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Linking bank accounts can serve multiple purposes, whether it’s allowing you to fund overdrafts with another account, waiving certain fees or making it easier to transfer money between the accounts.
Where one account is a loan account. This is considered further below. This is considered further below. Loan accounts There is a distinct line of authority which indicates that where one of the accounts is a loan account then the bank cannot exercise its rights to combine accounts (Obed Tashabya v DFCU Bank).
A giro transfer, often shortened to giro (/ ˈ dʒ aɪ r oʊ, ˈ ʒ ɪər oʊ /), [1] is a payment transfer between current bank accounts and initiated by the payer, not the payee. [2] The debit card has a similar model.
Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and formerly in the Republic of Ireland. They are six-digit hierarchical numerical addresses that specify clearing banks, clearing systems, regions, large financial institutions, groups of financial institutions and ultimately resolve to individual branches.
Mondex is an open-loop implementation of the electronic cash scheme - instead of transactions occurring only in one way, money can be transferred between any Mondex user. A transfer of funds using the Mondex card (dubbed an 'electronic purse') operated through a Mondex-enabled device, and in principle occurred between 2 cards - whether it was 2 ...
Each financial institution can determine the types of financial transactions which a customer may transact through online banking, but usually includes obtaining account balances, a list of recent transactions, electronic bill payments, financing loans and funds transfers between a customer's or another's accounts. Most banks set limits on the ...
Faster Payments logo. The Faster Payments Service (FPS) is a United Kingdom banking initiative to reduce payment times between different banks' customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-established BACS system.
Bacs became a subsidiary of Pay.UK (formerly known as New Payment System Operator (NPSO)) on 1 May 2018, [2] and responsibility for direct debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the Industry Sort Code Directory was given to Pay.UK. [3]