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Incoming Faster Payments changes

From 28th April 2015 we began to process incoming Faster Payments  24 hours a day 7 days a week.

What does this mean?

This means payments will be credited to your account no later than 2 hours after receipt of the funds from our clearing bank and you will then have immediate access to those funds, subject to the terms and conditions of your account. This change only affects Faster Payments into your account, other payment types, for example CHAPS and Foreign Transfers, are not changing.

Electronic payments you make from your account to a bank account elsewhere will normally arrive the next day.

There is an overall transaction limit of £100,000 under the Faster Payments scheme. So, if you request an electronic transfer above this amount, it will be sent as more than one payment.

Are all bank accounts in the scheme?

A limited number of bank accounts are not part of the Faster Payments scheme. To check whether the bank accounts you make electronic payments to are covered, use the sort code checker.

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