Faster Payments

[stugster]

On 26th May 2009, the "Faster Payments" company, APACS (APACS - the UK Payments Association) celebrated its first birthday.

All very nice, but which banks are actually processing your transactions using this faster payments method, and which banks are keeping your money for 5 working days to skim off some interest?

In May 2008, Abbey said:
"Abbey is committed to bringing the benefits of Faster Payments to our customers at the earliest opportunity and our timeline of late summer is consistent with the industry's phased approach.

Abbey expects to be offering a full service to our customers well before the end of the roll-out phase."

I sent some money from an Abbey business account to a HBOS account on Friday, and I'm still waiting on it arriving.

I'd be really interested to hear which banks are actually participating in this scheme. I know the Royal Bank of Scotland are, but who else?

 

[doogie]

Something that really annoys me with my personal account with Co-Op bank (who are supposed to be the good guys!!!) is that I can send by faster payments..... as long as the amount is less than around £100, but anything more than that goes the slow way. And to prevent you working around this by sending multiple smaller payments, they force you to use the stupid card & calculator security ID device for every payment!

 

[iain_darkflare]

As far as I know HBOS is also doing it. My girlfriend has transferred me money on a few occassions recently and it has cleared in my account almost instantly. But if I do it in reverse to her, or from my business account to my personal account then it takes ages.

My gf's account is with HBOS and all my accounts are with the Abbey.

 

[Boxby]

RBS, Lloyds, Hbos, Natwest, Barclays. Personal and Business, I think.

I love it. You transfer money from hbos to rbs and its moved faster than you can log and log back in again!!

 

[Adventurelife]

RBS, Lloyds, Hbos, Natwest, Barclays. Personal and Business, I think.

I love it. You transfer money from hbos to rbs and its moved faster than you can log and log back in again!!

Try it from RBS to HBOS ( intelligent finance division) still taking 4-5 days:sad:

 

[Former Member 1]

Try it from RBS to HBOS ( intelligent finance division) still taking 4-5 days:sad:

Try paying your Halifax Credit Card from your Halifax bank account!!!

3 days!

 

[Gouldie0]

All banks have to adhere to the faster payments programme, although as Doogie points out there are still a few exceptions i.e. the transaction has to be below a certain amount.

Also Matt makes a good point, it still doesn't apply to credit cards etc and i'm not sure if this is going to change.

I'm with Boxby, i think the faster payments programme is brilliant - especially if you need to transfer money around accounts to pay for different things. For example, Ryanair charge each customer for using a debit or credit card but waiver the charge if you book through a Visa Electron card. Faster payments allows me to transfer money into my Stepson's account to pay for the flights at short notice, that's unless he happens to be at a cashpoint in which case the money is spent!!

There is also another initiative going live in November, it's called the Payment Services Directive. The link below will give you more information:

Payment Services Directive

Kind Regards

Neil

 

[Scottish Business Owner]

HBOS definately do do it to the maximum limit of £10,000 per transaction and RBS also do it as well. It does make things quite a bit more efficient in terms of supplier payments etc.

It is really a nonsense that they cant apply the same logic to their internal systems and I have to say there must be some sort of motivation for not allowing that to happen.

Faster payments are definately a step in the right direction but it only really comes into it's own when it's fully implemented and all major banks are compliant.

 

[stugster]

All banks have to adhere to the faster payments programme,

I take it you mean for receiving the payments rather than sending? I've never had Abbey do a faster payment to an HBOS account no matter what the value of the transaction (£80, £120, £800).

Stu

 

[Gouldie0]

All UK banks should be applying the faster payments policy, Abbey are actually one of the founding members of the process. The PDF document below details that they're offering the service.

http://www.apacs.org.uk/documents/FasterPaymentsGuideFINAL.pdf

I actually do my personal banking with Alliance and Leicester, who are now part of the overall Santander Group and i know they offer and maintain the same day service.

If you bank with the Abbey, i would question why they're not supplying you that service.

 

[Boxby]

Is it because they're not clearing banks?