Changes to our Payment Services

From 23^rd December 2011 the way in which Cater Allen accepts deposits and makes payments will change in line with the Payment Services Directive. From this date, a sterling or euro currency payment or transfer from a Cater Allen account, to any recipient within the European Economic Area, will be credited the next business day.

We will continue to offer CHAPS and SWIFT payments for same day transfers.

From 1^st January we are also changing the cut-off times for the instruction of payments in order to ensure that there is sufficient time for the instruction to be effected accurately. For a same-day CHAPS sterling transfer or SWIFT US dollar transfer we will require the instruction by 2.30pm, whilst for a same-day SWIFT euro transfer, the request deadline time remains unchanged at 2pm.

For full details of all payment cut off times see our new Payments Services page.

The Payment Services Directive (PSD) is an initiative from the European Commission to regulate payment services and payment service providers throughout the European Economic Area.  The changes implemented by Cater Allen, including our decision to choose the ‘next business day’ option for regular payments and transfers, as well as our changes to instruction cut-off times, will ensure that our rigorous checking procedures are not compromised and reinforce our commitment to the protection of our customers and the safe nature of our banking practices.  Funds for next business day credit will not be debited from a client’s account until that business day.

Please call us on 0800 092 3300 if you have any further questions about these developments.