Faster payments - who can send and receive

cottager

Via a link on another unrelated thread I was listening to last Saturday's Moneybox, and chanced upon another topic they were covering about Faster Payments. Interesting update -- first item here, about 45 secs in:
http://www.bbc.co.uk/iplayer/episode/b00pn34d/Money_Box_09_01_2010/

al25

Natwest does not accept faster payments over the phone, Instead the payment is sent and recieved the following day.
The assistant said that they stopped doing faster payments over the phone several week ago.

G_M

Natwest does not accept faster payments over the phone,

For the avoidance of doubt, I assume you mean they do not send FPs via telephone instructions?
I'm pretty sure they continue to accept FPs providing the sending bank uses the FP system.

atypical

al25 wrote: »

Natwest does not accept faster payments over the phone, Instead the payment is sent and recieved the following day.
The assistant said that they stopped doing faster payments over the phone several week ago.

NatWest will send a faster payment after telephone instruction, they just won't send it instantly for new payees. They'll send the payment the next day as they need to do extra security checks (what they mean by that I'm not sure). For existing payees they'll send it immediately.

I think it's the same for online payments. If you set up a new payee and make a payment the same day, it is sent the next day. Any future payments are sent instantly. Hopefully someone can confirm that that's right.

al25

G_M wrote: »

I'm pretty sure they continue to accept FPs providing the sending bank uses the FP system.

Payment instruction was to a barclays account, whom I've paid two months ago over the phone.
Yet the payment was made the following day.

al25

atypical wrote: »

NatWest will send a faster payment after telephone instruction, they just won't send it instantly for new payees. They'll send the payment the next day as they need to do extra security checks (what they mean by that I'm not sure). For existing payees they'll send it immediately.

I think it's the same for online payments. If you set up a new payee and make a payment the same day, it is sent the next day. Any future payments are sent instantly. Hopefully someone can confirm that that's right.

If the payment is debited and credited to the reciepient the following day- It cannot be seen as a faster payemnt?

atypical

al25 wrote: »

If the payment is debited and credited to the reciepient the following day- It cannot be seen as a faster payemnt?

The payment is credited and debited on the same day, when they make the payment. They don't make the payment on the day you ring but the day after.

If you check the transaction online after you've made your telephone instruction and they've completed it, you can see that it is a Faster Payment.

oldfella

Barclays and Tesco send FP over the weekend

puddings_2

I have an Alliance Leicester account that I use simply so that I 'm able to pay in at the post office. Their faster payment limit is £250 and even that is intermittent.

From this list of other post office friendly accounts, can anybody give me advice on which if any, have an fp limit higher thn £250 please.
Bank of Ireland, Clydesdale Bank, Lloyds TSB, smile, The Co-operative Bank

puddings_2

I know that what banks SAY about faster payment and what they DO are different! but just for the record, this is what they say
Transfer/One-off payments (not Standing Order)
Bank - Availability - Value Limit
Alliance & Leicester Yes, phone and internet £250
Bank of Scotland Yes, phone and internet Retail customers- £2,500 Corporate customers- £10,000
Barclays Yes, phone and internet £10,000
Citibank Only available to corporate customers via Internet £10,000
Clydesdale (including Yorkshire Bank) Yes, phone and internet £500
Co-operative Yes, phone and internet £250
Danske (Northern Bank) Yes, phone and internet £10,000
HSBC Yes, phone and internet £10,000
Lloyds TSB Yes, phone and internet Retail customers £2,500 Corporate customers £10,000

Nationwide Yes, although limited phone and Internet service £10*
Northern Rock From 2010, for customers with saving accounts, via the internet N/A
Royal Bank of Scotland (including Natwest & Ulster Bank) Yes, phone and internet £10,000
Santander UK plc N/A