It should be of interest to everyone that from 27th May onwards, all major banks will be processing internet and telephone transfers either instantaneously or up to to 2 hours, instead of the current 3 days cycle.
What does it mean? Well, you know at the moment you get your credit card bill and it tells you that in order for you to make your payment on time, you have to make it 3/4/5 working days early? (No-one does semantics like the banks do, I swear.
) Well, no more.
It also means that if someone deposits money in your account by internet banking, it will be available to you straight away, or near enough.
For more info:
Phased rollout for new Faster Payments Service Faster Payments Service - Wikipedia, the free encyclopedia
And this is Barclay's own announcement:
Faster Payments Service - Barclays
Beware that not all companies will be rolling this out at once, so be careful not to get caught out!!!
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Barclays: Won ~ NatWest: Won ~ Halifax (x2): Won ~ FNMF: Won ~ Barclaycard: Won ~ GHD: Won ~ Grattan: Won ~ GE Money: Won ~ Capital One: Won ~ Land of Leather: Won.
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Telephone and Internet banking - Faster Clearing Cycle 
Re: Telephone and Internet banking - Faster Clearing Cycle 
