Reply to: Faster Payment Business Banking Account recommendations...

[blakeyuk]

I have personal banking with First Direct and business banking with HSBC. It takes seconds for money to transfer... which you would hope so given they are the same bank. But I worked there for a while, and they managed to miss a digit off my FD account number when entered into their payroll system, and it went unnoticed for 7 months despite FD telling HSBC every month that the account was invalid (I still got paid, fortunately, thanks to some nice people at FD who realised who the money was supposed to go to).... so the fact that I can transfer money in seconds still floors me every time :-)

Blakeyuk

[darrylmg]

I use HSBC and their payment transfers are super quick. The last time I transferred some money from the business account to the personal one I hit the send button, received confirmation, then I refreshed the personal account window and the money was already there.

Might have something to do with the fact I bank with First Direct though.

+1 to HSBC and the very uweful Android App they have.
I can transfer money and pay bills from the comfort of absolutely anywhere... almost.

Edit: useful, not uweful. Baaa.

[sartois]

I use HSBC and their payment transfers are super quick. The last time I transferred some money from the business account to the personal one I hit the send button, received confirmation, then I refreshed the personal account window and the money was already there.

Might have something to do with the fact I bank with First Direct though.

[Barley]

Santander Business Banking - sent a payment through to my Barclays personal account last week and by the time I had immediately logged into Barclays olb, the funds had arrived. That's what I call fast !

Are CA doing Faster Payments now/very soon? I thought I saw a message about it after logging in, didn't really read it though and clicked the don't show again button...

I bank with CA and they are part of Santander UK. Personally im not particularly bothered about FP but it would be nice. I just cant be bothered with the hastle of moving banks.

[SueEllen]

Or do a bank transfer

That would be too organised......

[Sausage Surprise]

Because he doesn't trust HMRC.

If you do DD for your VAT they give you an extra 7(?) days after the end of the month to take the payment out.

Or do a bank transfer

[Sausage Surprise]

Are CA doing Faster Payments now/very soon? I thought I saw a message about it after logging in, didn't really read it though and clicked the don't show again button...

Said something about upgrading the system. I assume it's to proper faster payments.
I deleted it too before reading properly.

[SueEllen]

Why don't you use direct debit for your vat?

Because he doesn't trust HMRC.

If you do DD for your VAT they give you an extra 7(?) days after the end of the month to take the payment out.

[stek]

Are CA doing Faster Payments now/very soon? I thought I saw a message about it after logging in, didn't really read it though and clicked the don't show again button...

[Archangel]

Why don't you use direct debit for your vat?

[Project Monkey]

I just found this out when I went to make my VAT payment. I just recently changed to CA for free banking, and now I get hit with a massive credit card fee.

Pay a fee or wait 24hrs for a regular bank traqnsfer to go through? Such a difficult decission!

[jmo21]

I just found this out when I went to make my VAT payment. I just recently changed to CA for free banking, and now I get hit with a massive credit card fee.

It'll be in their terms and conditions, which you didn't read.

To be fair, I haven't read them either and I have one of the debit cards, never used it though.

[willco]

The account isn't perfect but I don't incur any monthly charges for it and their deferred debit card is very useful for company expenses. The downside of the card is that organisations like HMRC treat it as a credit card and surcharge any online payments made using it

I just found this out when I went to make my VAT payment. I just recently changed to CA for free banking, and now I get hit with a massive credit card fee.

[BHicks]

Hi All,

I have been with Cater Allen for just over a month now.

Their customer service is great (UK based) - I have only spoken to them once but they were very helpful and courteous in getting my issue resolved.

The only issue I have is, I really like faster payments !. I want to be able to send from that account and for the money to appear in my personal account (Lloyds) within a few hours. With Cater Allen, every transaction seems to take 24hours.

I've been using them for years (from back when they were Flemings).

The reason the outbound transactions take so long is because they are an Agency Bank. Put simply this means they have to rely on another bank to process/clear their outbound transactions (in their case I believe this is RBS).

So when you schedule an outgoing payment, Cater Allen will say it has to be requested before 4pm on a given day for it to take effect. What they really mean is that 4pm is the cutoff for when they send details to RBS to process on their behalf. I guess RBS then process the transactions to take place the next day.

Is it a pain? Yes. Although if there's an occasion when you need the transfer the same day there's always the option of CHAPS, but this is chargeable.

The account isn't perfect but I don't incur any monthly charges for it and their deferred debit card is very useful for company expenses. The downside of the card is that organisations like HMRC treat it as a credit card and surcharge any online payments made using it

[SueEllen]

I have accounts with a couple of other building societies and they do faster payments.

However it goes through another bank's system i.e. HSBC.

Oddly unlike Carter Allan the money appears within about 2 hours.

I suspect the issue is how CA have integrated their system with their processing bank's i.e. badly.