Banking just got quicker!

[Baplad]

For those of you who haven't heard about this yet, from the 27th of May 2008 any transaction made by phone, internet and standing order payments on a working day will only take 2-5 hours to clear when sent from and to one of the following banks.

I know the likes of HSBC and Lloyds already had a fast payment system but it now looks like most of the major banks will also!

Abbey, Alliance & Leicester, Barclays, Citi, Co-operative Bank, Clydesdale and Yorkshire Banks (National Australia Group) HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, Royal Bank of Scotland Group (including NatWest and Ulster Bank)

This is good news for those of you on here like myself who use Members Market now and again to buy stuff, no more waiting 3 days to payments to clear!

You can read the full release here, Payments Industry - Faster Payments

 

[Greenlizard0]

That's not so bad - though in all fairness, transactions I made/was part of between those banks always took three days at most anyway. I never hit the 5 day limit. I think even cheques for me cleared before the day was out.

 

[dsb]

Great Halifax is still out the loop.

 

[excaliborg]

Great Halifax is still out the loop.

HBOS is halifax

 

[MarcLister]

Should be good. And Smile is part of the Co-op group?

 

[dsb]

HBOS is halifax

Happy days then, cheers.

 

[Energize]

Thank god.

Now all they need to do is stop ISA transfers from taking 1 month.....

 

[Bar]

Will cost them a fair bit of money with the loss of CHAPS/Telegraphic transfers - wonder where they will recoup the costs.

 

[Ry@n]

Thank god.

Now all they need to do is stop ISA transfers from taking 1 month.....

1 month for what ?

 

[Raymond Lin]

So we've caught up with the rest of Europe ?

 

[MarcLister]

1 month for what ?

Transfers.

So we've caught up with the rest of Europe ?

And a lot of the rest of the world I think. Used to work with someone who was Australian. He came over here to teach and was shocked to find out how long it took to get bank transfers to go through. He said it was instant down under.

 

[Energize]

1 month for what ?

What didn't you understand?

 

[Spuds]

What didn't you understand?

What takes a month to do with an ISA? I can move money in and out of mine instantly

 

[me227]

Aw First Trust isn't on it, but other Ulster banks are on it.

 

[iBankAllDay]

Thank god.

Now all they need to do is stop ISA transfers from taking 1 month.....

Are you sure you don't have a 30 Day Notice account? There is no reason why, under normal circumstances and where your account's conditions allow that ISAs can't be done instantly.

I feel dirty for getting involved in a banking thread

 

[|Ric|]

He means transferring ISAs between providers, they are allowed up to 28 days to close your ISA in one place and give your new ISA the money

 

[Glaucus]

Still rubbish most things should be instant after all most of it is electronic. Especially online bank transfers.

Although it's a move in the right direction.

 

[|Ric|]

Is this going to be free? It says it runs alongside BACS and CHAPS. If it ain't free its not really very useful.

 

[jamoor]

I have always wondered, what causes them to clear in 3-5 days, it's not like they send a pigeon from one bank to another to take a wad of fifties.

 

[Energize]

Are you sure you don't have a 30 Day Notice account? There is no reason why, under normal circumstances and where your account's conditions allow that ISAs can't be done instantly.

What takes a month to do with an ISA? I can move money in and out of mine instantly

It takes at least a month to transfer an ISA to another provider. Which you have to do every year if you want the best rate.