smilerthe cheshirecat
Joined: Oct 22, 2003
Posts: > 500
From: Cheshire, UK
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From the BBC
http://news.bbc.co.uk/1/hi/business/7417303.stm
http://www.apacs.org.uk/sortcodechecker/
"A banking scheme for one-day cash transfers over the telephone or on the internet has started without any major problems, High Street banks say.
The new scheme will speed up the process which previously meant that it took up to four days to transfer money between banks."
"For many consumers the frustration has been most common when money disappeared for a few days when they transferred cash from a current account to their own savings accounts with a different bank.
The same-day project will be extended to standing orders from 6 June."
Who's involved?
The 13 banks included in the scheme are: Abbey, Alliance and Leicester, Barclays, Citi, Clydesdale and Yorkshire Banks (National Australia Group), Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, and Royal Bank of Scotland Group (including NatWest and Ulster Bank).
Cheques are not covered under the Faster Payments Service
The system was set up after the Office of Fair Trading, acting on consumers' complaints, told the banks in 2005 to make the system faster. An original deadline of last November was extended.
The new system updates technology set up about 25 years ago to deal with cheques, since when internet and telephone banking has been introduced widely and surged in popularity.
A website has been set up at www.canipayfaster.co.uk to allow people to check, using the receiving account's sort code, whether a bank is set up to receive faster payments.
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Posted: 2008-05-27 12:49
