New bank transfer charges
It seems like you're referring to the recent changes in bank transfer charges. Here's a summary of the new fees and how they might affect you:
What's changing?
In the UK, the Payment Services Regulations 2017 introduced new rules to cap the fees that banks can charge for certain types of transactions. The changes aim to make it cheaper for consumers to make and receive payments.
New bank transfer charges:
From September 2022, the following changes will take effect:
- Faster Payments: The maximum fee for Faster Payments (typically used for same-day transfers) will be capped at 25p per transaction. Previously, some banks charged up to £1.50.
- Bacs Direct Debit: The maximum fee for Bacs Direct Debit (used for regular payments, like utility bills) will be capped at 25p per transaction. Previously, some banks charged up to £1.50.
- CHAPS: The maximum fee for CHAPS (used for high-value, same-day transfers) will be capped at £25 per transaction. Previously, some banks charged up to £50.
How will this affect you?
The new fees are designed to be more transparent and fair for consumers. You might see a reduction in fees for certain transactions, especially for Faster Payments and Bacs Direct Debit. However, the fees for CHAPS might increase slightly.
What can you do?
To minimize the impact of these changes, consider the following:
- Check your bank's fees: Review your bank's fees and charges to understand how they might affect you.
- Choose the right payment method: Opt for Faster Payments or Bacs Direct Debit for transactions that don't require same-day processing.
- Consider alternative payment methods: If you frequently make high-value transfers, you might want to explore alternative payment methods, like online banking or mobile payment apps.
Keep in mind that these changes might vary depending on your bank and the specific services you use. If you have any concerns or questions, it's always a good idea to contact your bank directly.
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