Banks and building societies will have to make most internet and phone payments within a couple of hours.
From 1st January, the vast majority of payments made over the phone or by internet will credit the account of the person you’re paying within a couple of hours. A new rule is being brought in by the EU, which says that banks should make phone and internet payments by the end of the next working day, but UK customers will benefit from even speedier payments. What are the rules?
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