most of the stuff on there has proved accurate. Worth a read of this page (particularly the blue tables) as it is very informative - I have found :-

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