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Faster banking transfers underway

Bob_Milton
Grafter
Posts: 688
Registered: 31-07-2007

Faster banking transfers underway

Soon your money should not be 'lost' for days by some of the banks.
http://news.bbc.co.uk/1/hi/business/7417303.stm
Quote
The scheme will speed up the process which previously saw money transferred between banks disappearing into a black hole for up to four days.
Banks made an estimated £30m a year in interest from the delay last year.

Quote
The 13 banks included in the scheme are: Abbey, Alliance and Leicester, Barclays, Citi, Clydesdale and Yorkshire Banks (National Australia Group), Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, and Royal Bank of Scotland Group (including NatWest and Ulster Bank).

25 REPLIES
pcoventry
Grafter
Posts: 434
Registered: 26-11-2007

Re: Faster banking transfers underway

Awesome. About time this happened  Cheesy
Community Veteran
Posts: 1,100
Registered: 05-04-2007

Re: Faster banking transfers underway

Although same day transfers have been available along while for a fee, it is good to know that the new system of free same day transfers will soon be available. I remember when I was first told about the new system many years ago and I was doubtful at the time that it would be a free service when it was finally available.
Community Veteran
Posts: 7,149
Thanks: 51
Fixes: 2
Registered: 30-08-2007

Re: Faster banking transfers underway

No doubt, the banks will find some way of fleecing their customers for their shortfall in income!!
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
nadger
Rising Star
Posts: 4,498
Thanks: 46
Registered: 13-04-2007

Re: Faster banking transfers underway

Great idea but can't see how it'll benefit me personally  Undecided
What I do wonder, with various things that reduce bank profits, is how long it'll be before we start getting charged admin fees on our current accounts.
Community Veteran
Posts: 16,814
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Registered: 06-11-2007

Re: Faster banking transfers underway

Quote

Great idea but can't see how it'll benefit me personally

I paid my credit card by on-line bank transfer 2 days before the payment due date, it was not received by them until 24 hours after the payment due date, therefore I was charged a "late payment fee".  When I argued the point with a supervisor at the Card company, that I had paid 2 days before, therefore I should not be charged "Late Payment" he said that was not his problem, and I couldn`t do anything about it.
If payments are "instant" then it would benefit you, and me personally as indicated above.  Undecided
jmd
Grafter
Posts: 2,933
Thanks: 2
Registered: 30-07-2007

Re: Faster banking transfers underway

Admin fees go under different names according to Banks and accounts.  I was with RBS and paid £6 a month for certain privileges [that I did not use!] but now have changed to another bank and do not pay any fee and have been assured that there will not be one.  So we wait and see!
The instant clearance will be good for payments out and in - and generally benefit me as it will others! Smiley
Bob_Milton
Grafter
Posts: 688
Registered: 31-07-2007

Re: Faster banking transfers underway

I bank online with Alliance & Leicester.
So far there has been no announcement about them taking part in the scheme. Early today (about 4.20am )
I phoned 0116 200 3900 and left a message asking them to ring me about the new arrangements. So far (12.3Cool there has been no call.
Perhaps their response will be delayed as has the date for the start of the new scheme.
Bob_Milton
Grafter
Posts: 688
Registered: 31-07-2007

Re: Faster banking transfers underway

I have just received an online message from Alliance & Leicester it reads,
Quote
At present we are only receiving payments via the Faster Payments Service. We plan to start sending payments later in the summer and we will advise our customer about this nearer the time

So much for the long delay (it has been of the order of six months) by the banks to implement the scheme.
jmd
Grafter
Posts: 2,933
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Registered: 30-07-2007

Re: Faster banking transfers underway

That is interesting Bob - I also use Alliance and Leicester now and a payment should have gone into account today - so will look with interest to see if it is there tomorrow!
Bob_Milton
Grafter
Posts: 688
Registered: 31-07-2007

Re: Faster banking transfers underway

Josie,
My two pensions, State and BT, have always arrived on time. They have been sent days before the due date.
Bob
Community Veteran
Posts: 38,239
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Registered: 15-06-2007

Re: Faster banking transfers underway

This will be a big benefit as I can shift money quickly from/to my current account with HSBC and my internet savings account with Nationwide
nadger
Rising Star
Posts: 4,498
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Registered: 13-04-2007

Re: Faster banking transfers underway

Quote from: shutter
I paid my credit card by on-line bank transfer 2 days before the payment due date, it was not received by them until 24 hours after the payment due date, therefore I was charged a "late payment fee". 
If payments are "instant" then it would benefit you, and me personally as indicated above.  Undecided
I always allow 5 working days for payments to reach CC companies albeit they always arrive in under that time. I doubt I'll change that practice as I'd rather be safe than sorry - I just set them up in payments, when I see online statement, and then crosscheck on line that they've arrived on time.
nadger
Rising Star
Posts: 4,498
Thanks: 46
Registered: 13-04-2007

Re: Faster banking transfers underway

Quote from: Oldjim
This will be a big benefit as I can shift money quickly from/to my current account with HSBC and my internet savings account with Nationwide
I use HSBC Online and Online Bonus Saver accounts so transfer is instant between these and HSBC Current A/C. Won't argue that's not convenient  Smiley
jmd
Grafter
Posts: 2,933
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Registered: 30-07-2007

Re: Faster banking transfers underway

Quote from: Bob
My two pensions, . They have been sent days before the due date.

my 2 pensions too arrive on time - state on Mondays [unless bank hol then earlier] and my occ pen - but I was meaning that another payment made into account should now show quicker?