This is a statement from my bank "As a result of new regulatory requirements, the Bank is improving the timescales for making electronic payments e.g. single bill payments or standing orders required by new regulations which comes into force on the 1st January, 2012. These changes will ensure that your payments will arrive at the recipient’s bank no later than the end of the next business day.
From now on we will be sending all payments by Faster Payments. We recommend that you read the following information carefully to understand how this will affect you.
Once we receive a payment instruction from you we are unable to reverse the payment or get the funds back, therefore it is important that you provide us with the correct details, e.g.
Beneficiary Bank Sort code;
Beneficiary Account number
Reference number if applicable - this could be a credit card number, mortgage reference number or utility customer number.
If you do not provide the correct details your payment may not reach the correct beneficiary account. You must ensure that you have sufficient cleared funds to cover the payment from your account before 9pm on the previous day."
They are saying it is for sending payments, but I think it is for receiving as my other bank says similar but also includes receiving payments.
We will soon know as it is only a few days away.
From what I can remember, HSBC have already started this a few days ago and it is kicking in from now.
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