Faster Payments Experiences

Dagobert

I just made a £1 test Faster Payment to Alliance & Leicester.

The transaction does not show but the available balance has been increased by that amount.

Does anyone know when the A&L online statemtent is updated? I have a feeling it's not until the next day.

Milarky

Dagobert wrote: »

Does anyone know when the A&L online statemtent is updated? I have a feeling it's not until the next day.

That's right - all tranactions taking effect today (including payments etc?) only appear tomorrow. (Hey! Nobdy said they were a 'good' banking operation - just one foolish enough to treat new customers better than existing customers!)

GIROBANK
(1968 - 2008?)

Viper_7

skcollobcat10 wrote: »

I tried to transfer money from Lloyds Tsb to Coventry over 50's e saver through the above scheme. Both banks said that they did the FPS but it wouldn't go through from Lloyds Tsb to Coventry eventually I had to use a CHAPS payment and pay £30. Lloyds said that the Coventry are not on their list, but after phoning the Coventry they insist that they are.

Can anybody shed any light on this problem?

many thanks

there is no problem. Whoever you spoke to at Coventry is wrong.
They currently are not an FPS participant and won't be for some time.
Why did you have to use CHAPS? was it urgent, could just have performed the transfer and wait the current 3-4 days.

The only FI's that are:

Alliance and Leister
Abbey
Barclays
CitiBank
COOP
Danske
Halifax/Bos
HSBC
LLDS
Yorkshire Bank/Clydsdale
Nationwide
northern Rock
Royal Banks of Scotland.

and subsideries of.

Again, not all Sort codes are active for all participants, and not all are sending and receiving both on demand payments/Standing orders or future dated payments.

Milarky

skcollobcat10 wrote: »

I tried to transfer money from Lloyds Tsb to Coventry over 50's e saver through the above scheme. Both banks said that they did the FPS but it wouldn't go through from Lloyds Tsb to Coventry eventually I had to use a CHAPS payment and pay £30. Lloyds said that the Coventry are not on their list, but after phoning the Coventry they insist that they are.

Can anybody shed any light on this problem?

many thanks

Hmm. It should have worked - Faster Payment are enabled from LTSB to Coventry BS [sort code 40-63-01] - but not in reverse - unless the amount you stipulated was more than the FPS limit of £10K (in which case, according to all the descriptions I've seen, it will default to 3 day 'BACS') The way around this seems obvious - send multiple payments one after another to Coventry from LSTB for less than any limit in place (a good idea to vary every amount by £1 so you can see each as if arrives)

Viper_7

Coventry are not an FPS member...

noh

Viper_7 wrote: »

Coventry are not an FPS member...

Coventry aren't a member but their collection account is with HSBC who are.
Coventry BS state on their website that they are able to receive funds via faster payments.
https://www.coventrybuildingsociety.co.uk/onlineservices/usingonlineservices/PayMoneyIn.aspx
The apacs sortcode checker confirms that 40-63-01 can receive faster payments
http://www.apacs.org.uk/sortcodechecker/index.html

Nigel

noh

To confirm the above I have just sent £1 from my Lloyds TSB classic account to my Coventry 50 plus esaver. The Lloyds online banking comfirmed the tranasaction thus:-

"Your request has been successfully received

Your payment request has been passed to the recipient's bank and they have advised that the credit will be made immediately."

So Lloyds to Coventry BS does work via FP.

Nigel

--TD--

Sent a faster payment today with FD, was told that the payment may arrive within 2 hours but that it was not a guaranteed same day transfer. When push further i was told that there wasnt a definite time limit for a payment to arrive in.

Pretty useless for card payments then!

YorkshireBoy

--TD-- wrote: »

Pretty useless for card payments then!

Faster payments to credit card accounts (via [often 3rd party] collection accounts) are a long, long way away.

We haven't even got all providers sending/receiving 'on the spot' payments yet, and standing orders aren't due online until well into next year with some providers.

Faster payments a let down? A resounding YES in my opinion!

Milarky

YorkshireBoy wrote: »

Faster payments to credit card accounts (via [often 3rd party] collection accounts) are a long, long way away.

We haven't even got all providers sending/receiving 'on the spot' payments yet, and standing orders aren't due online until well into next year with some providers.

Faster payments a let down? A resounding YES in my opinion!

Single payments can be used in lieu of standing orders till they change that system. I think Halifax may do SOs first, this month. But then you read the 'fine print', and it all starts to fall apart

http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp

In August, Halifax will begin to send some standing orders and bill payments as Faster Payments. These payments will leave your account at the same time as they have always done, but may arrive in the beneficiary's account faster. The rollout will continue throughout September where we will look to send most standing orders this way.

Unacceptably vague. They could, for instance spell out what 'some' applies to (some 'lucky customers' - or all customers to 'some payee banks'?) We need to know if they are essentially 'testing' the system in August or making generally available subject only to other banks' restriction.

No one is taking responsibility, of course. APACS fronts the organisation, but their sort code checker is no substitute for them providing a detailed updated 'which bank is doing what today' log. It's typical 'pass the parcel' but I have to say that I have experienced a gradual sense of empowerment knowing which banks I can currently use for what payments....