Speedy payments for all! Banks must guarantee 'next-day' internet and phone transfers from 2012
Originally posted by Never-In-Doubt
Most British banking customers will soon never again have to wait more than a single day to make a payment or transfer money via the internet or telephone. From 1 January next year, new rules will force all UK banks to offer a 'next-day' guarantee on payments – a notable cut from the three days currently permitted. The Europe-wide regulations will cover all current accounts and the 'vast majority' of instant access savings accounts and will apply regardless of amount of money involved.

Most big British banks already allow current account customers to use the UK 'Faster Payments' system, in which transfers are completed in seconds. However, some big banks impose strict limits on the amounts that can be transferred using this ultra-fast system. Santander, for example, will only allow a maximum of £300 on a one-off payment, while Nationwide permits just £1,000. Northern Rock is not signed up to one-off Faster Payments at all.At present, just over 80 per cent of payments in the UK are made this way, the Payments Council says. The remainder – roughly two in ten - can take up to three working days to be processed.

Standing orders to get much faster

The statistics are far worse for scheduled regular payments. Just 63 per cent of standing orders happen through....Read more on this story---->Banks forced to guarantee 'next-day' internet and phone cash transfers from 2012 | This is Money