Faster Payments Experiences

Dagobert

KeithEssex wrote: »

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

Sorry to go off-topic: I was told that the account can only be funded via DD from linked current account.

Are you suggesting that you made a payment from an external account using sort code and a/c no?

bigbloke45

I 'phoned "cahoot" yesterday to enquire if I could make a payment within two hours; they told me they hadn't "signed up" to the new system yet.

Funny, as they are an internet only bank! But, then, anything associated with Abbey......

Sealy

Does anyone know why the banks have kept this so low profile? The only think I've heard from this is what bbc news has reported. It sounds like it would normally be something that a bank would brag about and try and get you to sign up!

earlgrey_3

Just paid my NatWest credit card today from my NatWest current account, both same account login, and says will take 3 days to reach them.

Isn't technology wonderful?

Mikeyorks

KeithEssex wrote: »

BACS transfers have a £10,000 limit. Just wondered if you can use DD to exceed this limit ?

I'm not aware that BACS transfers have a £10k limit ... that sounds more like the FP limit for immediate payments (that someone earlier mis-quoted)? I've certainly done a Bank to Bank transfer using BACS at well over £10k and in a single sum.
And you can certainly use DD (which uses BACS) at well over that value. But - going back to your original - you can't just conjure a DD out of thin air to do a reverse transfer of funds from a matured savings account?

Lokolo

earlgrey wrote: »

Just paid my NatWest credit card today from my NatWest current account, both same account login, and says will take 3 days to reach them.

Isn't technology wonderful?

Same with Lloyds, going from Lloyds --> Lloyds it takes 3 days. HSBC to HSBC is instant.

KeithEssex_2

Mikeyorks wrote: »

I'm not aware that BACS transfers have a £10k limit ... that sounds more like the FP limit for immediate payments (that someone earlier mis-quoted)? I've certainly done a Bank to Bank transfer using BACS at well over £10k and in a single sum.
And you can certainly use DD (which uses BACS) at well over that value. But - going back to your original - you can't just conjure a DD out of thin air to do a reverse transfer of funds from a matured savings account?

The £10k limit tends to be at the discretion of the Bank / Building Soc. For example HSBC restricts my BACS payments to £10,000 per payee from each account. So by doing some internal transfers you can send £30k from 3 accounts to arrive in 2 working days.

The Co-op allows you to do multiple payments of £10k to a payee. Seems rather pointless as you just do as many as you need

I just hate the way that when your money matures (for larger values) it earns a poor interest rate and you get forced to pay for a Chaps payment.

KeithEssex_2

Sealy wrote: »

Does anyone know why the banks have kept this so low profile? The only think I've heard from this is what bbc news has reported. It sounds like it would normally be something that a bank would brag about and try and get you to sign up!

Because most of them have ancient legacy systems and they aren't ready for sending and receiving yet.

There was a great article about this today in the Financial Times.

KeithEssex_2

KeithEssex wrote: »

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.

Last night's payment arrived this afternoon. I think there is a manual process involved as this one has a description with a spelling mistake in "Deposit faster payemnt" (sic).

Still - it's much better than 2 working days.

Mikeyorks

KeithEssex wrote: »

The £10k limit tends to be at the discretion of the Bank / Building Soc. .

Therefore it's not a BACS limit? I'm moving £40k to BM tomorrow .. but will do that by DD - purely because it's safer as I don't have a bill payment set up to target BM. And I'm not risking that sort of money on an untried transfer.

KeithEssex wrote: »

you get forced to pay for a Chaps payment.

..... where the source account offers an electronic transfer then FP should resolve that. But, in my experience, a lot of Institutions do not offer you an electronic withdrawal facility. So you either plead for CHAPS .... or you get a cheque!