Do you want faster payments from your bank?
For many people that amount of time that their bank takes to transfer money from one bank account 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. Read more
Tags: bank, Payment systems, finance, bank account, cheque, BACS
Compensation process begins for Icesave customers
Earlier this month there was widespread panic amongst consumers, charities, local authorities, and businesses when the Icelandic bank Landsbanki collapsed, leaving many people, firms, and agencies that had put money into high interest Icesave accounts wondering whether they had lost all of their money. The panic became worse after it was revealed that the Icelandic authorities were failing to honour obligations with regards to compensating UK consumers. Read more
Tags: interest, Business Finance, banking crisis, uk, icesave, result, BACS, linked accounts400,000 may not get paid
March 30, 2007 by admin
Filed under News, News-Banking
Hundreds of thousands of people may not receive their wages on March 30th because of a problem with the Bacs payment system.
The entire banking and payments industry is extending a sincere apology to those affected by this, through Apacs, the UK payments association.
As many as 400,000 people are likely to be affected by what is being called a software glitch which has caused the system to work more slowly than usual.
Banks up and down the country have been made aware of the problems and, according to Apacs, are working together with businesses to make sure that payments are made as soon as possible.
Apacs has stated that it expects everyone who has been affected to receive their next set of wages by Monday April 2nd.
Some customers are likely to be unable to withdraw money from their bank accounts over the weekend if they are relying on these wages for cash.
Customers are being told to contact their bank to ensure that any standing orders, direct debits or other payments will be made.
It is also worth contacting your bank to see if charges for going overdrawn as a result of the error will be levied against you.
