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The background to this is that the bank is preparing for the onset of faster payments. The bank has introduced something called an “auto-sweep” facility. It will sweep accounts at 1:30pm, 2:00pm and 2:30pm. There will be certain items that will definitely be returned but the majority of people will notice that if they are overdrawn that they will be able to pay in on the day, that the item goes out up until 2:30pm. The bank does not want customers to know about this facility and that they must be made aware of making payments to their account the working day prior to the item going out. The information has been communicated to staff over the last few weeks as the system is being put in place on February 13th.
The auto-sweep facility is based on when cash, CHAPS, account transfers either online, at the branch or via telephony and will include international payments and faster payments.
The auto-sweep facility is based on when cash, CHAPS, account transfers either online, at the branch or via telephony and will include international payments and faster payments.
