Faster Payments Experiences

KeithEssex_2

Mikeyorks wrote: »

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.



..... 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!

Agreed. It's a Bank specific upper limit on customers making BACS payments from their accounts (on a per working day basis).

For cheque - read "lost interest" . Especially if it goes walkies in the post ! Oh well - guess the logic here is to go for longer fixes (i.e. less maturities to deal with) and try and stick to institutions with a generous upper limit.

I agree about pushing payments. I always hate pushing large amounts - much prefer to pull them across

Milarky

Lokolo wrote: »

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

Yes, but with Lloyds there is no 'float' when you make a BACS payment - they credit you with interest (4%) for two working after it leaves the account. (Better than nothing)

planemad

I'm confused!!!

I have a BM E-Saver and a Natwest Current account that is linked to the BM account.

Do I continue to transfer money from my current account to my BM account via the BM website which normally takes 3 days.

OR

Do I pay the money into BM from my Natwest online banking "Send money" function where i will need to send the money to my BM account number and sort code


Sorry If I'm being thick.

KeithEssex_2

planemad wrote: »

I'm confused!!!

I have a BM E-Saver and a Natwest Current account that is linked to the BM account.

Do I continue to transfer money from my current account to my BM account via the BM website which normally takes 3 days.

OR

Do I pay the money into BM from my Natwest online banking "Send money" function where i will need to send the money to my BM account number and sort code


Sorry If I'm being thick.

RBS Natwest claim to be going "full throttle" with Faster Payments. Birmingham Midshires seem to be able to accept them so I can't personally see any reason why you can't "push" the payment from NatWest providing it's under £10k.

poppy10_2

Wonder why Cahoot is not part of the scheme, when its parent company Abbey is?

Milarky

poppy10 wrote: »

Wonder why Cahoot is not part of the scheme, when its parent company Abbey is?

Because Abbey itself is joining FP until 'the summer' - and all cahoot is is basically an Abbey branch sort code

whu

FD to Lloyds - max £20 at the moment but went through in 30 seconds

pardal51

KeithEssex wrote: »

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

A tiny improvement at least...

Cash left accounts on 27/5 - Tue and are showing on recipients on 29/5 - Thu; better than the usual D+3 or D+4.

Mikeyorks

planemad wrote: »

1. ) Do I continue to transfer money from my current account to my BM account via the BM website which normally takes 3 days.
OR
2. ) Do I pay the money into BM from my Natwest online banking "Send money" function where i will need to send the money to my BM account number and sort code

If 1) is the DD function - I would stick with that. Whilst it does take several days overall - there's no interest loss to you as it's effectively debited one day / credited the next (which is why DDs aren't part of Faster Payments - as there's no float)

2) --- if you go Faster Payments similarly won't lose you interest. But 1) is safer if you haven't established a transfer from NatWest to BM. Your DD must be established - as you have to link your source account.

ric2003

KeithEssex wrote: »

RBS Natwest claim to be going "full throttle" with Faster Payments. Birmingham Midshires seem to be able to accept them so I can't personally see any reason why you can't "push" the payment from NatWest providing it's under £10k.

tried these transfers yesterday, the largest was just under £3k, nothing has appeared yet:

lloyds current > BM saver
Clydesdale current > BM saver
Yorkshire building society reg saver > Lloyds current

so much for faster payments! although I suspect there may be a delay as the building society allocates the payments from their bank account, so maybe FP won't be that useful after all, unless you're transferring between banks.