New Charter Savings Bank Sort Code

Rikey

Why when I search for the new Charter Savings Bank Sort Code 20-19-90 why does it say it's Barclays?
Thanks.

masonic

Probably because they are using a Barclays account as their receiving account. They are not a clearing bank.

Rikey

I see. So to the "uneducated", does this mean that Barclays (although technically a competitor) handle their accounts for them?

Archi_Bald

The 'uneducated' will probably not look up their sort code in any sort code directories. It's only a number, I wouldn't worry if I were you. The terms and conditions of your account will define who your account is with.

dunstonh

Rikey wrote: »

I see. So to the "uneducated", does this mean that Barclays (although technically a competitor) handle their accounts for them?

Much the same as building societies used to use the banks for clearing for many decades. Some still do. It was as late as the 90s when building society staff used to walk their deposited cheques over the road to the bank to pay them in. Now they get security firms to do it (and take them directly to the clearing house of the bank they use - if they dont have their own clearing house)

Competitor has little to do with it as it is a commercial relationship. The one without a clearing bank buys services from the one that does. Apple use Samsung electronics in their phones and tablets despite Samsung building its own tablets and phones. These sorts of commercial relationships exist in many areas.

Rikey

Many thanks to you all. Well explained. I was just a little concerned as I'd just opened an account and couldn't understand why Barclays was coming up.
Thanks again very much.