April 29, 2008

Banks to offer same day clearance

From the end of May bank customers who bank online or over the phone will be able to see their transactions be completed the same day. At the moment anyone that makes an online or phone transaction will have to wait a minimum of three days for the funds to clear.

But as from the 27th May these transaction will be going through in matter of hours, rather than the days as it is at the moment. These transactions also include all standard orders, but will be limited to £10,000 for internet and phone payments, while for a standing order it will be £100,000.

It has been estimated that this new system has cost millions of pounds to develop, but in this day and age this is something that the banking industry has had to do. But for anyone who still uses cheques the timeline for them will remain the same, the funds can be drawn upon on the forth day.

Source [Times]