Faster payments - who can send and receive

bluejosiah

I've just contacted Cahoot (Abbey) as it took 3 days to transfer from Cahoot to NatWest last week. I await their response.

Thank you for contacting cahoot in Coventry.

Whilst some banks including Abbey (our parent company) may already be able to send / receive payments using the new system, I'm afraid this isn't yet available with cahoot.

The new APACS system (faster payments system) is due to be rolled out by cahoot later this year. We are implementing a phased approach to this facility to ensure that it is compatible with our banking systems at the time it goes live.

We will let you know as soon as we have the final implementation date for this facility. Should you require any further assistance in the meantime though, please do not hesitate to contact us again.

G_M

Nationwide both send and receive FPs but only for NEW customers who have sort code 07-02-46. They are increasing the limits to £10K in April.

If you threaten to leave, they will switch you from your existing sort code to 07-02-46, but you'll need to switch all your DDs, salary details... or you could keep your existing Flex account and run the 2 accounts side-by-side, using the new one for FPs. Both would appear on-screen when you log in to internet banking.

alanwsg

Article on the BBC news site ....

http://news.bbc.co.uk/1/hi/business/7965609.stm

[Deleted User]

I don't believe that Abbey has activated Faster Payments. If they had, asmall payment I sent yesterday from my Abbey account would have arrived by now into my First Direct account.

eslick

onlinebanker wrote: »

My mate works for a bank and can tell you that the industry is not bought into delivering a full faster payments solution anytime soon.

There is far too much other activity going on at the moment, taking up management and IT time to focus on this.

The govt needs to step up and put in some firm timescales and penalties for not meeting them.

dont think thats the case, i work with many banks and they are all working on faster payments for corporates for july so things will probably start to move on around then, they also have other IT projects on the go with full sepa coming later this year.

biggest issue with faster payments is that there will be a limit of 100,000 once its fully operational and i was speaking to someone on the all bank project board and they couldnt understand that this limit isnt big enough, if you buy a house the limit needs to be larger but they say thats not the case as the average of all chaps payments is less than 100K which our company just dont get....

456789

Deleted_User wrote: »

I don't believe that Abbey has activated Faster Payments. If they had, asmall payment I sent yesterday from my Abbey account would have arrived by now into my First Direct account.

They are founding members of the scheme however they don't do FP

D1zzy

Halifax, Natwest, Tescos - both ways -Makes a huge difference when moving large amounts of money around
LTSB could then couldn't on line - can by telephone but v small amounts and way too restrictive

savetilibleed

When I have phoned Lloyds to arrange a FP they tell me no, even when I know the recieving BS accept FP (I believe the limit is <=£500). A few days ago I arranged a transfer of £100 to another person and it left my account dated 23/03/09 but was actually an hour or so before midnight on 22nd! But it was in the recipent's account on the 23rd. I dunno. Seem they will do it when they can, but not when I want!

D1zzy

savetilibleed wrote: »

When I have phoned Lloyds to arrange a FP they tell me no, even when I know the recieving BS accept FP (I believe the limit is <=£500). A few days ago I arranged a transfer of £100 to another person and it left my account dated 23/03/09 but was actually an hour or so before midnight on 22nd! But it was in the recipent's account on the 23rd. I dunno. Seem they will do it when they can, but not when I want!

LTSB internet banking is a joke
No FP
10K limit & No ability to stack future transactions (once your 10k limit is reached)
No same day transactions ( but you need to know when today is actually tomorrow - 10.30 pm Monday is Tuesday for LTSB & 3.45pm Sunday is Monday).. {Its related to their BACS processing}
So if you enter a 10k transaction at 5pm Sunday it doesn't go until Tuesday and you can't enter another transaction until its gone - so xfering 30K from LTSB to another bank takes about 1.5 weeks and needs 3 separate operations. A bank with FP and the ability to stack transactions (Natwest) - 3 days and one operation even with a 10k limit)

----don't get me started!!

10_66

Does anyone know if there is a cut off time for a Faster Payment to be sent from Tesco during a particular day (ie 3pm)?