Things are about to change when you make electronic payments. These changes affect all sterling and foreign electronic payments within the UK, EU and the EEA (European Economic Area), with the objective of processing them more quickly.
As a result of regulatory requirements, from 1st January, 2012 all banks and building societies will be improving the timescales for making single bill payments, standing orders, etc. The payments you make will arrive at the recipient’s bank by the end of the next business day, at the latest. This is quicker than the current 3 day BACS service which will no longer be provided from the New Year.
Whilst this extra speed of processing is a good thing, it comes with an important caveat: once you initiate a payment instruction you will be unable to unable to reverse the payment or get the funds back. It is vital that you supply the correct details when requesting the transfer, for example:
Receiver's Bank Sort code
Receiver's Account number
Reference number if applicable - this could be for example a credit card number, mortgage reference number or utility customer number If you do not provide the correct details this may result in your payment reaching the wrong beneficiary account.
You also need to make sure that you have enough money in your account before 9pm on the previous day.