Faster Payments

14 December 2009 update

The Faster Payments Service is designed to speed up certain payments between participating banks and building societies.

Participating banks and building societies have been introducing this service on a phased basis. Any payment that is not processed through the new service will continue to be made using the existing Bacs three-day service.

Both sending and receiving banks and building societies need to be members of the Faster Payments Service. Faster Payments will be subject to pre-agreed limits and the customer having sufficient funds in their account. Once Faster Payments have been sent they cannot be recalled.

From 24 April 2009, the Cumberland’s incoming Faster Payments service enabled payments sent to Cumberland accounts from other banks and building societies as Faster Payments, to be processed and credited to your account either the same day or the next Cumberland working day.

From 15 December 2009, the Cumberland introduced its outgoing Faster Payments service. This service covers all immediate and future dated internet banking payments for amounts of £250 or less (£1,000 or less for businesses) which are going to a recipient bank or building society that is able to receive Faster Payments. Instructions for immediate payments received by us by 1.00 pm on a bank working day will be processed by us as a Faster Payment on that day. In most cases the payment will be credited to the recipient’s account on the same day, but this will depend on the recipient bank’s or building society’s processing arrangements.