We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Faster Payments Experiences

Options
1246715

Comments

  • KeithEssex_2
    KeithEssex_2 Posts: 224 Forumite
    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 :D
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    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)
    .....under construction.... COVID is a [discontinued] scam
  • planemad
    planemad Posts: 569 Forumite
    Part of the Furniture Combo Breaker
    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
    KeithEssex_2 Posts: 224 Forumite
    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
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Wonder why Cahoot is not part of the scheme, when its parent company Abbey is?
    poppy10
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    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
    .....under construction.... COVID is a [discontinued] scam
  • whu
    whu Posts: 23,461 Forumite
    10,000 Posts Combo Breaker
    FD to Lloyds - max £20 at the moment but went through in 30 seconds
    Keep the Faith:cool:
  • pardal51
    pardal51 Posts: 427 Forumite
    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
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    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.
    If you want to test the depth of the water .........don't use both feet !
  • ric2003
    ric2003 Posts: 55 Forumite
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.