FAQs

Why does Faster Payments/ FPS appear on my bank statement? Have you taken my money?  

The Faster Payments Service generally processes most internet, mobile and telephone banking payments.  Any reference to Faster Payments/ FPS on your bank statement is to differentiate the payment from other types of payment ,such as cheques, Standing Orders, Direct Debits etc. The central Faster Payments Service doesn't 'take' any money, but rather is the system used by banks and other financial institutions to move money from one account to another. If you have a query regarding a specific payment you have sent or received, you should contact you bank or building society who will be happy to help.

Can Faster Payments be reversed?

Once sent, a Faster Payment cannot be reversed - this means the recipient can be sure the funds are theirs as soon as they appear in their account. It’s vital to double check the sort code and account number before sending a payment: payments are processed only using these numbers and getting them wrong is like sending a letter with the wrong address and post code. If you make a mistake (such as paying the wrong beneficiary, or sending the wrong amount) unfortunately there is no guarantee that money can be recovered, however there are processes in place for your bank or building society to follow  to try to get your money back. More information on payments in error can be found here - http://www.fasterpayments.org.uk/consumers/what-happens-if-i-have-sent-payment-wrong-place 

 

How long do Faster Payments take?

Provided both banks are direct participants in Faster Payments, payments are usually available almost immediately, although they can sometimes take up to two hours. These timescales can still apply if either the sending or receiving bank is not a direct participant of Faster Payments, however some payments will take longer, especially outside normal working hours. You should talk to your bank if the speed of the payment is particularly important. As a minimum, all electronic payments must be made available by the end of the next business day.

How can I send a payment using Faster Payments?

You don’t have to do anything out of the ordinary to take advantage of the world-leading service offered by Faster Payments. Most internet, mobile or telephone banking payments are now processed using Faster Payments, although the separate Bacs or CHAPS payment systems might be used for certain payments - for example for very large amounts, or to set up a batch of payments in advance. You should contact your bank or buidling society directly for more information on the exact process they follow to decide whether to use Faster Payments or not. 

I want to make a complaint to Faster Payments about my bank. What should I do?

Faster Payments is unable to take complaints regarding individual payments or banks/building societies that use the service. If you are experiencing difficulty with your provider, you should follow their formal complaints procedure, and if the issue remains unresolved contact the Financial Ombudsman Service.
 

I am expecting to receive a Faster Payment and have been waiting for longer than 24 hours. Is this allowed? 

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest. Any one-off payments sent by Faster Payments are processed almost at the touch of button, with the funds typically made available in the recipient’s account almost immediately, although occasionally payments can take longer. The law also says the beneficiary bank must make funds available to their customer as soon as they receive the instruction (noting that some institutions do not operate on weekends or public holidays). 

How do I make sure that I do not become the victim of fraud?

  • Faster Payments are processed in matter of seconds and once your money is sent, it cannot be stopped. For this reason it is vital that you are certain that you are sending a Faster Payment to the right account..
  • Before you make a payment to someone for the first time, double-check with them that you have the correct account number and sort code. Getting this information wrong would be the equivalent to giving cash to the wrong person. 
  • If you have been advised that the beneficiary’s account details have changed, check directly with them.  Unfortunately fraudsters have been known to intercept mail/email and amend the account details.
  • “The Take Five” campaign launched by FFA UK in September 2016 explains the different types of frauds and give straight-forward to protect you from preventable financial fraud. For more information, please click here
  • Faster Payments manages the technology that is responsible for sending your money from one UK bank account to another. We don’t offer any other services such as “holding your money until your goods are delivered or “offering buyer protection”. If you are offered these services, beware. 
  • For further information, click here.
  • Action Fraud is the UK’s national police body for fraud and internet crime reporting: www.actionfraud.police.uk 

What should I do if I’ve been a victim of a fraud?

  • Firstly, contact your bank immediately if you suspect that you have been the victim of a fraud. 
  •  If somebody has gained unauthorised access to your account, your bank will investigate the issue for you. If they cannot reclaim the money, they will refund you providing you didn’t authorise the transaction yourself, have kept your details secure and have not been a knowing party to the fraud.
  • However, if you have authorised the sending of the money yourself as a result of a fraud/scam, the process is different.
  • Again make contact with your bank immediately if you suspect that you have been the victim of a fraud. 
  • Once notified, your bank will commence action on your behalf within a maximum of two working days.
  • Where your bank finds clear evidence of a genuine mistake, they will contact the receiving bank with a request to prevent the money being removed from the account. As long as the recipient does not dispute your claim or the money has not already left the account, you will receive a refund of the protected funds within 20 working days from when you notified your bank.
  • In cases where the circumstances of the claim are not clear cut, your bank will still contact the receiving bank on your behalf. The recipient will be contacted by their bank to ask for consent to debit their account. No funds will be removed without the consent of the receiving customer.
  • If it is not possible to reclaim a payment you have sent in error – for instance if the recipient disputes its return – you will be notified of the outcome within 20 working days from the point of your enquiry and in many cases much sooner.
  • If funds cannot be recovered through the standard central process your bank will give you clear and accurate information on the options you have available – such as court action against the recipient.
  • Action Fraud is the UK’s national police body for fraud and internet crime reporting: www.actionfraud.police.uk