Statistics on credit clearing volumes can be found in our Information Hub - Facts and Figures. The paying-in slips at the back of your chequebook are personalised with your account details and are only for paying-in cash or cheques at your own bank. Banks can choose not to accept transactions where there is no relationship with either party to the transaction. The reason for this is the collecting bank would then have to take on the liability for any losses if either the cheque or the bank giro credit were the subject of fraud, and that would be unreasonable for the bank concerned.
Also, money laundering checks are harder to carry out if there is no prior relationship with the person or business paying in the money. The Payment Services Directive, which came into force on 1 November , means that if you pay in cash over the counter in a branch of your own bank, it will be made available and value-dated immediately.
Other methods of deposit, such as a deposit box, might take slightly longer for the value to appear on your account as it depends on when the bank processes the deposit. Up until , bill payments for non-customers were part of the clearing service that banks offered but, since then, banks and building societies can choose not to provide the service to non-customers.
This is because the collecting bank would have to take on the liability for losses if either the cheque or the bank giro credit were the subject of fraud, and that would be unreasonable for the bank concerned. Not all banks provide bill paying services but, where they do, it is a competitive matter between banks whether the service is free or not. The time this takes is down to the individual biller companies. There are many ways to pay your bills such as by Direct Debit, internet, mobile and telephone payments, and debit and credit cards.
The various alternatives will be set out on the back of your bill. This may not happen until the next day. This may not happen until the next day — which equates to four working days. Even though it only takes three days to clear the cheque and the credit, the biller has to take account of any delays in the post and the processing and reconciliation of the bills that it does before taking the cheques to its own bank to pay them in.
First of all, check with your own bank to see if the cheque has been paid and, if so, on what date. Then you should pass all this information to the biller so that they can follow this up with their own bank. If you have a debit card with you, many banks can swipe the card at the branch counter to create a paying-in slip for you to use.
You might also see similar abbreviations on your ATM mini statements, or the statement you receive when you make a transaction using an ATM. Growing your money is easy with Raisin UK. Through our free, easy-to-use marketplace, we connect you with a range of banks offering deposit-protected savings accounts with competitive, high street-beating interest rates. Apply to open as many savings accounts as you like and manage everything under one roof, with no fees.
Terms apply. You can also report the incident to the police via Action Fraud. The police will log the crime and send you a crime reference number. Receive specially curated news and articles, and be the first to hear about exclusive rates and exciting offers when you sign up with us. The rundown Understanding the most common bank statement abbreviations helps you be in better control of your finances Keeping track of your statements will allow you to detect any fraud or suspicious spending A fool-proof guide to the most common banking statement abbreviations.
Payment code NS. Payment type National Savings Dividend. Payment code NSC. Payment type National Savings Certificates. Payment code OTH. Payment type Other. Payment code PAY. Payment type Payment.
Payment code PSB. Payment type Premium Savings Bonds. Payment code PSV. Payment type Paysave. Payment code SAL. Payment type Salary.
Payment code SPB. Payment code SO. Payment type Standing Order. Payment code STK. Payment code TD. Payment type Dep Term Dec. Payment code TDG. Payment type Term Deposit Gross Interest. Payment code TDI. Payment type Dep Term Inc. Payment code TDN. Payment type Term Deposit Net Interest. Payment code TFR. Payment type Transfer.
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