Posted by Peter Brady on Wed 27th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
AWACS Advice of Wrong Account for Automated Credits Service. If a Direct Credit has incorrect account destination information the receiving bank will attempt to locate the correct account and advise the originating organisation of the details. AWACS is the automated system used by the banks to notify the organisation of the correct details to be used for future payments.
Posted by Peter Brady on Tue 26th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
The Association for Payment Clearing Services manage the main clearing networks which allow UK banks and building societies to exchange payments.
Posted by Peter Brady on Fri 22nd September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
Sorting code is a six digit number that uniquely identifies the location of where an account is held.
Posted by Peter Brady on Thu 21st September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
Standing Order means an instruction proffered by a customer to their bank in order to facilitate a fixed amount payment on specified regular dates to a named individual or organisation.
Posted by Peter Brady on Tue 19th September 2006 at 07:00 AM, Filed in Glossary
Working days is defined as English bank working days excluding Saturdays, Sundays and Bank Holidays. So if a bank says “expect a deposit in three working days” on a Friday morning, assume it will probably arrive on the Wednesday of the following week.
