Banks Plan Faster Transfers
Following pressure from the OFT, it's believed that banks will speed up transactions such as standing orders and money transfers
7th April 2005
It will soon be quicker to move money around the UK banking system, after pressure from the Office of Fair Trading prompted plans from major banks to process transactions overnight rather than taking 3 days, as is currently the case.
Transfers between accounts, standing orders and direct debits will be affected, under plans which are set to be announced after the May 5th general election.
The move follows criticism that banks were profiting unduly from not paying interest on funds during the 3 day gap between leaving one account and arriving in another.
Read More: Money Guardian
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