Co op extending their electronic payment window

I_luv_cats

Changes to how we process Electronic Payments out of
your account


We are extending the amount of time you have to ensure
funds are in your
account prior to payments being made, e.g. Standing Orders, Direct Debits.


What does this mean to you?
Currently you have to have sufficient money in your account by 9pm on the previous business day before
the payment is due to be made. You will now be able to pay funds in by 12 noon on the same business
day. You will be able to take advantage of this change from 1st May 2013.
Methods for paying funds into your account;
1.
Cash Deposits at Branch

2.
Electronic Payments from another account held with another bank

3.
Transfers from other accounts held with us


Good news if you have deposit/credit slippage for any reason or were worried about the previous day's 9pm cut-off! (often raised here)

gt94sss2

I_luv_cats wrote: »

Currently you have to have sufficient money in your account by 9pm on the previous business day before the payment is due to be made. You will now be able to pay funds in by 12 noon on the same business day. You will be able to take advantage of this change from 1st May 2013.

Good move, but still much less generous than several of the big banks (HSBC, Lloyds etc) who give you until 15:30 or later to avoid charges..

Regards
Sunil