NatWest/RBS: The auto-sweep facility

[Nattie]

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.

[Amethyst]

Re: NatWest/RBS: The auto-sweep facility

When do the payments go out of the account ? up until 2.30pm ??

Is there an earliest time payments will leave accounts. So if you have payments due out that day theres a simple latest time to get cash or account transfers in to the account. Like 1.30. ie. if the payments all go out at 10am then it seems a bit pointless

Edit by Nattie: Payments going out remain the same but it if an item is returned that is important. Money to cover that item going out is what the autosweep facility is about. So 2:30pm is the latest that the payment going in will count towards paying or not paying an item.

[Nattie]

Re: NatWest/RBS: The auto-sweep facility

This is going to seem complicated but the auto sweep facility has been in effect but payments up to £300 going between NatWest RBS and Ulster Bank will be faster payments from April 3rd. There has already been faster payments on a smaller scale already, which was up to £5 but I thought that it was hardly worth a post.
Furthermore, Standing Orders will need to be changed at least 2 working days in advance because as of Monday 7th April, if the Standing Order leaves the account it will be irreversable.
Will add more to this thread as it emerges.