Faster Payments and CHAPS

The Faster Payments service reduces the time between a payment being made and the recipient receiving the funds from three days to near real-time.

It allows you to make same-day transactions all day, every day and is a secure way to transfer money up to £1,000,000.

There is a charge to make a Faster Payment.  Please contact us or visit us in branch to find out more.

The Faster Payments service lets you:

• make electronic sterling payments such as fund transfers, bill payments and standing orders that will reach the destination account in a matter of hours.
• make same-day payments without using and incurring the cost of CHAPS.
• make same-day payments through online banking, telephone or in branch.

The Faster Payments service can be used for:

• Single payments – that you want to make immediately.
• Future dated payments – a single payment (including Notice Account withdrawals or transfers between accounts) that you want to pay on a particular date in the future.
• Standing orders – an instruction you give to your Bank or Building Society to make payments on a regular basis to a specified person’s UK bank or building society account.

• online - using Bankline
• online - using Online Banking (up to £50,000)
• over the phone (£10,000)
• in branch (£20,000)

You’ll need to provide the:

• correct sort code – the six digit number which identifies the bank or institution at which the payee holds their account
• account number of the payee account
• account name

Unlike BACS, payments to the incorrect destination can’t be recalled. Incorrect sort code and account number details may also result in your payment not being processed.

The receiving bank needs to be a member of the Faster Payments Service. Most major banks are in the scheme. Where a bank is not in the scheme or a payment value exceeds £1,000,000 the payment will either have to be sent via CHAPS, or Bank Giro Credit.

You do not need to do anything to receive Faster Payments into your account.