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Faster Payments – Private clients
Frequently asked questions
Have all Banks/Building Societies signed up to the Faster Payments Service?
What types of payment will benefit from the Faster Payments Service?
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 could a Faster Payment be delayed?
Can payments be amended or cancelled once they have been sent?
When would a payment be rejected or returned?
Can the service be used for payments in other currencies?
How does the Faster Payments Service affect CHAPS?
Will payments to Coutts/RBS Group Credit and Charge cards go via the Faster Payments Service?
Have all Banks/Building Societies signed up to the Faster Payments Service?
The Banks and Building Societies who have signed up to the Faster Payments Service include Barclays, Danske (Northern Bank), HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Alliance & Leicester, National Australia Group, Northern Rock and Citibank. These Banks/Building Societies have confirmed they can receive a Faster Payment. However, some may not be able to send a Faster Payment yet. 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 receive 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 send a Faster Payment. Where they do not, payments will still be processed via the existing three day cycle.
What types of payment will benefit from the Faster Payments Service?
You can send a Faster Payment on both an immediate basis and at a specified date in the future (a future dated payment). Standing orders also benefit from the Faster Payments timescales although currently, there are some industry-wide restrictions on the amount you can send by the Faster Payments Service.
What are the Faster Payments Service scheme rules?
A Faster Payment will always be sent when the following criteria is met:
- sufficient funds are available
- the Bank of the beneficiary is a member of the Faster Payments Service
- the payment amount is within scheme limits
- correct account details are entered
How long will it take for a payment to go from one Bank to another?
The Faster Payments Service, enables you to make a payment that will reach the recipient’s bank account typically within a few hours of being sent. The service is available on the telephone or online all day every day and means that you will have the convenience of moving money between accounts or paying bills within a few hours of initiating the payment, seven days a week. The service will also enable standing order payments to move more quickly – money will move from a clients account on the due date and arrive 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 could a Faster Payment be delayed?
The majority of payments will are processed without delay, however, transactions considered unusual or that are referred for fraud checking may be delayed until the investigation has been completed. If this takes place outside standard business hours, this will mean that the payment will not be released until the next working day.
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 up until 5pm on the working weekday prior to the day the payment is due to be sent, and you can also cancel standing orders up until 6.30pm the working weekday prior to the day the payment is due to be made.
When would a payment be rejected or returned?
A payment that is sent to an account that has been closed, will be rejected by the beneficiary bank. The process of returning these funds will usually be done within Faster Payments timescales. If a payment is sent to an invalid account number, the funds may be accepted by the beneficiary bank but if they are unable to apply the funds, they will be returned to the payer usually the next working day.
Can the service be used for payments in other currencies?
No, the service is for sterling only.
How does the Faster Payments Service affect CHAPS?
Faster payments will have an upper value limit. Accordingly, no changes are planned for CHAPS.
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. For payments to other cards, you should check with the card provider.
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