Faster Payments - Frequently Asked Questions

What is the Faster Payments Service?
The Faster Payments Service allows you to make electronic payments in sterling (typically via the Internet or Telephone, 24 hours a day, 7 days a week), in hours rather than days*. It will run alongside Bacs and CHAPS.

• Bacs is the service in which banks and organisations can make/take payments directly to/from your account i.e. salaries, Direct Debits.
• CHAPS is an electronic same day guaranteed payment, usually used for higher value transactions.

When will the Faster Payments Service be available?
Most Halifax accounts can now receive Faster Payments. Most standing orders and bill payments are now sent via the Faster Payments Service.

You can now also send Immediate Faster Payments, which in most cases will be in the recipient account within two hours.

Which accounts can receive Faster Payments?
Most Halifax accounts, savings accounts, mortgage and personal loans were enabled to receive a Faster Payment from 27th May 2008.

Which accounts will I be able to send Immediate Faster Payments from?
All current accounts will be automatically enabled to send Immediate Faster Payments using the Faster Payment Service.  However this service is not available for sending payments from savings accounts.

Will all Banks be part of the Faster Payments Service?
There are 13 banks and building societies that are founder members of the Faster Payment Service. Between them, they represent 95% of the payments made in the UK. Other organisations may choose to join the scheme in the future.

Will I notice any differences to my Halifax account as a result of the launch of Faster Payments?
If you have been sent an Immediate Faster Payment, in most cases it will show in your account within 2 hours and could arrive at any time throughout the day. You may also notice that standing orders arrive into your account more quickly than before.

Do I need to take any action?
Most Halifax accounts have been automatically enabled to receive Faster Payments and all current accounts for sending Immediate Faster Payments.

A small number of our Savings accounts have certain special conditions, such as only allowing one payment into the account per month.  You may wish to check with us to ensure that any payments you have set up with another bank will not contravene such conditions if they arrive faster than usual.

Are there any charges for using the Faster Payment Service?
There is no charge to send or receive a Faster Payment using your Halifax personal account.

When will I be able to send Faster Payments from my Halifax account?
You can now send Immediate Faster Payments from your Halifax account.