HSBC bank accounts to reduce clearing times

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HSBC bank accounts to reduce clearing times

Fri 6th May 2005

Customers with HSBC bank accounts and first direct bank accounts may soon find that they have faster clearing funds.

HSBC, who also run first direct, is planning to introduce a new electronic clearing system by the end of 2005, which will see same day clearing of payments and provide customers an extra five to six million pounds in interest per year.

Speaking to the Daily Mail HSBC chief operating officer Dyfrig John said: "We will be ready to pass on any interest we earn by the end of the year and we hope it proves a positive catalyst for change across the industry."

The Office of Fair Trading currently estimates that banks earn around £30 million a year by delaying customer transactions.

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