Faster Payments Experiences

jamesd

Before lunch on Friday 30 May I initiated a five Pound payment from NatWest to A&L. It's shown on the A&L statement as arriving on Tuesday 3 June. The recent payments screen shows in the payment details "The payment has been actioned. The payment date is the date the money leaves your account. You should allow 3 business days for your payment to reach the payee".

At the same time I initiated a five Pound payment from A&L to NatWest. The payment is shown as leaving the account on 31 May even though 30 May was the selected payment date when I initiated it. This payment has not yet shown up on the NatWest online statement. I'll update this post when it does. Update: it arrived on 4 June. Since A&L apparently isn't initiating faster payments at present this delay isn't greatly surprising.

Both payments gave 30 May as the date the money would leave the account. Neither payment summary included the words "faster payments". In each case the payment was to a payee that I'd set up more than a year ago.

Starting to make an online payment from NatWest to A&L just before making this post the confirmation screen says for the settlement period: "The money will leave your account immediately. You should allow 3 business days for your payment to reach the payee". I did not confirm my desire to make this payment.

aleph_0

jamesd wrote: »

Before lunch on Friday 30 May I initiated a five Pound payment from NatWest to A&L. It's shown on the A&L statement as arriving on Tuesday 3 June. The recent payments screen shows in the payment details "The payment has been actioned. The payment date is the date the money leaves your account. You should allow 3 business days for your payment to reach the payee".

At the same time I initiated a five Pound payment from A&L to NatWest. The payment is shown as leaving the account on 31 May even though 30 May was the selected payment date when I initiated it. This payment has not yet shown up on the NatWest online statement. I'll update this post when it does. Since A&L apparently isn't initiating faster payments at present this delay isn't greatly surprising.

Both payments gave 30 May as the date the money would leave the account. Neither payment summary included the words "faster payments". In each case the payment was to a payee that I'd set up more than a year ago.

Starting to make an online payment from NatWest to A&L just before making this post the confirmation screen says for the settlement period: "The money will leave your account immediately. You should allow 3 business days for your payment to reach the payee". I did not confirm my desire to make this payment.

Have you looked up the A&L sort code to check they accept faster payments?

jamesd

aleph_0, I hadn't checked. The NatWest check says it can, the A&L Premier Direct account says it can't. Per the BBC story A&L says "We plan to accept funds through the Faster Payments infrastructure from Day One (Tuesday 27 May)", which seems to be inaccurate at present.

At least the results are consistent with the sort code checker, even if not with the A&L statement.

Milarky

jamesd wrote: »

aleph_0, I hadn't checked. The NatWest check says it can, the A&L Premier Direct account says it can't. Per the BBC story A&L says "We plan to accept funds through the Faster Payments infrastructure from Day One (Tuesday 27 May)", which seems to be inaccurate at present.

At least the results are consistent with the sort code checker, even if not with the A&L statement.

Actually, now I think about it, I only made '1p' Faster Payments to A&L (from HSBC and First Direct) myself in the 'test' week before the official launch. So I can't even confirm that they were working on 27 May... (certainly not working this week, in any case...)

lalvani

Anyone know if the £10k limit is per day or just per transaction?

I don't see why a CHAPS transfer should be different to this in terms of limits.

KeithEssex_2

lalvani wrote: »

Anyone know if the £10k limit is per day or just per transaction?

I don't see why a CHAPS transfer should be different to this in terms of limits.

All Banks and Building Socs seem to vary. For HSBC the BACS and FP limits are based on a daily basis for each payee. If you have several accounts you can send this limit from each after internally transferring.

Dagobert

Dagobert wrote:

I made 2 FPs from RBS to Birmingham Midshires eSaver on 2nd June after 4pm (£5 + £2000). Neither of the payments showed up on the following working day.

Milarky wrote: »

Did the Natwest confirmation screen for each payment give details of these as Faster Payments?

Yes.
The payments showed up in the afternoon dated 2nd June.

As has been mentioned before, some institutions don't display transactions in real time.

KeithEssex_2

I spoke to customer services at Lloyds TSB who confirm that they have had to back out some of the faster payments being made on a per institution basis (e.g. to HSBC).

This is due to the large number of duplicate payments that were occurring and the high level of customer complaints.

The original live date for sending was meant to be 6th June 2008.

Dagobert

Does anyone know how long a payment from Birmingham Midshires eSaver to linked Halifax account takes?

10_66

If it's the same as the old Websaver, it should appear on the third working day.