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Changes to HSBC and Global Payments crediting timescales


MEMBERS WHO BANK with HSBC and receive next-day cleared funds will have received a letter recently explain-ing changes to their next-day crediting scheme. Transactions will now appear at 11am the next day, rather than 9am, which is the current arrangement.

Those members who bank with HSBC but are not on next-day cleared funds will have received another letter stating that uncleared transactions will not appear on their statement the next day as it currently does. In accordance with their agreement, the transaction will appear on the day that it clears, usually four days later.

Finally, if members are not banking with HSBC but are paying for the Premier Payments service from Global Payments, the current limits of next-day cleared funds (the maximum being £250,000) are being removed and will be unlimited as of 23 October.

If you would like to find out more about the changes, contact Global Payments on 0345 702 3344 and have your membership number handy.

Take action to fight financial crime

The HSBC Safeguarding programme, which has been set up to fight financial crime, is an initiative to update and validate the information HSBC holds on all business customers. Business customers will need to provide information about themselves and the nature of their company.

The first phase of this programme is complete and all business customers should have received a letter to request information. It is important these requests are responded to in a timely manner so that the information gathered can be processed, verified and approved, which typically can take up to three months. Failure to respond to the letter will result in HSBC closing the business bank account.

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