Banks Told to Speed Up Money Transfers
The Office of Fair Trading has told banks that they must speed up electronic money transfers
25th May 2005
The Office of Fair Trading (OFT) has told banks that they need to speed up money transfers between accounts, a process that generally takes 3 working days at the moment.
The OFT has given the banking industry 6 months to come up with proposals on achieving 24 hour transfers, and then they will have 2 years to put the proposals into effect.
The new rules will affect transfers made by online or telephone banking, where the 3 day delay is particularly noticable to the customer - direct debits, which account for 9 out of 10 transfers will be unaffected.
Consumer groups have welcomed the changes, and are pressing for a speeding up of cheque clearing when the OFT investigates that later in the year.
Read More: BBC Report
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