Faster Payments

You can make Faster Payments:

• Through Coutts Online Banking

• Or by calling Coutts on +44 (0)20 7957 2424.

• Allows you to pay in near real time;
• Is available 24/7; and

• Is a lower-cost alternative to CHAPS (Clearing House Automated Payment System).
  
  

What are the different types of Faster Payments?

There are three types:

Single immediate payments: a single payment that you want to make immediately, created via online banking or by telephone;

Future-dated payments: a single payment, created via online banking or by telephone that you wish to make on a particular date in the future; and

Standing Orders: an instruction you give to your bank or building society to make regular payments to a third-party’s UK bank or building society account.

What are the Faster Payments service rules?

A Faster Payment will always be sent when it meets these criteria:

Sufficient funds are available;

The bank of the beneficiary is a member of the Faster Payments service;

The correct account details are entered; and

The payment amount is within scheme limits. The scheme limits are available on the APACS website

How long will it take for a payment to go from one bank to another?

It will reach the beneficiary bank account usually in near real time but sometimes within a few hours. This service is available 24/7, giving you the convenience of moving money between accounts at a time to suit you. Standing orders will benefit from Faster Payment timescales.

How will I know if my payment is going to a bank that supports Faster Payments?

A sort code checker on the  APACS website allows you to check whether the account you are sending money to can receive a Faster Payment. Alternatively, you can check with the beneficiary bank or call Coutts 24.

What are the benefits of the Faster Payments service?

It's free to send payments.

You can send same-day low-value payments without using CHAPS (Clearing House Automated Payment System).

You can send payments using Coutts 24 or Coutts Online Banking 24/7.

Why might a Faster Payment be delayed or rejected?

Most payments will be processed immediately. However, we will refer transactions considered unusual to the normal operation of your account for fraud checking. This may delay payment until we've finished our investigations. Also payments with an invalid sort code and account number details may not be processed.

The receiving institution can reject or return a Faster Payment. In this case, funds will be sent back to the client.

Can payments be amended or cancelled once they've been sent?

No. However, you can cancel a future-dated payment or Standing Order up until two days before it is due to be sent.

Can I use the service for payments in other currencies?

No, the service is for sterling only.

Will payments to Coutts credit and charge cards go through Faster Payments?

Yes. Payments from a Coutts or RBS Group current account made online, by telephone or standing order to any Coutts or RBS Group card will normally be sent as a Faster Payment. For payments to other cards, you should check with the card provider.

What do I need to enter online to set up a Faster Payment?

Enter the recipient's correct sort code and account number. We can't recall incorrect payments.

How does Faster Payments affect Direct Debits?

Direct Debits are not part of the Faster Payments Service and are not affected.

How does a Faster Payment affect my account balance?

Overnight and real-time transactions affect your available funds. The amount of funds available at weekends and during bank holidays will take account of standing orders, Direct Debits, Account card and Cash Card transactions, future-dated payments and salary payments due on the next business day.

What is the charge for a Faster Payment?

For private clients, there is no charge for using the service online or by calling Coutts 24. For business clients charges apply.