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Bank payments system comes under fire
The Faster Payments system has been criticised for failing to make banking transactions simpler and more efficient for consumers.
The system was introduced two years ago, but many consumers still have to wait three or four days for their money to clear, according to consumer group Which?
As many as a quarter of credit card companies are not able to receive faster payments, and while a majority of telephone and internet transfers clear on the same day, the amounts allowed vary significantly, ranging from £250 to £10,000 with different institutions.
Phil Jones from Which? commented, 'It's unacceptable that, two years on from the introduction of faster payments, many customers are still having to wait three to four working days for money to clear'.
'The limits set are confusing and customers can be caught out with default fees which could affect their credit rating if the money does not clear in time', he added.