With speed of online payments now seen as a necessity of modern banking, there are still concerns over many banks' ability to offer the type of service the customer now expects. It appears that high street bank Santander is the worst offender for failing to provide same-day cash transfers online using the faster payments system.
Although Santander customers can access their telephone banking service, this has a GBP300 maximum for faster payments, and does not allow people to make electronic payments by phone or internet as quickly as many of their competitors.
With the amount of annual cash transfers in the UK doubling from about 100 million to 200 million in the last couple of years, and around 22 million people in the UK using internet banking, other main high street banks such as RBS, Barclays, Lloyds and Bank of Scotland now use the faster payments system in both telephone and online banking . In fact, the only exceptions are Santander, owner of Abbey, and Alliance and Leicester, with the Spanish bank being the only one that does not have the online faster payment service.
The GBP300 restriction on faster payments by Santander is also below the limits placed by the other banks, and can be a problem when customers want to transfer big chunks of money, such as to a share-trading account.
Problems remain with fast payments in online banking
Financial Services > e-banking > Banking news
Problems remain with fast payments in online banking
Wed, 19 Jan 2011
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