Faster payments possible if consumers change banks

The UK Payments Council has recently stated that many banks are still not making same day transfers to accounts at different banks despite the Faster Payments System that was brought in back in 2008, and officials from the council have stated that if customers are not happy about the fact that their bank does not provide this service they should consider switching to a different bank, as there are some that do provide this facility.

The banking industry had originally been given a deadline of the end of 2008 to adhere to regulations in line with the Faster Payments System. However, many failed to meet this deadline and even now do not offer a facility where transfers can be made from one bank to another in the same day. In many cases the money disappears for three days before reaching its destination, and this is something that concerns many bank customers.

The UK Payments Council has said that it is cracking down on the banks that do not offer this facility to customers, but has acknowledged that many are still not able to provide the Faster Payment System.

Officials from the council have said that it is worth consumers changing to a bank that does offer faster transfers if they are not happy with their current bank.

A spokesperson for the Payment Council said that it was understandable that some people were frustrated over the fact that they could not get their money transferred quickly.

She said: “The Council is in complete sympathy with customers who are finding frustrations with their bank. If faster payments are important to you for running your current account move to a bank that does what you want. There are banks that do.”