Faster Payments Experiences

khalid

The 13 banks included in the Faster Payments scheme are: Abbey, Alliance and Leicester, Barclays, Citi, Clydesdale and Yorkshire Banks (National Australia Group), Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, and Royal Bank of Scotland Group (including NatWest and Ulster Bank).

Here is a Sort Code Checker, if you're not 100% sure!

http://www.apacs.org.uk/sortcodechecker/index.html

Hope that helps.

KeithEssex_2

Mikeyorks wrote: »

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

Just running a quick test to see if a payment made at 22:30 tonight (HSBC to BM) will be received within the 2 hour limit.

Do you know if there is a limit on a DD payment (e.g. a pull instruction from IceSave or BM)? Is this the same as the SO limit of £100,000 that I have seen mentioned in various places. Can this be used as a way to avoid Chaps charges for when a savings account matures and the post maturity rate is rubbish ?

Mikeyorks

There isn't a 2 hour 'service level' or limit as far as I'm aware ... it's just an indicator. Most of the write ups actually quote 'within seconds'.

Not sure of the question re DD. If you're wanting to retrieve funds placed that way .... the DD is facing in the wrong direction?

KeithEssex_2

Mikeyorks wrote: »

There isn't a 2 hour 'service level' or limit as far as I'm aware ... it's just an indicator. Most of the write ups actually quote 'within seconds'.

The HSBC "Make a payment" screen quotes:- "This payment will usually be credited to the beneficiary's account within 2 hours."

Not sure of the question re DD. If you're wanting to retrieve funds placed that way .... the DD is facing in the wrong direction?

Whoops - yes agreed - I just meant to ask is the DD facility to pull money into an account limited to £10,000 or £100,000 ? BACS transfers have a £10,000 limit. Just wondered if you can use DD to exceed this limit ?

marina67

I have sent payments from HSBC and Natwest and both were instant, however a payment I sent to a Alliance and Leicester account has not gone through.
Now this is my main bank account , and I was pleased that they listed this as one of the 13 banks to use the faster payments service.
However after doing a sort code check, it tells me that it do not except faster payments, now im a little anoyed at this, as my account is a premier direct current account.
Has anyone else had problems with Alliance and Leicester ?
I know some banks are taking a little longer to roll faster payments out, so i will just have to wait the normal 3 days foe this transaction to go through,

Dagobert

KeithEssex wrote:

Do you know if there is a limit on a DD payment

As far as I know, DD payments will continue to go through BACS and are therefore not affected by the Faster Payments scheme.

Milarky

marina67 wrote: »

After doing a sort code check, it tells me that it do not except faster payments. Has anyone else had problems with Alliance and Leicester ?

I've just checked mine (725002) too, and it no longer accepts Faster Payments - that's to say it was accepting these for 1p from HSBC last week and I would have checked first. Seems to me A&L have withdrawn temporarily and recent payments will take the usual amount of time, but keep checking regularly and it should change back again.

KeithEssex_2

My payment which was sent from HSBC to BM at 10:30 last night has still not arrived at BM as at 10:00 this morning.

It looks like you can't rely on the 2 hour time limit outside of working hours ....
The lady on the BM helpline hadn't even heard of Faster Payments !! :eek:

I'm told the payment should arrive "next working day" - which might be today or possibly tomorrow as I did it late last night.

I suspect that a payment from HSBC to Lloyds TSB would have still been instant outside of core hours because their systems are more advanced.

pardal51

Payments scheduled over BH wknd and actioned yesterday:

1) LTSB --> Abbey ISA;
2) Halifax --> BM savings x2;
3) A&L --> BM savings

None of the above are showing on their recipients:mad::mad::mad:

KeithEssex_2

pardal51 wrote: »

Payments scheduled over BH wknd and actioned yesterday:

1) LTSB --> Abbey ISA;
2) Halifax --> BM savings x2;
3) A&L --> BM savings

None of the above are showing on their recipients:mad::mad::mad:

It's certainly a very frustrating and confusing situation at the moment ...

Re: Bank Holiday weekend transfers

Any payment sent via the weekend would probably have been sent via standard BACS as the system was only introduced on the Tuesday. It will also depend upon your payment amounts being under the maximum for the sending Bank (which is very low at present - e.g. £20 for HSBC).

Re: your particular banks

LTSB and Halifax cannot send FP for personal customers yet - only receive FP's. BM seem to have a slowed-down version of FP. It depends upon the time of day that you make the payment as to whether it will update within 2 hours or the next working day.

http://news.bbc.co.uk/1/hi/programmes/moneybox/7417826.stm