Faster payments - who can send and receive

realaledrinker

smile/Co-operative Bank update (from bank's intranet):

For Funds Transfers, Bill Payments and Immediate Standing orders the limit is £100 per transaction (no advice as to when this might increase)

For Scheduled Standing Orders the limit is £2000 wef 12 October 2009

All MBNA credit card sort codes can receive faster payments
All Co-op sort codes can receive faster payments

realaledrinker

~Chameleon~ wrote: »

How the hell can an external bank manage to re-route my money via two different accounts instantly when LTSB can't even manage it within their own system?!?! Madness!!! :mad:

Sounds like they have to send payments from their banking to their credit card systems via the BACS three day clearing system (not as crazy as it sounds - I know of one other bank which does this whilst a major systems upgrade is underway)

KingL

Birmingham Midshires (part of Lloyds Banking Group, doesn't show online until next day)

I had a couple show up within an hour yesterday.

savetilibleed

altocumulus wrote: »

Made two payments during last couple of days through LTSB - both went by Fast Payment ....

I made a payment yesterday of £400 from LTSB online and it went by FPO (to my surprise) to Barnsley BS but it was the next day before it showed on my Barnsley account, though it does show the corect date i.e. yesterday.

master811

ses6jwg wrote: »

Thanks for that, I'll remember it for future.

Unfortunately Natwest's idiotic card reader system makes it a bloody hassle.

Soon as my interest free overdraft is taken I'm off elsewhere. Stupid contraption.

Well bare in mind that pretty much all of banks use that same card reader (or something similar, so you won't have much choice of where to go.

rb10

master811 wrote: »

Well bare in mind that pretty much all of banks use that same card reader (or something similar, so you won't have much choice of where to go.

Halifax
Lloyds
HSBC
First Direct
Bank of Scotland
Abbey

None of the above banks use any sort of card-reader. It's a minority that do use it.

master811

rb10 wrote: »

Halifax
Lloyds
HSBC
First Direct
Bank of Scotland
Abbey

None of the above banks use any sort of card-reader. It's a minority that do use it.

Well Barclays do and so does Nationwide (and I'd have thought RBS does as they own Natwest), and whilst Lloyds don't use a card reader they use a mobile call for confirmation of any transfers.

Baldur

master811 wrote: »

whilst Lloyds don't use a card reader they use a mobile call for confirmation of any transfers.

It's an automated call to any specified phone number, rather than just mobiles, and only applies when setting up new payees - not to 'any transfers'.

rangers_fc

OK Faster payments work into Alliance & Leicster just transfered 2 x £1 in from Tesco Internet Account.
Can somebody Clarify if Faster Payments Work The other way i.e from A&L sort code 72 50 02 to another bank say Tesco or TSB that accepts the faster payment system, if so can somebody also clarify the daily cash limits on this transfer. Thanks in anticipation

Baldur

A&L's FP limit is shown as £250 by APACS - doesn't state whether it's daily or per transaction.