The Faster Payments Service allows customers to make (free) Sterling payments within the UK almost instantaneously, 24 hours a day, seven days a week. At Nationwide the payments are initiated via the Internet Bank, Telephone Banking, Mobile Banking, an ATM or at a Nationwide Branch.
When making a Faster Payment, it is vital to use the correct sort code, account number and name of the person or business you want to pay, as once a faster payment has been submitted it cannot be cancelled. Entering details incorrectly could mean your money ends up in the wrong account and it may not be possible to retrieve the funds.
Faster Payments does not apply to Direct Debits.
What type of payments will be made through Faster Payments?
Single Immediate Payments
Single Immediate Payments (SIPs) are payments that are made via the Internet Bank, Telephone Banking, Mobile Banking, an ATM or at a Nationwide Branch and the transaction is made straight away. These types of payment can be made at any time (24 hours a day, seven days a week).
Forward Dated Payments (FDPs) are individual, one-off payment set up to be made at a future date. For example, some people will arrange to pay all their bills at the beginning of the month, setting the payments up in advance, having the money debited on a specified date in the future. This type of payment can be set up for any day, including bank holidays and weekends.
Standing Order Payments (SOPs) are regular payments made on a specific date for the same amount, to the same person or beneficiary. These payments will be made on 'working days' only, i.e. Monday to Friday excluding bank holidays. If the specified date falls on a weekend or bank holiday, the payment will be sent on the next working day.