Banking just got quicker!
- Thread starter Baplad
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Excuse my ignorance but if I were to have a standing order from an A&L current account to a LTSB one it'll clear on the same day now?
Yes.
Caporegime
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it disappeared into this black hole where it is gone from your account but not into the recipients'...can you imagine the amount of interest and cash flow banks can do with that?
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Soldato
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Yes, as this is essentially the upgrade for BACS that APACS have been talking about for years. (my employer at the time was to be part of the test but pulled out.) Although the legacy BACS will still run for some time, that and CHAPS will eventually be turned off (CHAPSEuro gets turned off very shortly in fact.)
The original aim was to get the three day time for BACS down to two days, and that was supposed to have happened about three years ago. One day was supposed to follow some time after. Could be they've just skipped the two days part, given the delay in introducing the improvement.
It will eventually be applied to all banks and all sort codes.
The new system only applies to payments up to £10k - anything over will still need CHAPS for sameday transfer.
http://www.apacs.org.uk/08_05_22.html
good! i got charged £12 last week for paying my credit card min payment off late - well it just arrived there late and it was done online :\
edit: whilst on a bank related thread - anyone know i can somehow claim it back?
edit: whilst on a bank related thread - anyone know i can somehow claim it back?
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For profit.
In the old days it was to allow clearing of funds and stuff, and the transfer of details through manual proccesses. Now transfers are basically instantanious, but the banks have kept the delays as it allows them to sit on your money for 3-5 days and earn interest on it. People have become used to the delay, so the banks havent made much effort to reduce them, using them to get more profit instead...
In terms of the delays from what I can remember it is mainly to do with the processing - its all done in batches.
About 7pm all bacs are fed on to a tape which is then uploaded over night to apacs. Apacs then upload it to the recipient bank, the recipient bank then distribute it to your bank account on an overnight batch - hence most credits go in about 2am-ish.
About 7pm all bacs are fed on to a tape which is then uploaded over night to apacs. Apacs then upload it to the recipient bank, the recipient bank then distribute it to your bank account on an overnight batch - hence most credits go in about 2am-ish.
To be honest mate I can still see credit card payments taking their usual 3 working day rubbish for payments
unless you get another charge as a result of it i doubt it, it's not an unreasonable charge, you are still allowed to have a penalty for not meeting payments/unauthorised borrowing, they just shouldnt be unreasonable and you shouldnt be at risk of them snowballing (as easily anyway)
that's my understanding anyway
Now this is what I like to hear! Woohoo!
that's the idea, from the 27th
Yes it is.
And this is good news, finally almost an end to one of the biggest legal scams going.