Making and Receiving Payments
Bank Transfer - Faster Payment
Inbound payments are processed between 6am and 9pm (7 days a week). Make your payment by 7pm to receive it on the same day as Faster Payments can take up to two hours
The BACs process takes up to 3 working days to arrive.
However, most companies take this into account when paying your salary so check with your employer what day(s) each month you’ll get paid as this will likely be the day your money will be in your account
Deposits at the Post Office
Outbound Faster Payment
Payments out of your Cashplus account are processed every day between 6am and 9pm
- If you’ve set up the Standing Order for a weekday, it will clear the same day
- This payment will clear the same day that you’ve set up the Direct Debit for
Foreign Exchange (FX) Currency Transfers
- The payment will clear within 15 minutes of making the transfer in Online Servicing
Please note that payments will be processed subject to security checks and enough funds being available in your account. Timings above may be impacted based on this.
Confirmation of Payee, also known as CoP, is an account name checking service for all incoming payments to Cashplus Bank accounts. It helps make sure that payments being sent to Cashplus Bank accounts aren’t accidentally sent to the wrong account and protects against Authorised Push Payment (APP) scams.
This means that if someone tries to pay you – whether by direct payment, standing order or CHAPS payment – they’ll need to confirm your name matches your Cashplus account name.
Not every bank offers CoP checks. If the bank of the person paying you doesn’t use them, then these checks will not be carried out for inbound payments to your Cashplus account.
Confirmation of Payee (CoP) checks help make payments to your account more secure:
- They reduce mistakes where the person paying into your account has mistyped your account number, which can lead to those payments being sent to the wrong account.
- They help protect against Authorised Push Payment (APP) scams that try to trick people into authorising payments to accounts they think are real but are in fact run by fraudsters and criminals.
- These checks give additional reassurance to the payer that their payment is going to the correct person.
If you’re ever unsure about a payment you’re making or suspect fraud, there are a few things to watch out for:
- You’re getting payment requests from someone you don’t know
- You’re being pressured to make a payment
- The details of the account you’re paying into change
- You’re asked to continue making a payment to an account even if the payee details don’t match
- The name on the account you're being asked to pay is not what you expect
If you want to find out more about avoiding fraud and keeping your account secure, read our Cybersecurity Essentials article.
Confirmation of Payee (CoP) checks will be done on incoming payments across Cashplus personal and business accounts if the sender’s bank provides CoP checks on outbound payments. This is to make sure the recipient account details match those entered by the person making the payment.
This applies to new payments as well as changes to existing payments like standing orders, making it more secure for both the payment recipient and sender.
Confirmation of Payee (CoP) checks will be done whenever someone wants to send money to your Cashplus Bank account, as long as the sender bank provides CoP checks on outbound payments.
In these instances, the sender bank will run a check on the account details given by the person or business paying you with us to see whether they match the details on your Cashplus Bank account. Once checked, one of three responses are provided – full match, close match or no match. The payer can then check and correct any details on their payment before they send it to you.
- Full match – the person or business paying you has used your correct account type and name and so the payment can continue.
- Close match – the person or business paying you has used a similar name to the one on your Cashplus account. The actual account name on your Cashplus account and account type will be checked by the sender bank. The sender bank can then choose to continue with the payment or double check with you first.
- No match – the person or business paying you has entered details that don’t match your Cashplus Bank account. They can then choose to continue with the payment or not, so you may still get the payment anyway.
You can help make sure any payments coming your way are correct by giving them the correct details for your account. That includes:
- Letting them know if it’s a personal or business account
- Giving them your name or company name exactly as it appears on your account (so for example if your name’s David Smith, make sure they don’t write Dave Smith, or if your registered company name is David Repairs but your business’ trading name is Dave Repairs, make sure the payer uses the registered company name, which would be David Repairs in this scenario)
- If your details change (e.g. a change to married name or a change in business name), please make sure to let us know
An Authorised Push Payment, or APP, is a payment from one bank account to another without the use of a debit or credit card. The bank making the payment can also be known as a payment services provider, or PSP.
APP scams work when criminals trick victims into making payments to accounts they’re not intended for and can be done in person, over the phone or online. For more information on how to avoid fraud, read our Cybersecurity Essentials or visit Take Five for tips on staying safe.
Checking my balance and transactions
You can view your account balance in real-time whenever 24/7 via the Cashplus Bank App or Online Banking. You can also view and download up to 18 months of transaction history.
A ‘pending transaction’ puts money to one side from the cash that’s in your account. Everything you pay for using your card starts off as a pending transaction and usually becomes authorised for payment within two calendar days. There are three main times when it might take longer for a transaction to become authorised:
- Something you’ve paid for or money you’ve withdrawn has been authorised for payment, but hasn’t been taken from your account yet, for example, a monthly DVD subscription
- ‘Reserved’ funds requested by some places you use your card. For example, when checking in, some hotels take your Cashplus card details for an ‘authorisation transaction’ that reserves enough money to cover your bill
- ‘Voids’. For example, when you change your mind about something you’ve bought and the store cancels it, or if a payment has been duplicated, it may take a few days for it to clear off your account
You can view your pending transactions in Online Banking.
The pending transaction will either go through, so the money is taken from your account, or it’ll be removed automatically within 7 days (apart from car hire fees – these can take up to 30 days), with the money going back to your account balance.
If you’d like a pending transaction to go through more quickly, we’ll do our best to help – please contact Customer Services.
Please see our question on pending transactions for an explanation.
