Faster payments - who can send and receive

chris1

Hi folks
Abbey can now receive faster payments so I have updated the first post.

charlieboycat

chris1 wrote: »

Hi folks
Abbey can now receive faster payments so I have updated the first post.

But you inadvertently updated it to show that they can send - which they can't.

ray123

chris1 wrote: »

I don't think Nationwide have implemented faster payments at all yet for their main sort code 07-01-16, i.e. can't send or receive.

Still not able to send or receive FP with 07-01-16.

charlieboycat

Alliance & Leicester sort code 72-50-03 receives FPs. It will also send - but there may well be a monetary limit on sending, I've only tried it with a £1 transfer.

Nessie23

charlieboycat wrote: »

Alliance & Leicester sort code 72-50-03 receives FPs. It will also send - but there may well be a monetary limit on sending, I've only tried it with a £1 transfer.

A&L sort code 72-50-03 has a limit for sending money out of £250 per payee per day. I am unsure whether there is a limit for money going in (don't think so) but I have paid up to £500 into the account and it has gone through as a faster payment.

Plus this wikipedia entry also has a good summary table on implementation of faster payments
http://en.wikipedia.org/wiki/Faster_Payments_Service

Jparky123

I frequently use the Co-op business Faster Payments service. Its still limited to £100 and can only be done on the phone, not online.
For the last week, I have found that random payments that have gone successfully by FP previously, have not worked. These have been to differing sort codes, so does not seem to be a problem with the receiving bank. The Co-op can offer no explanation.
Has anyone else had this problem?

Joy

Squibbler

Thanks very much Chris1 for this thread - it's just what I was looking for today! Would it be possible in your first post that you keep updated to show what the send and receive limits are. For example Nationwide's ridiculous £10 limit - who on earth is going to bother using that?

Customers need to be able to move much larger amounts of money around same day so we don't lose interest and some clearing bank doesn't profit instead as currently happens with BACS. It's crazy that a system like FPS is obviously working and yet so many delays in its rollout. Incidentally ... Citibank tell me they are about to join in & launch FPS any day..so one to watch.

chris1

Squibbler wrote: »

Thanks very much Chris1 for this thread - it's just what I was looking for today! Would it be possible in your first post that you keep updated to show what the send and receive limits are. For example Nationwide's ridiculous £10 limit - who on earth is going to bother using that?

I'd like to do that, but the trouble is they keep changing the limits - sometimes for security reasons - and rarely do they tell customers the limits have changed (until you try to send a faster payment). It seems they even change the limits on BACS transfers without announcing it. And of course they don't want to tell anyone who asks in advance, because that would be a security breach...

On the other hand some banks allow you to send multiple £10K FP payments on the same day.

There are no limits on receiving, other than the £10K per payment FP limit itself.

savetilibleed

I transferred £1000 out of Tesco after the 7 October and even though I had the card reader read to go, it worked without it. All I did was to put the reader card pin into the reader. The payment was back in my LTSB account immediately.

Try that the other way - no chance! Even by Phonebank!

D1zzy

savetilibleed wrote: »

I transferred £1000 out of Tesco after the 7 October and even though I had the card reader read to go, it worked without it. All I did was to put the reader card pin into the reader. The payment was back in my LTSB account immediately.

Try that the other way - no chance! Even by Phonebank!

As of yesterday LTSB online sameday FP is back - (at least 4 me) - 10 K daily limit 1K transaction limit :j