Faster payments - who can send and receive

JC_Derby

Milarky wrote: »

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.]

Ive had this problem with IF, saying that the account im sending to can not accept faster payments, when i know damn well it can.

Milarky

JC_Derby wrote: »

Ive had this problem with IF, saying that the account im sending to can not accept faster payments, when i know damn well it can.

That's a ''way back when...'' quote as far as Halifax is concerned - it is much, much better now it has migrated to the Lloyds system.

JC_Derby

the quote might be from way back when. But IF are not sending faster payments to natwest., they are getting sent as BACS

savetilibleed

Just got (on 1 Dec) monthly interest from Saga to my bank account by Faster Payment. Previously it had always been, as others are, by BGC.

Just_landed

Well blow me down just transfered money fron Lloyds TSB current account to Sainsburys account. This has never happened before usually takes 3-4 days even though Lloyds TSB have been saying that they do faster payments for a few years.

:j

Dr_Cuckoo3

Sainsburys Bank
Post Office savings
ICICI
Bank of Baroda
United National Bank
Britannia
State Bank of India
Norwich and Peterborough
All the above now accept inward faster payments according to the sort code checker , none of them send faster payments as far as I can see (certainly Post Office do not) and some are slow to update the balances

Islamic Bank of Britain send and receive faster payments weekdays with a cut off time as do Yorkshire Building Society and Egg

Citibank send and receive faster payments - seems to be 24/7

Gibblet

Sorry to interject after two years but, I have a query in relation to this.

I am with both Natwest and Norwich and Peterborogh. When I send any amount on any day at any time with Natwest, the funds are available immediately. However with N&P it seems to take a few hours or not happen at all on weekends.

They seem to have set times at which payments are both sent and received.

Is this common?

Gibblet

In fact, I've just recieved this email from N&P regarding faster payments and the times at which they're processed.

Further to our conversation I can confirm the following times that N&P sends and receives faster payments, please note that Saturdays & Sundays are not classed as a working day.


MONDAY TO FRIDAY

Payments out: 5.00am; 8.00am; 11.00am; 3.00pm and 5.00pm

Payments in are every hour between 8.00am and 4.00pm

Gromitt

Gibblet wrote: »

They seem to have set times at which payments are both sent and received.

Is this common?

Definitely not common, but some building societies are known to do this or worse (eg. payments always take over night to process). It's well within the current payment services rules which states "By the end of the next working day".

Gibblet

I can only hope things improve It's 2013 after all! Haha