Are the SB firms generally now using "faster payments"?

[montmorencyt2w]

Does anyone know whether the SB firms generally speaking use the new(-ish, very ish) "faster payments" system that APACS introduced in May 2008?

From my personal experience with one bank and two building societies, implementation as far as the ordinary retail customer saw it was rather patchy. I get the impression that the situation has improved somewhat of late, at least at the organisations I deal with, although it's still not all there (depending on exactly how the transfer is initiated, and to which other organisation).

So what I am asking is: if you withdraw some moolah from your SB, account, how long does it normally take to reach your bank account? (Assuming it originally came from a debit card ... it could be that credits to debit cards are processed in a different way to other bank transfers, and the FPS may not even be relevant).

Sadly, most of the transfers between me and my SB companies at the moment are in the other direction, so this is of academic interest for the moment, but I live in hope

 

[Black Swan]

I see what you did there. IG simply transfer back onto the card they have on record, shows up instantly/inside a day..simples.. If you want a chq., or TT etc it's more complicated apparently..

 

[montmorencyt2w]

I see what you did there.

Other than wait for a month or so for any kind of reply (thanks for yours BTW), I'm not sure what I did, but we digress...

IG simply transfer back onto the card they have on record, shows up instantly/inside a day..simples..

That is by way of being the $64,000 question though - does it? - come back instantly that is. I know that when you charge up your SB account from your debit card, it comes through instantly, but I thought when you took money out, it used to take the usual "2-3 working days" malarkey, and I just wondered if the wonderful FPS had changed anything.

If you want a chq., or TT etc it's more complicated apparently..

No, I was just talking about normal "back to the account associated with the original card"-type transactions, not antique, or fancy stuff.

From the paucity (in quantity, not quality! ) of replies, I take it that either:-

1) Most other people are also mostly paying IN to their SB accounts ...
2) They are too busy spending their ill-gotten gains, sorry, hard-earned cash, or
3) busy trading...