Faster payments - who can send and receive

Stormy

chris1 wrote: »

According to their telephone helpline, the vast majority of customers are on this sortcode and they have no plans to enable faster payments on it yet. (Perhaps all their IT staff are busy with plans to integrate Derbyshire and Cheshire...)

I suppose its not really in Nationwide's interest to enable it, after all its a customer benefit.

eeja

Stormy wrote: »

Yeh, typically mine bloody isn't (its like Icesave compensation all over again). 07-01-16 is not set up for fast payments yet.

So the $64,000 question :
Can one apply to Nationwide to have one's Flexacount altered/ changed to
sortcode 07-02-46 , enabled to receive faster payments /
Would some kind moneysaver with the time to spare PLEASE contact N/W and ask and let us know the answer on this thread.
Many thanks

PJHilder

eeja wrote: »

So the $64,000 question :
Can one apply to Nationwide to have one's Flexacount altered/ changed to
sortcode 07-02-46 , enabled to receive faster payments /
Would some kind moneysaver with the time to spare PLEASE contact N/W and ask and let us know the answer on this thread.
Many thanks

Don't be silly. That would require Nationwide to treat all its customers fairly.

PJHilder

I messaged Citibank to find out when they were rolling out FP. Not for a few months yet.

Are all Barclays customers able to use FP yet? I have an old cash card account I'd be tempted to use if they did.

23rdian

Lloyds TSB

http://www.lloydstsb.com/ways_to_bank_with_us/faster_payments_faq.asp

Worked fine the first few times I used it over telephone banking. Have now given up as I usually get an excuse as to why it cannot be sent to accounts that accepted it previously.

Was a relevation initially though!

I was told the reason it was pulled from online banking was an increase in fraud.

cottager

I wrote about FP at the beginning of the month to two of the places I have accounts with, as I couldn't (then, anyway) find anything on their websites about it. Email responses as follows.

The relevant bit from Abbey's reply:
Abbey is one of the 13 founding members of the initiative and believes the scheme has significant benefits for our customers. Abbey is committed to making this a success at the earliest opportunity and expect to begin a phased implementation of the Faster Payments service before the end of this year.

From Yorkshire BS:
The faster payment system was launched at the end of May 2008 but due to the complexity of the processes and the inherent risks associated with a 'near real-time' payment system such as this, the launch is being performed on a restricted basis and will only involve a handful of leading UK banks (e.g. Barclays, HSBC, Royal Bank of Scotland Group) in the early stages.

Depending on the outcome of the initial launch, the service will gradually be implemented by other UK banks and will eventually be offered to financial organisations such as YBS, who are known as agency banks.

This is something we are looking at implementing, however, significant costs attached to introducing the service and we are therefore considering whether this should be made available to YBS members and if so, when. We are unlikely to make a firm decision until we are in a position to assess system performance and market reaction to the new facility.

Principality BS is another 'agency bank' rather than a clearing bank. They have an FAQ document specifically about Faster Payments at
http://www.principality.co.uk/pdf/17638_Faster_Payment_FAQ.pdf
which indicates they can accept FP but not make them.

The PBS document gives useful info about all agency banks:
The facility for Agency Banks to make Faster Payments will be available in 2009. The Society will review the opportunity to make Faster Payments when the facility becomes available.

This must be what YBS were getting at when they answered. It looks as though even when the facility is available to them, it will still be up to each individual institution whether or when they implement making Faster Payments.

Dan29

cottager wrote: »

The relevant bit from Abbey's reply:
Abbey is one of the 13 founding members of the initiative and believes the scheme has significant benefits for our customers. Abbey is committed to making this a success at the earliest opportunity and expect to begin a phased implementation of the Faster Payments service before the end of this year.

So they've got until the end of today

theloft

23rdian wrote: »

Lloyds TSB
http://www.lloydstsb.com/ways_to_bank_with_us/faster_payments_faq.asp
Worked fine the first few times I used it over telephone banking. Have now given up as I usually get an excuse as to why it cannot be sent to accounts that accepted it previously. I was told the reason it was pulled from online banking was an increase in fraud.

I too had a succesful transfer using the new service, but only by using the telephone service when it should have been on line. The next time I tried, I got the fraud story but was told that the amount they were prepared to transfer varied each week.
So I started with one amount, told it was too large to be accepted, carried on until I got down to £100 and they would not transfer even that. The banks and financial institutions have had 2 years to get ready for this and I think they are using the fraud thing as an excuse, because with the Faster Payment Service, they lose all that lovely interest they were earning, while our money was in 'transit' !! We should all complain to APACS.
[EMAIL="corpcomms@apacs.org.uk"]mailto:corpcomms@apacs.org.uk[/EMAIL]. Also contact your MP if you feel strongly about it.

chris1

Hi folks, have updated the first two posts with the latest situations - a few more able to receive and updates on others.

ozzage

I wouldn't say it's strictly true that Lloyds TSB can do it. In my experience (matching some posts above) it seems somewhat random whether it works when you arrange a transfer by telephone.