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Change on bank charges for faster payments

Consumers using faster payment processes may no longer receive penalty fees for using it.

The Financial Conduct Authority (FCA) has come to an agreement with Barclays, the Co-Operative bank, Santander and National Australia Group, which owns Clydesdale and Yorkshire bank, to say that they will use a same day retry system.

Faster payments are a popular service with consumers because they allow transactions to be completed within hours. Yet, because banks often process payments in the morning, customers often face an 'unpaid item penalty fee'.

Under the agreement, these banks will have to attempt to process the transaction again later in the day, giving consumers more of a chance to allow money to clear their account.

Measures to improve services could aid these banks to maintain a higher reputation among consumers as the government seeks ways to create competition between the major banks.

While the focus was more on the lack of good deals being offered to customers, unnecessary charges are certain to deter them regardless.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801596117-ADNFCR

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