Faster payments - who can send and receive

jojogirly

So are Barclays able to send fp's to the value of 10k now?

I transferred £900 last week and it took three working days, I sent £450 last night and it cleared straight away.

tiptoe_mouse

So are Barclays able to send fp's to the value of 10k now?

According to the BBC, the £10,000 limit came in today:

27 May to 16 July - Barclays transfers will see a steady increase in maximum limits such as £5 on the first day, £100 by 5 June, £2,000 on 9 July and £10,000 by 16 July

According to an email they sent me, this is only for immediate payments - not for SOs and future dated payments. They imply that this will change in September 2008.

tiptoe

pfpf

From: Tesco

To: A&L

sent £1.00 "tester" around 10pm on the 14th. appeared as available balance straight away but didnt show on statement until the 16th.

i am guessing (will test) that if i sent early in the day it would appear next day.

From: Tesco

To: Barclays & Halifax - both instant.

jojogirly

Thanks for the info Tiptoe. The fp's make things alot easier for me

jojogirly

Just to update on Barclays to Natwest.

Sent £1300 was instant
Sent £2400 Took three days

so somewhere between the two figure Barclays still has a limit

bigturnip

Co-op initially said they would introduce it in July, now the smile website says they may not introduce them until early next year, come on CFS get your act together.

exel1966

The following message has appeared whilst looging into Lloyds online banking :-

New Faster Payments Service
One-off online payments that you make from your current account will now, where possible, be sent quicker. In most cases your payment will reach the receiving bank almost immediately and show in the recipient’s account in a couple of hours.
23/07/2008

However that still leads it wide open as to what might go faster and what might not.

Milarky

exel1966 wrote: »

However that still leads it wide open as to what might go faster and what might not.

Don't think so, that has to cover the banks not in FP at present (Abbey, Nationwide, Co-op....) See here

exel1966

Yes, I posted a link to that page earlier in the thread, however my interpretation and that given to me by Lloyds telephone banking is that Lloyds would have used different terminology in their message If all payments were going through rather than using terms such as 'most' or 'where possible'.
I understand there are many banks disgracefully not online to the FP system yet and Lloyds have to cover themselves to that fact, but nowhere can I find a statement or will anyone state that all payments will go through providing both parties are signed up to and working the FP system. Maybe that's too much to as for ? As far as I'm concerned it is still too ambiguous.

chris1

Thanks for the updates everyone, I've been keeping the first two posts updated with your experiences.

At last a new addition to "can receive" list - the small building society Saffron - I'm usually adding to the "can't" list... :rolleyes: