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Faster Payments – Private clients
Frequently asked questions
Have all Banks/Building Societies signed up to the Faster Payments Service?
What are the different types of Faster Payments?
What are the Faster Payments Service scheme rules?
How long will it take for a payment to go from one bank to another?
How will I know if my payment is going to a Faster Payment enabled bank?
What are the benefits of the Faster Payments Service?
In what circumstances will a Faster Payment be delayed or rejected?
Can payments be amended or cancelled once they have been sent?
Can the service be used for payments in other currencies?
Will payments to Coutts/RBS Group Credit and Charge cards go via the Faster Payments Service?
What do I need to enter to set up a Faster Payment?
How does Faster Payments affect Direct Debits?
How does a Faster Payment affect the balance of my account?
What is the charge for a Faster Payment?
When will payments to other Credit Card Issuers be processed using the Faster Payments Service?
Have all Banks/Building Societies signed up to the Faster Payments Service?
13 institutions that account for more than 95% of today's existing automated payments are committed to the new service. As well as RBSG (which includes Royal Bank of Scotland, NatWest, Ulster, One Account, and Coutts), this includes Barclays, HBOS, HSBC, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey National, National Australia Group (incl. Clydesdale), Northern Rock, Northern Bank and Citigroup.
These Banks/Building Societies have confirmed they can receive a Faster Payment. However, some may not be able to send a Faster Payment. Instead they may have opted to undertake a phased roll-out for sending Faster Payments and standing orders.
This means that although Coutts and other RBS group brands have the facility to send Faster Payments in ‘near-real time’, they will only be processed in this timeframe if the initiating Bank/Building Society also has the ability to receive a Faster Payment. Where they do not, payments will still be processed via the existing three day cycle.
What are the different types of Faster Payments?
There are three types of payment instructions:
- Single Immediate Payments – this is a single payment, created on Online Banking or by telephone, that you want to make immediately
- Future Dated Payments - this is a single payment, created on Online Banking or by telephone that you want to pay on a particular date in the future
- Standing Orders – this is an instruction you give to your Bank or Building Society to make payments, on a regular basis, to a specified third party’s UK Bank or Building Society account.
What are the Faster Payments Service scheme rules?
A Faster Payment will always be sent when the following criteria are met:
- sufficient funds are available
- the Bank of the beneficiary is a member of the Faster Payments Service
- correct account details are entered
- the payment amount is within scheme limits Scheme limits are available on the APACS website.
How long will it take for a payment to go from one Bank to another?
You may use the internet or telephone to make a payment that will reach the beneficiary bank account within a few hours. This service is available all day every day and means that you have the convenience of moving money between accounts within a few hours of initiating the payment, seven days a week. The new system also speeds up standing order payments – money moves from your account on the due date and arrives at the beneficiary’s account on the same day.
How will I know if my payment is going to a Faster Payment enabled bank?
A sort code checker is available on the APACS website that allows you to check whether the account you are sending money to is able to receive a Faster Payment. Alternatively, You can check with the beneficiary bank if they can receive Faster Payments or you can call Coutts 24 who will be able to advise you.
What are the benefits of the Faster Payments Service?
- Sending payments using the Faster Payments Service is free
- You can make payments that can be received within a few hours
- You can send same day low value payments without using CHAPS
- You can send the payments using Coutts 24 or Coutts Online Banking 24 hours a day, seven days a week
In what circumstances will a Faster Payment be delayed or rejected?
The majority of payments will normally be processed without delay. However, transactions considered unusual to the normal operation of your account will be referred for fraud checking and may be delayed until the investigation has been completed. Payments with invalid sort code and account number details may also not be processed.
Payments sent via Faster Payment Service can either be automatically rejected by the scheme (e.g. where an account has been closed), or returned following manual review by the beneficiary's bank (who may not be able to accept the payment).
In both cases, funds will be sent back to the client and show as a contra entry in their account.
Can payments be amended or cancelled once they have been sent?
Once a payment has been sent, it is not possible to change or cancel it. This is because funds are made available to the beneficiary upon receipt. However you can cancel a future dated payment or a standing order up until two days before it is due to be sent.
Can the service be used for payments in other currencies?
No, the service is for sterling only.
Will payments to Coutts/RBS Group Credit and Charge cards go via the Faster Payments Service?
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 made within the Faster Payments timescales if the payment is within the scheme rules (most occasions, you will receive an update to available funds within two hours).
For payments to other cards, you should check with the card provider.
What do I need to enter to set up a Faster Payment?
It is important that you ensure the correct instructions are entered, as payments are directed by sort code and account number.
Sort code (e.g.180002) the six digit number which identifies the bank or institution at which the payee holds their account
Account Number of the beneficiary account
Unlike BACS, payments to the incorrect destination cannot be recalled. Incorrect sort code and account number details may also result in your payment not being processed.
How does Faster Payments affect Direct Debits?
Direct debits are not affected as they are not part of the Faster Payments Service.
How does a Faster Payment affect the balance of my account?
Available funds are affected by overnight and real time transactions. The amount of funds available at weekends, and during bank holidays will take account of standing orders, direct debits, Cirrus (ATM) and Maestro 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 via Online Banking or Coutts 24. For business clients there maybe an additional charge, please refer to your Service Charge tariff for full details. For payments created in the branch you will be advised of any charge before you commit to making the payment.
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When will payments to other Credit Card Issuers be processed using the Faster Payments Service?
Although the Faster Payments Service launched on 27 May 2008, not all Card Issuers are participating from this date, and will join gradually over a period of time. Please contact the Card Issuer involved for more information.
