During December we introduced a Faster Payments service. This means electronic payments from your account arrive at their destination more quickly. The service is part of new regulations to change the way payments are processed between bank accounts from 2012 onwards.
Electronic payments you make from your account to a bank account elsewhere will normally arrive the next day. It won't change when the payments leave your account; just that they'll get to the receiving bank quicker.
If you manage your account online, logging in to make an electronic payment is exactly the same as before. The only difference you'll be aware of (other than the quicker arrival at the receiving bank) is what happens to payments above £100,000. There is an overall transaction limit of £100,000 under the Faster Payments scheme. So, if you request an electronic transfer above this amount, it will be sent as more than one payment.
A limited number of bank accounts are not part of the Faster Payments scheme. To check whether the bank accounts you make electronic payments to are covered, use the sort code checker.
Call us on 0845 1200 100 with any questions about how the Faster Payments service affects your accounts. Lines are open 8am to 8pm Monday to Friday and 9am to 1pm Saturday.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
