BACS transfer times, I am impressed!!

arsenalboy

We have all probably read how banks are speeding up bacs transfer times.

I read last week that this is being phased in gradually and would be starting off with very small amounts.

I recently opened a Tesco account to get the £60 of vouchers and this morning I thought I would transfer some back to my Lloyds tsb current account.

I have online access for both and went into Tesco and transferred 4k. I then went into my Lloyds account just to check a few things and was absolutely stunned because it was already there:j . I am talking less than 2 minutes here, absolutely incredible!!

A word of caution, not all banks/building socities are subscribed to the new system immediately, I guess I was lucky. This adds a new dimension to switching between banks if it is this quick!!

prudentsaving42

It's called Faster Payments and wast fully launched by some banks recently, pretty much all banks should have it by the end of the year.

esbo

It is something they could have done decades ago but they prefered to have your money and not pay you any interest on it.

tomstickland

I think that they geniunely had some legacy software that needed sorting.

esbo

tomstickland wrote: »

I think that they geniunely had some legacy software that needed sorting.

Took them twenty years to make a one line change in the software. thats pretty fast for a bank :rotfl:

amiehall

to be fair, you'd think what they lose in interest on the money they're sending out, they'd gain in interest on money transferring in faster no?

i've been impressed by times as well except for when my bank's access to faster payments crashed yesterday.... that was less impressive!

esbo

amiehall wrote: »

to be fair, you'd think what they lose in interest on the money they're sending out, they'd gain in interest on money transferring in faster no?

i've been impressed by times as well except for when my bank's access to faster payments crashed yesterday.... that was less impressive!

Once we had electronic networks established there was no real need for any delay whatsoever, and the bank have had those for a very long time, obvioulsy they were not too keen to pass on the benefits to customers.It's only recently that transaction between my online accounts with the same bank happened instantly.

I was so excited I transfered the money back and forwards 10 times

chris1

esbo wrote: »

I was so excited I transfered the money back and forwards 10 times

How could you manage to do that? Mine says the payment is still uncleared...

KeithEssex_2

chris1 wrote: »

How did you manage to do that? Mine says the payment still needs several days to clear...

It depends upon the payment amount and which Banks/Building Socs you are paying from/to ?

Not everyone can send / receive yet. Also your amount might be too great whilst the system is still being introduced.

Who are the banks and approx amount ?

chris1

Apart from Tesco mentioned in the first post, are there any other savings accounts with a decent rate which can make faster payments?

Paul_Herring

amiehall wrote: »

to be fair, you'd think what they lose in interest on the money they're sending out, they'd gain in interest on money transferring in faster no?

No. With the old method, Customer C loses 3 days interest, and banks A and B gain 3 days interest between them.

With the new method, C regains their 3 days interest and A & B lose 3 days between them.

The bank gets no interest on the money coming in faster.