With effect from 27 May 2008, a new ‘Faster Payments Service’ has been introduced in the Banking industry.
The aim of this service is to reduce the amount of time taken for electronic transfers to be processed so that the money reaches the beneficiary’s account on the same day the request is made.
This process will have a huge improvement on the current system where the standard processing time has been three working days. It is being supported by 13 of the UK’s largest banks and building societies although the system will be phased in at different times across the Banking industry.
Here, at Leek United Building Society, with effect from the 27 May, we have been able to accept incoming faster payments, up to the value of £10,000, from any participating Bank.
This means that if your Bank is ready to implement the Faster Payments Service, you simply contact them by telephone, or log onto your online banking system, and instruct them to pay an amount of money (up to £10,000) into your Leek United account. The money will then be transferred to your account the same day, providing all the information you supply is correct.
Customers should contact their own Bank to ascertain whether they offer this service and, as each Bank may have its own limit as to how much they will allow their customers to transfer, enquire what the actual limit is.
So, we are ready to receive payments into your account.
The question is: Is your Bank ready to implement the Faster Payments Service?
|
