Electronic transfer payments

The maximum limit per transaction under the Faster Payment Scheme is £100,000

CHAPS payments are subject to a charge

All electronic transfers will be made via Faster Payments, unless otherwise instructed and providing the Payee's bank has access to the Faster Payment service and the payments is less than £100,000.  In other cases you will need to contact us to discuss an alternative method of transmission.

10.7 Where we receive your instructions and authorisation to carry out an electronic transfer from your account before 3pm, we will treat your instructions as having been received that day.  Instructions received after 3pm or on a non-working day will be treated as having been received on the next following working day.

10.8 Where you have instructed and authorised us to make an electronic transfer out of your account, the money will be available to the payee:

a) unless the electronic transfer is initiated by a paper-based authorisation process, within one working day after we receive your instructions under 10.7;

b) where the electronic transfer is initiated by a paper-based authorisation process, within two working days after we receive your instructions under 10.7;

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