Bank Transfers - It's my money!

[paddyhasneeds]

I've moaned about this before, but is anyone at all familiar with Faster Payments (or even vaguely familiar which would be more than the call center folks)?

How come it's so hit and miss whether a standard, low amount, transfer to another UK bank gets accepted or whether "Computer says no"?

I still don't understand how in 2009 I'm told that without paying for CHAPS I can't transfer money to someone and have it reach them quicker than Thursday.

[Marcellus]

doesn't it depend on whether to bank has signed up to the new protocol or something??

As of 1st Jan I can do same day transfers from Sterling to Euros and UK to French Bank.... so if both are UK I would be amazed if you couldn't..

[elster]

Marcellus said:

doesn't it depend on whether to bank has signed up to the new protocol or something??

As of 1st Jan I can do same day transfers from Sterling to Euros and UK to French Bank.... so if both are UK I would be amazed if you couldn't..

You have to pay for it to go through same day UK to UK.

Foreign banks are same day, if it isn't same day the hold up is the UK bank.

[paddyhasneeds]

elster said:

Marcellus said:

doesn't it depend on whether to bank has signed up to the new protocol or something??

As of 1st Jan I can do same day transfers from Sterling to Euros and UK to French Bank.... so if both are UK I would be amazed if you couldn't..

You have to pay for it to go through same day UK to UK.

Foreign banks are same day, if it isn't same day the hold up is the UK bank.

So I can transfer a grand to Crédit Agricole the same day but it takes four days to go to the Halifax?

FFS.

[Marcellus]

Good guess on my french Bank being CA!!

Might Halifax being an ex-building society make a difference, I know that I can do First Direct to Barclays same day too!

[Chris_H]

If you know both sort codes, you can check here.

[paddyhasneeds]

Chris_H said:

If you know both sort codes, you can check here.

Thanks for the link - both sort codes say they support it.

We're talking Lloyds/HBOS and Halifax/RBS so pretty much the biggest financial institutions in the country.

[elster]

Marcellus said:

Good guess on my french Bank being CA!!

Might Halifax being an ex-building society make a difference, I know that I can do First Direct to Barclays same day too!

Snap there.

I think it depends on which way the wind is blowing. I have had some transactions go through the next day. Most however take 3 days (I am talking about an ordinary payment rather than a CHAPs payment)

[gbbird]

I want to know who earns interest on the money paid electronically, when it sits in 'no mans land'. Recently a friend paid me £530. It left her account immediately, but it took 5 days before it appeared in mine. It would appear she was not earning interest on it, and i most certainly was not.

[Engineer1]

paddyhasneeds said:

Chris_H said:

If you know both sort codes, you can check here.

Thanks for the link - both sort codes say they support it.

We're talking Lloyds/HBOS and Halifax/RBS so pretty much the biggest financial institutions in the country.

They have to plug the financial holes somehow and keeping thousands of transactions in clearing accounts must bring in some money.

[mcflurry]

gbbird said:

I want to know who earns interest on the money paid electronically, when it sits in 'no mans land'. Recently a friend paid me £530. It left her account immediately, but it took 5 days before it appeared in mine. It would appear she was not earning interest on it, and i most certainly was not.

It sits on a suspense account. Besides how much interest do you think anyone would earn on £500? At Winky's screwed rate its £2.50 a year, or 5p a week

[Martin Keene]

mcflurry said:

gbbird said:

I want to know who earns interest on the money paid electronically, when it sits in 'no mans land'. Recently a friend paid me £530. It left her account immediately, but it took 5 days before it appeared in mine. It would appear she was not earning interest on it, and i most certainly was not.

It sits on a suspense account. Besides how much interest do you think anyone would earn on £500? At Winky's screwed rate its £2.50 a year, or 5p a week

But, if you pile all of those £530 together into one suspense account, the interest on it becomes a worthwhile sum of money, hence why in the UK it takes days for a transaction, which in the real world is just some numbers moving around in a computer somewhere.