Changes to how we process Electronic Payments out of your account

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 the 19/12/2011 we will be sending all payments faster. 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, as follows:

  • Beneficiary bank sort code
  • Beneficiary account number
  • Reference number if applicable – this could be for example 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 sufficient cleared funds to cover the payment are available on your account before 9pm on the previous day.

We have amended our terms and conditions to explain:

  • What type of electronic payment we can make for you and the systems we use
  • The likely time scales for each payment type
  • The reasons we may refuse or be unable to make a payment you have requested
  • The alternatives to electronic payment methods, which in some cases may incur a charge

Terms and Conditions are available at co-operativebank.co.uk, or by calling 03457 212 212^ or from any of our branches.

Calls may be monitored or recorded for security and training purposes.