Personal Finance

I thought AB'ers might like to see this (from an email from NatWest that I received).

1. Faster Payments Service On 27 May 2008, the UK Banking Industry will introduce a new system that reduces the time taken for standing orders and payments in sterling made from an account (via online and telephone banking services) to reach the payee's bank account. There will be an initial period when some banks are still joining the system therefore payments to these banks will continue on the current three day cycle until they are fully engaged. You will be advised of the expected transfer period when you set up a payment. You can keep up to date with developments by logging on to our website at natwest.com

Where both banks involved in the payment participate in the new scheme, standing orders or other payments paid out of your account, via online or telephone banking, will be received by the payee, almost immediately after leaving your account, but sometimes up to two hours later, providing the payment amount is within the Faster Payment set limits. This also applies to any standing order, online or telephone banking payments coming into your account. Please note that in cases where the receiving organisation operates on a collection account basis, e.g. credit card accounts or utility companies, funds will not necessarily arrive in the specific account on the same day. Payments that are outside the scheme set limits can still be made under the present three day cycle, or CHAPs payments will still be available at the normal charge.


Of course NatWest(and all banks) make it sound like THEY are changing the service,whereas it is actually one forced on them by legislation(many European Countries have this already),