Faster bank transfers under way

[Idea15]

Excellent news here:

A banking scheme for one-day cash transfers over the telephone or on the internet has started.

The scheme will speed up the process which previously saw money transferred between banks disappearing into a black hole for up to four days.

Banks made an estimated

 

[Brian McIntosh]

I'm surprised the banks didn't levy a charge for this service.

 

[nothing does]

About bl**dy time too. The time delay is a real headache especially for cashflow etc and I'm sure in the past that it was small businesses that suffered the most. However, how are the banks going to continue to make their massive profits now?

 

[Idea15]

I remember seeing a BBC news story last year about the cheque clearance process - they showed a central cheque processing centre where a gaggle of stereotypical little old ladies in cardies were manually reading every cheque - I thought it was a joke, but it wasn't.

 

[stugster]

SBFBank? Instant transfers, etc. etc.?

, fancy looking into it?

 

[Scottish Business Owner]

This has been coming for a while and not before time I may add. Banks have been able to send money via CHAPS (Same Day) for years and charge anywhere between

 

[TomB]

Hi ,

I've just made a transfer to a BOS account of someone i se for freelance work from Natwest and it states on the transfer that the settlement period was one day.

So maybe it has already been put to business accounts as well.

On that article there was a link that you can check with the sort code of the account if they will receive an one day transfer.

So glad that this is finally happened though, long overdue!!

T

 

[Scottish Business Owner]

Has anyone started really using this yet? One of the companies I work with is still being charged the usual