(So called) Faster Payments
Discussion
So, how many other people have been caught out by this then???
As in banks who have signed up for the Faster Payments system - you know, same day transfers sometimes even within hours - but who are not yet actually DOING faster payments.
According to the Faster Payments web site the following banks are signed up
"Twelve banking groups (Barclays, HBOS, HSBC, RBSG, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey, National Australia Bank, Northern Rock, Danske Bank Group) have committed to implement the scheme", which
"The Banking Industry via APACS has committed to launch the scheme in May 2008."
So great - it's all in place then!
Er no.
Had a payment scheduled for 1st august (from A&L) to hit target account (Barclays) on 5th but it didn't arrive till 6th which is still 4 working days.
Complained to A&L this morning only to be told "we're not joining the scheme until later in the year" and that all payments till then will take up to 5 working days (odd as I have it in writing that they take up to 4 working days).
So moral of the story - just keep sending those payments 7 days before they're due so the banks can continue to f
k us over despite the fact that they've signed up to the Faster Payments scheme.
Sweden had the right idea - the government over there was also being told by the banks that it's "difficult to do" and "too expensive for us" - so they just TOLD the banks to do it by a certain date or face mahoosive fines - and it was done.
It would be interesting to find out how many of those 12 banks mentioned above are NOT actually implenting the faster payments for as long as they can get away with......
A&L is one that is in that situation. Feel free to add others to the list as you find them....(unless A&L is the only one like this in which case I'll move my account again)
Steve
As in banks who have signed up for the Faster Payments system - you know, same day transfers sometimes even within hours - but who are not yet actually DOING faster payments.
According to the Faster Payments web site the following banks are signed up
"Twelve banking groups (Barclays, HBOS, HSBC, RBSG, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey, National Australia Bank, Northern Rock, Danske Bank Group) have committed to implement the scheme", which
"The Banking Industry via APACS has committed to launch the scheme in May 2008."
So great - it's all in place then!
Er no.
Had a payment scheduled for 1st august (from A&L) to hit target account (Barclays) on 5th but it didn't arrive till 6th which is still 4 working days.
Complained to A&L this morning only to be told "we're not joining the scheme until later in the year" and that all payments till then will take up to 5 working days (odd as I have it in writing that they take up to 4 working days).
So moral of the story - just keep sending those payments 7 days before they're due so the banks can continue to f
k us over despite the fact that they've signed up to the Faster Payments scheme.Sweden had the right idea - the government over there was also being told by the banks that it's "difficult to do" and "too expensive for us" - so they just TOLD the banks to do it by a certain date or face mahoosive fines - and it was done.
It would be interesting to find out how many of those 12 banks mentioned above are NOT actually implenting the faster payments for as long as they can get away with......
A&L is one that is in that situation. Feel free to add others to the list as you find them....(unless A&L is the only one like this in which case I'll move my account again)
Steve
Edited by bleesh on Saturday 9th August 12:31
Try thinking about it for a moment.
It would obviously need both the sender and receiving institutions to be functional on FP to work at the moment.
Its not a simple thing to roll out overnight. No matter how up in arms and outraged you wish to be.
There are various websites that you can check in advance that the sort code and account numbers you sending between are "online".
It would obviously need both the sender and receiving institutions to be functional on FP to work at the moment.
Its not a simple thing to roll out overnight. No matter how up in arms and outraged you wish to be.
There are various websites that you can check in advance that the sort code and account numbers you sending between are "online".
Don't even start me. I have a credit card with my bank, yet when I log on and pay it, the money dissapears for 5 days between my current account and the Visa account. Despite them being displayed on the same screen.
It's the bank in the news at the moment for posting it's first ever loss. And it's a humdinger.
Feck em. Banks? The root of much evil.
It's the bank in the news at the moment for posting it's first ever loss. And it's a humdinger.
Feck em. Banks? The root of much evil.
Nowhere does it say that x bank has committed to launch their service at any particular time. I even remember the APACS spokesman being specifically asked if all banks were up & running at the launch and he said that it was down to the specific banks to schedule their own launch dates and as of the launch only about 5 were ready to go.
Even the information you provided shows that those banks have said they are signed up to the scheme and that APACS has launched the system in May 2008 - nowhere does it claim to be announcing the availability of the service from every bank.
Personally I don't trust banks anyway, so always do my payments a week in advance - although I understand the way salaries & bills flow for some people will always mean they're living foot to mouth.
Even the information you provided shows that those banks have said they are signed up to the scheme and that APACS has launched the system in May 2008 - nowhere does it claim to be announcing the availability of the service from every bank.
Personally I don't trust banks anyway, so always do my payments a week in advance - although I understand the way salaries & bills flow for some people will always mean they're living foot to mouth.
thegavster said:
There's a website to check which sort codes it works between.
It works between some of my accounts, but in some cases only one way IIRC.
And it's all a load of knackers, checked the sort codes etc on the site and the transfers still take as long (if not longer) than before. I find HBOS a bit of a hoot because once upon a time you could action a transfer on the current day, now you can't put the current day as the date you want to action it, effectively making the transactions take LONGER.It works between some of my accounts, but in some cases only one way IIRC.
Only ones that I've found that work so far is GnatWest to Halifux, even happens instantly on a Sunday which I how this s
te ought to work really.Sez TeamD in Frankfurt shifting kit for a bank whose name starts with something that sounds like a large town
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