Banks Introducing Faster Payment Service

A major move forward in the banking industry that directly effects many of our customers enabling us to provide a better service to you.

From 27th May, 13 of the major banks will be phasing in the ‘Faster Payment Service’ scheme. If your bank subscribes FPS you will no longer have to wait up to 3 days for funds to transfer from our bank to yours on Bank Transfer payments. This should now only take a maximum of 2hrs, meaning that you will be able to draw the cash we pay you on the day we receive your gold. That’s the day after sending for anyone who uses special delivery.

The banks will initially be introducing FPS through a phased approach, but it is planned that by the end of June, all payments up to £10,000 will be made by FPS.

The 13 banks who will be subscribing to this scheme are Abbey, Alliance and Leicester, Barclays, Citi, Clydesdale and Yorkshire Banks (National Australia Group), Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, and Royal Bank of Scotland Group (including NatWest and Ulster Bank).