Faster Payments
On the 1st of January 2012, new requirements were introduced to reduce the time taken to transfer funds from one account to another, regardless of where that account is held in the UK. The timescale introduced was for funds to be credited no later than the working day following the funds being debited from the sender's account, using the Faster Payments service where possible.
The following gives an outline of the service that we offer you.
Payments being sent from your account
Any regular payments already set up on your account, and those that you set up in future, will be treated as Faster Payments where possible and will normally be credited to the beneficiary on the day they are debited from your account. This means that payments set up to be debited on the 1st to ensure being received by the beneficiary on the 3rd, will now normally be received on the 1st.
On Monday to Friday, one off payments requested before 17.00 to accounts elsewhere will be received on the day following the day the payment is sent. On Saturdays the cut off time is 16:00.
Payments requested on Sundays and Bank / Public Holidays will be processed on the following working day.
Any urgent same day payments can be arranged via CHAPS by calling your Money Manager on 08444 155155 before 14:00 on Monday to Friday only.
Faster Payments being received into your account
Any payments sent to you as "Faster Payments" will normally credit your account within 2 hours on the same day they are sent. For payments sent to you during the day and before 17:00, funds will normally be made available to you before 17:30. Credits received after 17:00 will normally appear on your account the following day.
You will receive an SMS advising that a payment has credited, showing your current balance.
All of the above are subject to our normal security checks, daily cut off times and for Faster Payments, where the recipient's bank is set up to receive Faster Payments.
Text updates and online banking are free to receive. Your service provider's normal rates still apply. Subject to fair use policy.