Bacs, CHAPS and Faster Payments: What are they?
Bacs is an electronic system that for many years has been used to process Direct Debits, direct credits and standing orders for UK banks. Before 1 January 2012 if you visited a branch or called Telephone Banking and asked to transfer funds to another person at another bank, Bacs was used. There is no charge for this service.
With the roll-out of Faster Payments, electronic payments through Online Banking, Telephone Banking, branches or self-service Kiosks could be processed in under two hours.There is no charge for this service.
Please note that Faster Payment transfers are subject to personal and branch limits.
CHAPS is a same-day UK electronic transfer (instructions must be received by 2pm on a working day). CHAPs payments are useful if you need to urgently send money to someone or when you buy a house and your solicitor needs to send money to the vendor. There is a charge of £25 for this service for Personal Banking customers.
There is a fee of £20 for personal customers that wish to cancel, amend or recall a CHAPS payment. This can be done by simply calling our Telephone Banking service on 0845 7 555 555. Alternatively, visit a local branch with 2 forms of ID.