Bank Holiday for the Queen’s Funeral

  1. How will transactions processing be impacted by the bank holiday?

    Faster Payments will continue to operate 24/7/365, consistent with normal bank holiday operating protocol.

    In line with normal bank holiday processes Standing Order payments will not process on 19 September 2022 and the transactions will be rolled forward to be processed on the 20 September 2022.

    The Current Account Switch Service and the CASH ISA Transfer Service will operate a non-processing day on 19 September 2022.

    • 1a. What will the impact on CHAPS transactions be?

      The Bank of England has declared a non-processing day for UK CHAPS/RTGS on 19 September 2022.

      In line with normal bank holiday processes if you’ve made forward dated UK CHAPS/RTGS payments to be processed on the 19 September 2022, these payments will be rolled forward to be processed on the 20 September 2022.

    • 1b. What will the impact on cheque depositing be?

      The Cheque Clearing System will operate a non-processing day on 19 September 2022.

    • 1c. What will the impact on BACS transactions be?

      The BACS Payment System will operate a non-processing day on 19 September 2022.

  2. Will my direct debits get paid if there is a bank holiday?

    As with other Bank Holidays, direct debits scheduled to be taken on 19 September will be taken the following day.

    Payments due for HSBC UK products will not be classed as late payments. Customers with direct debits due to other organisations should contact those providers if concerned.

  3. I have a forward dated international payment scheduled for 19 September. What will happen?

    In line with normal bank holiday processes, if you’ve made forward dated cross border payments from your UK account in GBP to be processed on the 19 September 2022 these payments will be rolled forward to be processed on the 20 September.

    All other currency payments will process as normal unless the transaction includes a debit to your GBP account. These payments will also be rolled forward to be processed on the 20 September.

  4. I have a BACS payment with a processing date of the 16 September originally due to be applied to accounts on the 19 September, when will this payment now be applied?

    The 19 September 2022 will be a non-processing day for BACS payments.

    If you had already submitted BACS payments with a forward value date of 19 September 2022:

    Payments will now have a value date of 16 September 2022 applied to them. Please ensure your account is funded for these payments by the 16 September 2022. If this transaction triggers an overdrawn position, we will ensure that any interest will be adjusted.

    If you had already submitted BACS payments with a forward value date of 20 or 21 September 2022:

    These payments will be credited to your beneficiaries with value dates of the 20 or 21 September 2022 as in your original instruction however the payment cycle will begin one working day earlier. This means that any cancellations or amendments will need to be completed one working day earlier. You may need to ensure your account is funded for these payments one working day earlier than planned. Please contact us if this is not possible.

  5. I have submitted a BACS payment with a processing date of the 19 September, will this be impacted by the bank holiday?

    There will be no impact to payments processed on the 19 September. The payments will be applied to accounts as intended on 20 September 2022. However, it must be noted that following the declaration of the Bank Holiday, no new BACS transaction can be submitted with the processing date of 19 September; any new payment submitted will follow the processing and settlement dates as outlined in Question 8 below.

  6. How will BACS direct debits be impacted by the bank holiday?

    BACS Direct Debits already submitted with a processing date of either 16 or 19 September will be processed and applied on 20 September 2022.

    Direct Debits cannot be collected ahead of the date specified to the payer in the advance notice, in accordance with the system rules.

  7. How can I ensure my BACs payments are made in time?

    The revised timetable outlines key dates if you intend submitting any payments this week to ensure payments are on time.

PAYMENT ARRIVAL DATE

LATEST PROCESSING DATE

SUBMISSION DATE

Friday 16 September

Thursday 15 September

Wednesday 14 September

Tuesday 20 September

Friday 16 September

Thursday 15 September

Wednesday 21 September

Tuesday 20 September

Friday 16 September

Thursday 22 September

Wednesday 21 September

Tuesday 20 September

  1. What will happen to customers’ GBP Money Market Term Deposits which were due to mature on Monday, 19 September? Will customers be informed of this change?

    The maturity date of GBP Term Deposits will be changed from Monday to Tuesday. Clients will gain the extra 1 days’ worth of interest at the agreed rate.

    As 19 September has been declared an official bank holiday the existing terms and conditions apply when a maturity date falls on the bank holiday – customers will receive their funds on the next working day. No additional communications to customers are planned.

  2. Will my money still be legal tender?

    Current bank notes featuring the image of Her Majesty The Queen will continue to be legal tender. A further announcement regarding existing Bank of England bank notes will be made once the period of mourning has been observed.

  3. Will scammers try to use this event to defraud people?

    Customers should always be alert to criminals trying to gain access to their personal information. Fraudsters use significant events to take advantage of people. The bank will never ask for your account details, advise you to move your money, or call you out of the blue. If something doesn’t feel right, it probably isn’t.