Notes to Editors:
Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership of the Current Account Switch Service.
More than 125 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2017, nearly 6.35 billion UK payments were made this way, while a new record was set on 30 June 2017 with the number of transactions processed by Bacs in a single day reaching a high of 111.7million.
A not-for-profit entity which has maintained carbon neutral status since 2012, Bacs is a membership company limited by Guarantee.
For further information please visit www.bacs.co.uk.
About the Current Account Switch Service:
Key features of the Current Account Switch Service include:
- The service is free to use.
- The switch will be completed in seven working days – a substantial improvement on the previous process that could take between 18 and 30 working days.
- The customer can choose and agree the switch date with their new current account provider.
- All payments going out (e.g. Direct Debits) and those coming in (e.g. salary) will be moved from the old account to the new account.
- Payments accidentally made to or requested from the old account will be automatically redirected to the new account for as long as the facility is required.
- The Current Account Switch Guarantee means that the customer will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch.
As of 1 April 2015, the eligibility criteria for businesses, charities and trusts was extended. SMEs with a turnover of up to £6.5 million, small charities with an annual income of less than £6.5 million, and small trusts with a net asset value of less than £6.5 million can switch their current account provider using the Current Account Switch Service.
The service was previously available for small businesses with a turnover of 2 million euros (or sterling equivalent); and this extension increases the reach of the service to 99% of the UK’s SME market.
Bacs is responsible for all aspects of the service including working on the recommendations in the Financial Conduct Authority’s ‘Making Current Account Switching Easier’ report, and the findings from the CMA’s market investigation into retail banking.