In what circumstances will a Faster Payment be delayed or rejected?
The majority of payments will normally be processed without delay. However, transactions considered unusual to the normal operation of your account will be referred for further investigation. If this occurs the payment will not be sent until the investigation has been completed. Payments with invalid sort code and account number details may also not be processed. Payments sent faster can either be automatically rejected by the scheme (e.g. where an account has been closed), or returned following manual review by the beneficiary’s bank (who may not be able to accept the payment). In both cases, funds will be sent back to the customer immediately and show as a contra entry in their account. Depending on the type of payment and the method of return, either ‘REJ’ and a four digit code or RET and a four or eight digit code will be displayed in the narrative of the contra entry. To help you locate the definition of a code please contact telephone banking or your branch.
The majority of payments will normally be processed without delay. However, transactions considered unusual to the normal operation of your account will be referred for further investigation. If this occurs the payment will not be sent until the investigation has been completed. Payments with invalid sort code and account number details may also not be processed. Payments sent faster can either be automatically rejected by the scheme (e.g. where an account has been closed), or returned following manual review by the beneficiary’s bank (who may not be able to accept the payment). In both cases, funds will be sent back to the customer immediately and show as a contra entry in their account. Depending on the type of payment and the method of return, either ‘REJ’ and a four digit code or ‘RET’ and a four or eight digit code will be displayed in the narrative of the contra entry. To help you locate the definition of a code please contact telephone banking or your branch.
