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Do you want faster payments from your bank?

February 20, 2010 by admin  
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For many people that amount of time that their bank takes to transfer money from one to another can be a real problem, and whilst banks are supposed to adhere to regulations that have been formed by the UK Payments Council there are many banks that still do not carry out the same day transfers in line with the Faster Payments Scheme, which was brought in back in May of 2008.

The UK Payments Council has said that it realises that not all banks are offering the same day transfers even though the scheme was brought in a while ago, and it realises that this can inconvenience many people. Officials from the council have suggested that those that are not happy with the fact that their current bank does not offer same day transfers should look at finding an alternative account where same day transfers are available.

Some people have said that they feel cheated by the fact that when they transfer money from one bank to another the money seems to just disappear for several days before appearing at the destination. One of the building societies that does not yet operate the Faster Payments Scheme is the Nationwide Building Society, and officials from Nationwide said that the reason was that the process had not been as simple as many had anticipated.

One customer from the Nationwide was not happy about that though, stating: “Approaching retirement we want to get the best rates for our savings. That means moving it around. But it goes out of your account on one day and three days later it appears in another account. So in reality we’ve lost three days interest. It grieves me that the banks can’t sort out something very simple. I feel I’m being cheated.”

The UK Payments Council has confirmed that there are some banks that do now offer the same day transfer, and that customers can choose from one of these banks should they wish to change to a bank that offers the facility.

The council is also set to crack down on those that do not yet operate the facility for whatever reason, and stated: “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.”

For those that do decide to switch their bank accounts there are also a number of other things to look for in addition to ensuring that the bank offers same day transfers to accounts at other banks. For instance, some banks may offer a cash incentive to those that switch their current account to them, and this means that you could make some extra cash for doing nothing other than switching your account. Also, check the terms and conditions of the account in case there are minimum amounts that need to go into the account or in case of monthly fees or charges.

Tags: Payment systems, cheque, BACS, bank, bank account

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