Faster payments - who can send and receive

nash0819

runciblespoon wrote: »

ICBW, but I think Kaupthing's clearing bank is NatWest. So they can't send payments to themselves! There were early problems with KE because the sort code was newly issued - perhaps that's the problem and the clerks don't understand the messages they're getting?

You could, I suppose, set up a standing order actioned tomorrow and then cancel it once it's gone out. I don't know if that'd work but it's worth a try. SOs haven't gone onto the Faster Payments system yet so it should go through OK if NatWest accept the sort code.

In general, are banks imposing a £10K daily limit on FP? In other words, if I have £40K to transfer can I do four transfers on Monday, or must I do £10K transfers on each of Mon/Tue/Wed/Thu?

I believe so. £10K is the limit I have seen quoted on all FP payments. YMMV.

Thanks for your comments there. Further research (here and here) seems to indicate that, yes, NW are the clearing bank and, yes, other people have experienced problems doing BACS to KE from NW but there is some kind of "workaround".

What bloody nonsense!

I shall be on the blower tomorrow to ask for someone who knows what they're talking about.

KE will take a cheque in the post so I'm tempted just to say FI and go that way.

Viper_7

moonrakerz wrote: »

FPS appears to be closing fast on Terminal 5 as the most hyped flop of the year !

No it's working fine.

People just don't understand what is covered by FPS and what isn't.

BACS/CHAPS is nothing to do with FPS. They are totally separate services.

So many incorrect assumptions made about this service it's unbelievable.

Standing Orders HAVE gone on to FPS, as have future dated payments.
But as said previously it's still not 100% full throttle - as planned.
Where do you get this incorrect information from?

Why is it a flop? It's working as intended without issue.
Have you seen it all over the news?
Is it all in the papers?
No, it's running quietly in the background doing what it does.

cundall

GGGGGGGRRRRRRRR

Even though A&L and Halifax are both on the list (send from A&L) i sent £1k on the 1st and it has not arrived yet!

My Halifax account can receive the faster payments and A&L can send them - I set it up as a standing order so it should have been received by now or have i done something wrong?

thanks in advance..

Milarky

cundall wrote: »

My Halifax account can receive the faster payments and A&L can send them - I set it up as a standing order so it should have been received by now or have i done something wrong?

A&L can only receive and cannot send Faster Payments*. Period. So 2 banks that can receive (but not send) FP aren't a lot of use at the moment

*Oh, 'yet' for the benefit of Viper_7 I should have said.

chris1

cundall wrote: »

Even though A&L and Halifax are both on the list (send from A&L) i sent £1k on the 1st and it has not arrived yet!
My Halifax account can receive the faster payments and A&L can send them

If you check out the list in the first post of this thread you will see that only three banks are able to send faster payments with no restrictions (other than the £10K FP limit)
- HSBC (including First Direct)
- RBS (including NatWest)
- Tesco

and these two with limitations
- Barclays (amounts limited)
- Lloyds TSB by TELEPHONE only (not online)

A&L are not on the list and cannot yet send faster payments.

I keep the first two posts updated.
HTH

whu

in my experience Lloyds do not send out via FP - I did one transfer in June and it worked but have tried 2 in the last week and they have gone through by BACS not FP(requested transfer by FP on telephone banking not online) - all to FD which do accept and pay out by FP

chris1

whu wrote: »

in my experience Lloyds do not send out via FP - I did one transfer in June and it worked but have tried 2 in the last week and they have gone through by BACS not FP(requested transfer by FP on telephone banking not online) - all to FD which do accept and pay out by FP

Did they say they would go by faster payments when you did it? I think you have to specifically ask.

kaybing27

Sorry wrong topic - please delete

whu

chris1 wrote: »

Did they say they would go by faster payments when you did it? I think you have to specifically ask.[/QUOTE
yes - i asked them and they said it would go by FP

Viper_7

Aye Lloyds is not fully rolled out yet.