Faster payments - who can send and receive

Toe-Jam

savetilibleed wrote: »

I don't believe so, though they can receive FPs.

Coventry will receive payments same day ~ 5-6 hours or so. but not instant, and they can't send faster payments at all its regular bacs.

The balance on-line takes a day to update when you use your debit card too.

al25

Paid my Lloyds Mastercard in the morning, and hey presto, credit available to spend in the afternoon.
Didn't know Lloyds credit cards recieved FP.
Also noticed my utility bills go by FP,except Thames Water.

cottager

Barclaycard started accepting FP earlier this year, and more recently MBNA c/card.
BT also accept FP, but I don't know about any other utilities as I don't usually pay them 'manually'... except the odd extra payment to nPower, and at the moment they're still taking 3 days by BACS.

lolly5648

Does anyone know when Nationwide will start doing FP for all customers? I know some a/cs can handle it but not yet from my current account.

G_M

lolly5648 wrote: »

Does anyone know when Nationwide will start doing FP for all customers? I know some a/cs can handle it but not yet from my current account.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Sorry...seriously... I asked N/wide for a launch date 18 months ago and was told May 2008. I kept asking at 2-3 month intervals, and kept getting told new dates all of which passed. Even the date give me personally be the Chief Exec!

If you apply for a new Flex account you'll be given one with the sort code that ACCEPTS FPs (it also sends them but only up to £10).

Be warned though - KEEP your original account open too otherwise a) your e-saver gets closed (it's linked to the original Flex), and b) you'll have trouble with the card reader.

You'll then need to decide whether to transfer your DDs, Standing Orders etc over to the new Flex or keep them on the original and just use the new one for FPs. All very messy.

Personally, I gave up. Waited for ever for FPs, watched the Flex interest rate vanish and the saver rates drop and now the only reason to bank with N/wide is cheaper withdrawals in Europe. I don't travel, so I'm with Nat west now.

Nat West Faster Payments works like a dream!

G_M

G_M wrote: »

I may be wrong but some banks seem to be able to handle FPs at weekends, and some schedule them for Monday. If this is so, maybe the front post could say which?

Anyone else think this would be helpful?

G_M

Leeds BS.
They RECEIVE Faster Payments, though these only show up on their systems overnight, so don't show up as fast as they actually happen.

They do NOT SEND Faster Payments.

I have verified this via transfer in from Nat West.

G_M

Nat West:
Strange idiosyncracy which people may have observed.

When setting up a Faster Payment after 6.00 PM or at the weekend, the 'date to send' defaults to the next working day. If you try to re-set it to today's date it gives an error and insists you use the next working day.

However, the transfer DOES actually go immediately (ie on the day you set it up) rather than the defaulted next working day. It's just the way their systems work apparantly!

I checked this with internet banking enquiries, and then confirmed it with a FPs transfer myself.

I'm guessing this applies to Bank Holidays too, though have not confirmed it.

chris1

G_M wrote: »

Leeds BS.
They RECEIVE Faster Payments, though these only show up on their systems overnight, so don't show up as fast as they actually happen.

They do NOT SEND Faster Payments.

I have verified this via transfer in from Nat West.

Thanks, have updated the first post.

chris1

G_M wrote: »

I may be wrong but some banks seem to be able to handle FPs at weekends, and some schedule them for Monday. If this is so, maybe the front post could say which?

Happy to do this, but people will need to post their experiences!