Closed Branch Advice Voucher is a piece of paper or receipt generated by BACS when a payment instruction is recognised as being destined for a closed sorting code ( i.e with an identified redirection in place). The voucher is forwarded to the originator through their Bank and shows the new details that should be used for future payments.
This is a very handy service that assists customers when transferring their Bank/Building Society accounts. It does this by electronically transferring Direct Debit and Standing Order information to the organisation your switching over to. This can also be known as the rather long winded Acronym ToDDaSO.
CHAPS means Clearing House Automated Payments System which provides same day settlement between financial institutions for high end value, low volume transactions.
Posted by Peter Brady on Fri 29th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
These are credit cards which offer a charitable one off donation which can be around £5. Further, a small proportion of your total expenditure goes to a charity. This can be around 0.25%.
This type of card is becoming increasingly popular. Balancing the moralistic perspectives of credit card usage.
Many charities have set up credit cards through partnerships with banks. Even some sporting institutions such as football clubs have their own cards - unfortunately these often provide highly uncompetitive terms.
Posted by Peter Brady on Thu 28th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
BACS cycle means the three working day cycle, implemented for a payment instruction to be submitted to BACS for administration including the elapsed time it takes to reach the account destination. The cycle includes the following steps:
• Arrival
• Input
• Processing
• Entry
