Faster payments - who can send and receive

OneADay

bagsacash wrote: »

Tesco has the best FP system I have experienced and tesco is not a bank. The banks/bulding societies I have used, Barc, Hal, A&L, Natwest,and Santandar are very poor

All are still in the darkages.

It is a bank, be it a subsidiary company called Tesco Bank part of Tesco group.
Originally it was a venture between RBS and Tesco before Tesco got its own banking license.

Barclays to me have been best.

Sceptic001

evenasus wrote: »

I made a single instant payment yesterday from my Nationwide Flex account. Sort code 07 01 16.

Nationwide's lastest Transfers & Restrictions. http://www.nationwide.co.uk/internetbanking/Help/help_transfer_limits_restrictions.htm

Token sum sent yesterday afternoon from a Faster Payment account to Nationwide has not yet arrived in my FlexAccount.

shinydoc

I have been trying for 2 days to make a FP from my Halifax current account and it keeps wanting to send via BACS taking 3 days:mad:. I gave up and phoned them - apparently you just have to keep trying and sometimes it works and sometimes it doesn't!!!

After 2 days of repeatedly trying throughout the days it's just been accepted!!

How on earth can the banks use a service that is so hit and miss, either you can pay someone or you can't. It's like going to a cash machine and sometimes it will let you in and sometimes it won't, if you need to do a transaction it should work reliably every time, or they should withdraw it until it is fit for purpose! I wish I could pay my mortgage like that - oh sorry wouldn't let me pay this month, I'll try again next

Boy we live in the dark age of technology in the UK and we still pay bankers huge bonuses for doing so well :cool: I bet their payments get through first time, even though some of those are our tax payers' money!

stilernin

dorsetlass wrote: »

I sent a payment today from Tesco to Lloyds TSB and it appeared literally within minutes in my 'available balance' in Lloyds. I was completely surprised to see it there, as had logged on to Lloyds check something else, but the sum was absolutely 100% in my account within minutes. Haven't yet tried to use it, but was very impressed to see it there.

Are you saying that you have moved the required £1000 into, through and out of these accounts?

I opened 3 Lloyds Vantage accounts and transferred £1000 into each from my A&L current acc last night. They are still showing a nil balance which I presume is because the money has gone via BACS.

Having come onto this thread to learn a bit about FP etc I have read that A&L will move up to £250 by FP. Assuming that they do what they say, does this mean that I need to make 4 FPs of £250 into Lloyds acc no 1 and then through the others? (To get a further £6000 into each of the accounts will have to make 72 payments of £250? :eek:)

Will I then have to make small FPs out of the 3rd account? (I didn't check what their limit is)


Last (silly) question - does anyone make any interest on the money in the no-mans land that is BACs?

blueberrypie

stilernin wrote: »

I opened 3 Lloyds Vantage accounts and transferred £1000 into each from my A&L current acc last night. They are still showing a nil balance which I presume is because the money has gone via BACS.

Having come onto this thread to learn a bit about FP etc I have read that A&L will move up to £250 by FP. Assuming that they do what they say, does this mean that I need to make 4 FPs of £250 into Lloyds acc no 1 and then through the others? (To get a further £6000 into each of the accounts will have to make 72 payments of £250? :eek:)

Another A&L rule is that you cannot make more than one FP to the same account on the same day - so your idea of making 4 FPs into each account won't work, unless you do it on four separate days - you might as well do it by BACS, for all the difference it will make on the interest.

stilernin

blueberrypie wrote: »

Another A&L rule is that you cannot make more than one FP to the same account on the same day - so your idea of making 4 FPs into each account won't work, unless you do it on four separate days - you might as well do it by BACS, for all the difference it will make on the interest.

Thanks, can you tell me if a DD would move any quicker? I know we are talking peanuts in interest at the moment, but as they say 'every little helps'.

Mind you, the 3 Vantage accounts can be self sufficient can't they.

JesseJames_2

blueberrypie wrote: »

Another A&L rule is that you cannot make more than one FP to the same account on the same day - so your idea of making 4 FPs into each account won't work, unless you do it on four separate days - you might as well do it by BACS, for all the difference it will make on the interest.

Unless you set up X amount of destination accounts within A&L, then you can send X x £250 per day.
I have 5 BOS/Halifax accounts so transferred £1250 in 1 day, en route to Lloyds Vantage. So £1250 from A&L to Lloyds was done in a few minutes.

bagsacash

I have been trying for 2 days to make a FP from my Halifax current account and it keeps wanting to send via BACS taking 3 days

I myself have just found halifax to be a joke along with natwest and A&L, it looks as if the whole banking system in the UK is archaic or the banking system just like fleecing customers out of interest - theives the lot of them.

bagsacash

Halifax stole two days interest off me, there system says it takes 3 working days. I initiated a transfer on the 12/4 and I'm told its not expected to reach my other account untill the 16/4. What a theiving bank.

Milarky

shinydoc wrote: »

I have been trying for 2 days to make a FP from my Halifax current account and it keeps wanting to send via BACS taking 3 days:mad:. I gave up and phoned them - apparently you just have to keep trying and sometimes it works and sometimes it doesn't!!!

After 2 days of repeatedly trying throughout the days it's just been accepted!!

How on earth can the banks use a service that is so hit and miss, either you can pay someone or you can't.

The Halifax use of Faster Payments is, as you say, unaccountable. If you have multiple Halifax accounts it may sometimes be possible to pay from a different account, I've found, whilst the original account remains 'blocked'. After a period the 'block' on the original account mysteriously 'clears' itself.

[NB If anyone has actually made a formal complaint about this, it would be interesting to hear how Halifax responded - since they cannot claim it is due to unavailability of the FP network and they cannot expect to be let off for something they seem to have caused yet cannot explain.]