What are the cancellation timescales for Faster Payments and when will they take effect?
Single Immediate Payments Single Immediate Payments made via the Faster Payments Service will be sent immediately and therefore cannot be recalled or cancelled. Future Dated Payments You can cancel a Future Dated Payment, created via Anytime Internet or Telephone banking, up to 6:30pm the working day before it is due for payment. Standing Orders The cancellation notice will not change as a result of the Faster Payments Service. To cancel Standing Orders you must give a minimum notice of three working days. For example, if a payment is due to leave your account on a Friday the final opportunity to cancel the mandate is by close of business on the Tuesday (three working days notice). If you do not give sufficient notice to cancel a Standing Order it is your responsibility to request repayment from the beneficiary.
Standing Orders The cancellation notice has not changed as a result of the Faster Payments Service. To cancel Standing Orders you must give a minimum notice of three working days. For example, if a payment is due to leave your account on a Friday; the final opportunity to cancel the mandate is by close of business on the Tuesday (three working days notice). If you do not give sufficient notice to cancel a Standing Order it is your responsibility to request repayment from the beneficiary. Future Dated Payments You can cancel a Future Dated Payment created via online or telephone banking up to 6:30pm the working day before it is due for payment. For Future Dated Payments created in the branch cancellation requests must be processed by 4:00pm the working day before it is due for payment. Single Immediate Payments Single Immediate Payments made via the Faster Payments Service will be sent in near real-time and therefore cannot be recalled or cancelled.
