Than Payments Council is advising banking customers to move their money elsewhere if their bank does not allow them to move their money on the same day. It gave the advice on Radio 4's Money Box programme as it was revealed that one bank, Citibank, still does not offer faster payments to any personal customers.
Faster Payments was a scheme launched by the Payments Council in May 2008 to help to speed up the time taken between customers making an online payment and the monies reaching the recipients account. Customers were making complaints as although the money was taken instantly from their accounts the money could take three days or more to appear in the receiving account.
A deadline for implementation of the faster payments scheme of the end of 2008 was imposed but it seems many members failed to meet this. The Council issued more instructions to banks in October 2009 stating that they expected them to allow same day payments of at least £1,000 and again it seems as though these instructions are being ignored as one customer of Nationwide stated that the maximum amount that the Building Society would only authorise a faster payment up to a maximum of £10.
Citibank and Nationwide blame their stringent fraud prevention measures for the delay in implementation but stated that it was a priority to them.