Banks must guarantee 'next-day' internet and phone transfers from 2012

cepheus

This looks like good news, but I guess the decent high interest rate accounts will still drag their heels.

Speedy payments for all! Banks must guarantee 'next-day' internet and phone transfers from 2012


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

Read more: http://www.thisismoney.co.uk/money/saving/article-2034010/Banks-forced-guarantee-day-internet-phone-cash-transfers-2012.html#ixzz1XTYJshtn

stclair

I think thats great however I think customers should have better protection when it comes to sending payments
to incorrect bank details etc.

Lokolo

Surely they already have this with CHAPS? It just costs money...

pqrdef

stclair wrote: »

I think thats great however I think customers should have better protection when it comes to sending payments
to incorrect bank details etc.

The banks are hoping to use the directive as an excuse to say that customers are entirely responsible for correct details and they don't care.

inmypocketnottheirs

pqrdef wrote: »

The banks are hoping to use the directive as an excuse to say that customers are entirely responsible for correct details and they don't care.

As you possibly already know, banks never make mistakes.

glider3560

If I put a tenner in an envelope and sent it to 100 High Street when I meant to put 10 High Street, should Royal Mail be responsible for getting my tenner back? Same theory with bank transfers - people need to make sure they double and triple check before sending the money.

System

glider3560 wrote: »

If I put a tenner in an envelope and sent it to 100 High Street when I meant to put 10 High Street, should Royal Mail be responsible for getting my tenner back? Same theory with bank transfers - people need to make sure they double and triple check before sending the money.

Good analogy

The sender who made the error is 100% reliant on the recipient being an honest upstanding person who recognises the letter (or bank transaction) was not addressed or intended for them, so returns it.

If the Return address is not included (or the senders bank details) then the recipient has no direct easy method of returning it.

So, using the same analogy, the sender should always include a return address on a letter, and the Faster Payments Service and receiving banks should always include the sending bank's details on the transaction.