Santander slow on Faster PaymentsAlliance & Leicester also stalling on initiative
26 December 2010
Santander is lagging far behind other banks when it comes to implementing same-day payments.
Five years after agreeing to phase in the Faster Payments (FP) service, the bank still won’t allow its customers to send same-day payments by internet transfer. It will also only allow a maximum Faster Payments limit of £300. In contrast, Barclays, Royal Bank of Scotland (RBS), HSBC and Lloyds TSB all allow a maximum limit of £10,000.
Alliance and Leicester
Santander subsidiary Alliance & Leicester is also trailing at the back of the pack – it too only allows a limit of £300. In 2005, 13 major banks agreed to enable same-day payment for internet and telephone transfers by November 2007, later revised to May 2008.
A Santander spokesman said: ‘In order to ensure all our customers are protected properly, we are taking a measured, sensible approach to increasing limits.’
For more on Faster Payments, see our Which? Recommended Provider current accounts.
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