On 15 June, 11:54, Ronald Raygun
wrote:
tim..... wrote:
"brightside S9" wrote in message
.. .
On Mon, 15 Jun 2009 03:21:02 +0100, "robgraham"
wrote:

If you're referring to the new faster payment scheme, then how long it
actually takes depends on whether *both* banks/BSs are part of it. If
they are, then it's generally about an hour or so. If not, then it's up
to 4 days.

And if the amount transferred is below any limit the transmitting bank
/BS has imposed for the faster payment. e.g A&L have a £250 limit.

What a pathetic limit.

What is pathetic is not how high the limit is, but that there is one
at all. *A two-tier system makes no sense at all, it's just as daft
an idea as having first and second class post. *It makes no sense to
charge less for second class when it actually costs more to handle.
The infrastructure for moving stuff around is the same for both classes
but it costs extra to store second class post in a queue for the next
day, and it also costs more to split post into the two streams.

You are looking solely at the cost side. If all post was at second
class prices then you would be losing out on the revenue for people
who are willing to pay for a first class service. If all post was
first class some people would be priced out of the postal system and
you would be losing out on that revenue.

wrote in message
...
Hi - I have sent a payment from Nationwide to a small building society
by
Nationwide's one-off transfer (standard, no charge). I know the
clearing
process of electronic funds has changed recently and so am not quite
sure of
what happens in the following...

If I have sent the funds this evening (Sunday night) and with it
displaying
as having left my account already with Monday's date on it, what is
the
earliest that the payee would receive the cleared funds? Nationwide
says
something like "should reach" the payee within 2-3 working days, but
if it
leaves tomorrow (Monday) and gets there tomorrow, will it still take
at
least 2 working days to clear? Sorry to be a bit techy, but I just
want to
make sure it doesn't clear before Tuesday...

Thanks for any help.

This may be of interest:
(from http://en.wikipedia.org/wiki/BACS#Fa...yments_Service)

On 27 May 2008, the new Faster Payments Service (FPS) went live. This
new system has improved money transfer speeds between different banks in
the UK enabling account holders with one bank to make virtually instant
payments to those with another bank. The system is still in its early
stages and currently has a membership comprising the following banks:
Abbey, Alliance & Leicester, Barclays, Citigroup, Co-operative Bank,
Danske Bank (Northern Bank), HBOS, HSBC, Lloyds TSB, Nationwide Building
Society, National Australia Group (Clydesdale and Yorkshire Bank),
Northern Rock and the Royal Bank of Scotland Group (including Natwest
and Ulster Bank). Between them, they represent 95% of the payments made
in the UK. Those remaining banks and also building societies will be
making decisions on how, when and if to join the scheme between 2008 and
2009. As FPS is intended for low value transfers, banks still use BACS
for outgoing transfers of amounts exceeding a value they specify. These
limits range anywhere from £250 to £10 000[1], depending on the bank.

--
DB.

Sorry to be a bit techy, but
I just want to make sure it doesn't clear before Tuesday...

Why don't you want it to arrive before Tuesday? It seems most odd that
anyone would actually *want* money to sit in transit for at least a day!

Well, I wanted to make sure it got there not quite instantly, but not quite
in a dawdling fashion either. It was for the last chunk of my mortgage which
I wanted to ensure didn't reach before the the fixed term expired (so as to
avoid early a penalty fee), but soon enough after so as to avoid any extra
interest accruing on the remaining balance. From all the useful comments on
the thread thus far, I can certainly see that sending money electronically
still seems to be a hit and miss affair - its either there instantly* or not
there instantly, but quite soon after (1-4 days?!) depending on a number of
factors, maybe.
Hence the question and hence the variety of responses! I won't know for sure
until I phone and enquire as to whether the money has cleared I guess!