Faster Payment Service

With effect from 27 May 2008, a new 'Faster Payments Service' was introduced by the banking industry. 
 
The aim of the service was to reduce the amount of time taken for electronic transfers to be processed so that money reaches the beneficiary's account on the same day the request is made. 
 
This process, which has been supported by all the UK's banks and building societies, has been a huge improvement over the previous system where the standard processing time was three working days. 

Our service to you

Here, at Leek United, we are able to accept incoming faster payments, up to the value of £10,000, from another participating bank or building society. 
 
This means that if your Bank offers the Faster Payments Service, you simply contact them by telephone, or log onto your online banking system, and instruct them to pay an amount of money (up to £10,000) into your Leek United account.  The money will then be transferred to your account the same day, providing all the information you supply to your Bank is correct. 
 
NB:  Before attempting to utilise the Faster Payments Service, we recommend that you contact your Bank to check whether they are able to facilitate your request.

Will this affect other services?

There has been no change to other services offered by Leek United and you do not need to do anything to receive Faster Payments into your account.  This service runs alongside existing payment schemes in the UK such as BACS and CHAPS.

Benefits to you

You receive payments quickly, which helps you manage your cashflow. However, for more information you may wish to click here to visit the APACS website.