RBS meets FCA requirement on arranged payments


RBS meets FCA requirement on arranged payments

Today the Payments Council, working alongside the Financial Conduct Authority (FCA) has announced an expansion of the “retry system” introduced for Direct Debit and Standing Orders but RBS is already ahead of the curve.

The Payments Council and FCA have today announced that from September funds can be placed into an account up to 2pm which will reduce the likelihood of direct debits and standing orders being returned unpaid. This will mean fewer people receiving charges for going into unarranged overdrafts. 

As part of our on-going commitment to serve our customer well we exceed this requirement. Our customers have until 2:30pm before a payment will be returned unpaid. On top of this, an RBS customer can minimise and avoid fees by signing up to text alerts which will be sent if:

• The customer doesn’t have enough money in their account to cover a payment and  it would be returned unpaid (resulting in a fee)

• The customer doesn’t have enough money in their account to cover a payment which  would result in them going into an unarranged overdraft and being charged a fee

• The customer is already using an unarranged overdraft and we were unable to send them an alert in advance (due to the customer being out of reach)

• The customer has been using an unarranged overdraft for five or more consecutive days

 

Latest news

Royal Bank of Scotland hosts ‘Easy Wins Live’ event

The event explored today’s ‘always on’ world and the pressure Scots face as they struggle to balance life inside and outside of work.

To win the fight against fraud and scams, it is vital to educate young people.

Primary school children in Currie, Edinburgh put on their detective hats last week to learn more about fraud and scams thanks to the Royal Bank of Scotland MoneySense programme. Les Matheson, CEO of Personal Banking, tells us why it’s so important to financially educate young people.

New NatWest debit cards now accessible for all customers

New card features are being rolled out from today with all cards having a notch and raised dots.

Set Tab for lightbox