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Faster Payments Service

Faster payments imageThe Faster Payments Service is an electronic payment method, which speeds up the way you make and receive electronic payments.

In most cases the money will be available within two hours.

Update on the availability of the Faster Payments Service

All Co-operative Bank accounts are now able to send and receive faster payments.

  • Sending Faster Payments: If you wish to make a fund transfer or bill payment (Single Immediate Payment) then the maximum you can send is £100,000.
  • If you wish to make a Standing Order then the maximum you can send is £100,000.
  • We may adjust the sending payment limits for the Faster Payments Service at any time.
  • Receiving Faster Payments.
  • The Co-operative Bank will accept faster payments up to Scheme Limits. However, some Banks may have lower limits in place.

Key features of the Faster Payments Service

These are some of the most important features of the Faster Payments Service.

  • Except for payments made by standing order or future dated payments, the Faster Payments Service will be available 24 hours a day, 7 days a week, other than during periods of essential maintenance.
  • The service will speed up the time it takes to make and receive electronic payments.
  • Payments will be transferred between participating financial institutions and, in most cases funds will be available in the beneficiary’s account within two hours.

Limitations of the Faster Payments Service.

Although in most cases the Faster Payments Service will speed up electronic payments, there are a few important points you should be aware of.

  • Payments are made almost immediately, so they cannot be stopped and the sending bank is unable to retrieve the funds.
  • It is essential that you provide us with the correct sort code and account number for the bank account receiving your payment.
  • Most other banks sort codes are able to receive faster payments; however this does not apply to every sort code.
  • The Faster Payments Service will only operate in Sterling and is only available for UK payments.

We can't guarantee that all payments will go faster, so if your payment is time critical, then please speak to us to discuss a different electronic payment method.

What can I use the Faster Payments Service for?

You can use the Faster Payments Service to make either immediate or future dated transfers and bill payments, as well as standing orders. Standing order and future dated payments will only be processed Monday to Friday. In most cases, the funds will be available within two hours.

Direct Debits are not part of the Faster Payments Service.

If you are making a payment using the Faster Payments Service you should check that the account you are sending money to receives Faster Payments.

What do I need to do now?

You do not need to do anything different. All eligible payments made in branch, over the phone, by written instruction or online will automatically go via the Faster Payments Service once the beneficiary’s account becomes eligible to receive Faster Payments.

Charges

For all personal account holders there is no charge for using the faster payments service. For business and corporate customers the charge for sending payments via the improved Faster Payments Service will be the same as for BACS.

Further information

There are circumstances which may prevent payments going via the Faster Payments Service; therefore payments can not be guaranteed to reach the recipient the same day in all cases. If your payment is time critical we would recommend using CHAPS (for which an ancillary charge would be levied).