Faster payments - who can send and receive

Nick_C

YorkshireBoy wrote: »

I've just sent £1 to FD...arrived instantly.

Getting excited, I tried £1,500 then £1,000 then £500 then £250. Wasn't having any of it so lost patience and tried £1.01

Result..."sorry no can do, your £1.01 payment will leave on 14/10/08"

Pathetic!!

Is there a limit on how many you can do in a day? Maybe next time I want to transfer £500 out, I can do £1, 500 times? On second thoughts, perhaps not.

chris1

Nick_C wrote: »

Is there a limit on how many you can do in a day? Maybe next time I want to transfer £500 out, I can do £1, 500 times? On second thoughts, perhaps not.

Banks impose their own limits - of course there is the £10K overall limit for a single faster payment, on top of this some allow multiple 10K payments per day, others don't. I was thinking of adding this info to the first post but at the moment banks keep changing their limits, often without telling anyone until they actually try to send a payment...

theloft

I have made an official complaint to Lloyds TSB and ACAS. This service is supposed to be freely availavble but Lloyds do not mention it anywhere on their normal website for internet banking. The only way you can do it with Lloyds is by Telephone Banking and they don't show you how to do that either. Talk about dragging your heels, I suppose in the current climate, they need the interest on the 3-4 days under the old system!!!!

grnglide

theloft wrote: »

I have made an official complaint to Lloyds TSB and ACAS. This service is supposed to be freely availavble but Lloyds do not mention it anywhere on their normal website for internet banking. The only way you can do it with Lloyds is by Telephone Banking and they don't show you how to do that either. Talk about dragging your heels, I suppose in the current climate, they need the interest on the 3-4 days under the old system!!!!

I do not beleive that there is any requirement on banks to provide this service - this would be an agreement between you and the bank.

At present I believe that all banks that are providing the service are doing so at no additional charge over the normal (usually free) BACS transfers. I believe the banks would be quite within their rights to make a charge although, presumably, they would then need to offer the choice.

Internet banking from HSBC doesnt give any choice and the only way you know whether Faster Payments is being used is on the screen, after the payment details have been set up, when it says "the payment should reach the account on xx/xx/xx" of "the payment should reach the account with three working days from xx/xx/xx".

It is not like CHAPS but it is a vast improvement over BACS.

LongTermLurker

Don't know if this is old news, but it's the first I've seen (letter today). A&L are now going "FP"

We are now able to receive money by faster payments and have started to send money by the scheme. We plan to have faster payments scheme fully implemented later this year

altocumulus

My son recently transferred some money to my account (Lloyds) from his (RBS) - it took 30 seconds. In the other direction it takes 3 days !!!!!

Stormy

Speculator wrote: »

Nationwide seem to be taking their time implementing FP. Their Flexaccount can't even accept faster payments!

I thought this too, any idea why Nationwide are dragging their feet?

Will Nationwide be offering a Faster Payment service?

Nationwide is committed to the launch of Faster Payments. We are currently rolling out this service to FlexAccount customers and aim to be completed by the end of March 2009.

Does any customer have it rolled out yet?

taka

I managed to transfer £100 from an A&L current account to a Nationwide Flex account on Friday. A&L seen to have sent this as a FP as it showed up immediately in my Nationwide account. Sadly a payment sent on the same day from Nationwide to A&L is going the slow way...

HumanEnergy

Stormy wrote: »

I thought this too, any idea why Nationwide are dragging their feet?

Will Nationwide be offering a Faster Payment service?

Nationwide is committed to the launch of Faster Payments. We are currently rolling out this service to FlexAccount customers and aim to be completed by the end of March 2009.

Does any customer have it rolled out yet?

I have a Nationwide FlexAccount and receive my wages instantly (which are sent from a NatWest business account). My brother is also with NatWest and I received a recent transfer from him same day as well.

I was thinking of opening a NatWest e-savings account because of the big juicy bonus they're currently paying. Does anyone know if transfers out of a NatWest e-savings account will be sent by faster payments too?

I have a Nationwide e-savings account which I was keeping for the convenience of instant transfers to my FlexAccount, but if the NatWest e-saver can send faster payments I'd switch.

oramgepekoe

HumanEnergy wrote: »

I was thinking of opening a NatWest e-savings account because of the big juicy bonus they're currently paying. Does anyone know if transfers out of a NatWest e-savings account will be sent by faster payments too?

Yes they are.