Happy (11 Months) Birthday Faster Payments Service
It’s been (almost) a whole year since the banks pulled their heads part of the way out of their backsides and snazzed up the bank-to-bank transfer system. Since forever, customers had to wait three working days to move their money from one bank to another, presumably while the cash itself physically travelled on the backs of blind mice via a secret network of underground tunnels from your bank to theirs.
But in these modern days of computers and that, the idea that it should take three working days to move a couple of quid from Bank A to Bank B is utterly ridiculous. Especially when the paid-for CHAPS method proved it could be done. Which is where the FPS (Faster Payments Service) comes in.
It launched on May 27th 2008 but at this point in time, it’s far from perfect and some major banks still aren’t participating – this Wikipedia table gives you an idea of who is playing the game and who is standing in the corner by the gate, picking their noses and staring at their shoes.
You can find out if the account you’re sending money to is part of the scheme using this sort code checker but it doesn’t tell you about the limitations that each individual bank has in place. This writer tried to transfer £500 from Smile to the HSBC yesterday morning – almost 30 hours later and there’s still no sign of it arriving in the HSBC account (further research revealed the fact that Smile seems to have a £100 FPS transfer limit – bastards.)
What have your experiences of FPS been over the past 12 11 months? Or, for that matter, did you even know it had been launched? Do you trust it to deliver your money on the same day or would you still rather give three working days for the blind mice to do their work? Fill in the little box below with your thoughts and feelings.