Faster payments
There are times when you need to move your money fast. Faster Payments is a new banking service that lets you make internet, phone and standing order transfers and payments in near real-time.
Fully supported byTesco Savings, it's the first new payment system to be developed in the UK for over 20 years. You can use it whenever you want to move money quickly and securely, whether it's to pay a bill or move money between accounts.
Just like the internet, Faster Payments is available all day, every day and will action your payment within just a few hours, whatever time - day or night - that you use it.
When did the service start?
The UK Banking Industry launched Faster Payments on 27th May 2008 and it's already being offered by many of the high street banks as well as a range of other financial institutions, including Tesco Savings.
How does the service work?
When both banks involved in the payment are participating in the new scheme, the beneficiary will receive Standing Orders or other Payments paid out of your account almost immediately. As long as the transaction value is within Faster Payments set limits, the transfer shouldn't take longer than 2 hours. This also applies to any Standing Order, internet or telephone banking payments coming into your account (Direct Debits are not affected by Faster Payments)
In cases where the receiving organisation operates on a collection account basis - such as a credit card account or utility company - funds won't necessarily arrive in the specific account on the same day. Payments that are outside the scheme set limits can still be made under a three day cycle.
How to make sure you get the most from Faster Payments
To guarantee that payments reach the correct destination, when you make or set up a payment from your account, it's important to provide us with accurate details of:
- The Sorting Code (e.g. 83-66-40) the six digit number which identifies the bank or institution at which the payee holds their account
- The Account Number of the payee's account
This is important because payments are processed on the Sorting Code and Account number, not the name of the person you wish to pay.
What if you are expecting a payment yourself?
If you're expecting a payment from someone else direct to your account, you must give them accurate Sorting Code and Account number details. If these details aren't correct, it could result in the payment being delayed or not received.
Faster Payments and your Tesco Savings Account
Faster payments is great news for your Tesco Savings Account! If payment into your account is arriving from a financial institution participating in Faster Payments, it will arrive immediately and start earning interest right away. And, if you make direct payments via Internet orTelephone Banking these will now go faster.
If you aren't already signed up to telephone or internet banking, why not get in touch with us on our Helpline number – 08457 10 40 10 (Minicom 0800 783 31 88) or apply online at www.tesco.com. Once signed up, you can really make the most of Faster Payments!
Payments within the RBS Group
Tesco Personal Finance is a part of The Royal Bank of Scotland Group. Other Banks within the RBS Group include The Royal Bank of Scotland, NatWest and Ulster Bank. You may have already noticed that some payments you make between accounts within banks in the RBS Group may be moving faster. This is because improvements we made to the service we offer our customers, before the industry wide launch of Faster Payments.
Remember, it's essential to protect your personal access and account details at all times and always make sure you know who you are dealing with, either by e-mail or telephone. Please note that we will never ask you for your full PIN or password, by telephone or via online banking.