There are several reasons why your card might be declined, including:
- Not entering your PIN correctly
- Not having enough money in your account to cover the payment
- Your card isn’t activated
- Your card has passed its expiry date
Please call Customer Services if the reason isn’t clear from the above and isn’t shown in Online Banking.
There are a few simple steps that you need to take if a transaction appears on your account that you don’t recognise:
First, we recommend checking with any additional cardholders on your account, in case they’ve bought something that you don’t know about.
Check through your receipts as a business name may be slightly different than the name they print on a receipt, which is the name that will appear in your transaction history in Online Banking.
If none of the above helps you, please contact the company directly to try and resolve the dispute – this is the quickest way of recovering your funds.
If they’re unable to help you, you can complete a transaction dispute form from within your Online Banking Account and we’ll investigate the transaction for you. Please note, If it turns out you (or an additional cardholder) did use your card to buy something that you’ve disputed, you may be charged £20.00 to cover our costs.
Yes, and it’s super easy! You can do this in Cashplus Online Banking or the Cashplus Bank app.
To do it in Online banking, simply:
- Log in to Online Banking
- Go to ‘Manage My Account’
- Select ‘Transaction Controls’
- Select the card you’d like block gambling transactions on
- Select whether you’d like to switch off gambling transactions.
To do it in the Cashplus Bank app, simply:
- Log in to the Cashplus Bank app
- Head to the ‘Cards’ tab
- Select the card you’d like block gambling transactions on
- Select ‘Transaction controls’
- Turn on ‘Block gambling transactions’
Applying this block will automatically disable any gambling-related transactions on your Cashplus Account.
This block is an optional measure to help you manage your spending. If you feel gambling is having an impact on your day-to-day life, get in touch with the National Gambling Helpline now on 0808 8020 133 for advice on how to stay in control, free of charge.
How do I disable a gambling block on my account?
You can log back into Online Banking or the Cashplus Bank app and follow the instructions above to locate transaction controls. There you will be able to disable it.
Business Savings Accounts
Currently, Cashplus doesn’t offer a savings account directly. But because our customers have told us they wanted more savings options, we’ve teamed up with Aldermore Bank to offer our limited company Business Account customers an Easy Access Savings Account.
You can open an Aldermore Business Savings Account online in minutes with just £1,000. There are no fees, there’s no need to change your existing bank account and on average Aldermore business savings accounts offer interest rates 50 times higher than the large high street banks*. You can find out more on our Cashplus Aldermore page.
*Based on the interest rates paid by the five largest high street banks in the UK, as at 22/09/2021, on their business easy access savings accounts compared to Aldermore’s Easy Access Business Savings Account. These banks are Santander, Barclays, NatWest, Lloyds & HSBC.
Aldermore Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
As a bank, its focus is on helping to open up financial opportunities for the businesses and individuals navigating the many challenges of a modern economy. That often means helping to get a business started, to invest and grow a venture or to create jobs. It also means supporting people to get a home or a vehicle, have some security and create legacies for their families. They back people to help them fulfil their hope and dreams by getting money to where it’s needed, making the whole economy prosper.
At the moment, we’ve teamed up with Aldermore to offer savings accounts to our Business Account customers who are also limited companies.
If you’d like to know more about Aldermore and whether you’re eligible for a savings account with them, you can look at our Cashplus Aldermore offer page or contact the Aldermore team on 01733 821321 or email [email protected].
We know the challenges faced by small business owners, so we've built our accounts around their real life needs. Earlier in the year we asked many of our business customers what we could do to support them, and many told us they wanted better savings options for their surplus and saved cash, so we’ve teamed up with Aldermore to help our customers to enjoy the benefits of holding money in a business savings account with Aldermore, whilst still managing their day to day business banking with Cashplus Bank.
For any Cashplus customers who sign up to this offer, Cashplus Bank will receive a referral fee from Aldermore based on the value of the money these customers save with Aldermore. The fee doesn’t affect the interest rate that Aldermore pay to these customers, it’s the same rate as anyone who comes directly to Aldermore will be paid. The fee paid is 0.05% per £1,000 of the opening balance saved.
Dissolved Business Closure
A strike off notice could be for a few reasons, most likely if you haven't submitted up-to-date annual accounts or paid your tax. From the moment Companies House issues a strike off notice, you have three months until your business is removed from the register.
If that happens, we’ll have to close your Cashplus Business Bank Account and pass any funds in it to the relevant Government Treasury. If you weren’t intending to dissolve your business, contact Companies House as soon as possible to understand what's happened and update your business status. If you cancel the strike off notice, Companies House will let us know and we'll keep your business bank account operating as normal.
If your business has been dissolved and is no longer trading, we’re obliged by law to close your Cashplus Business Bank Account and transfer any funds left in it to the relevant Government Treasury. Depending on where your business was registered in the UK, you’ll need to speak to that Treasury entity about your funds and what happens next.
(Including Lancashire, Merseyside and parts of Greater Manchester, Cheshire and Cumbria)
- Farrer & Co
- Call 020 3375 7000
- Email [email protected]
- Write to 66 Lincoln’s Inn Fields, London WC2A 3LH
Rest of England and Wales
- Government Legal Department
- Call 020 7210 4700
- Email [email protected]
- Write to PO Box 70165, London, Wc1A 9HG
- Queen’s & Lord Treasurers Department
- Call 0844 561 3899 or 0131 241 3210
- Email [email protected]
- Write to Scottish Government Building, 1B-Bridge, Victoria Quay, Edinburgh EH6 6QQ
- Crown Solicitors Office
- Call 028 9054 2555
Write to Royal Courts of Justice, Chichester Street, Belfast BT1 3JE
Unfortunately, we can’t reopen closed Cashplus accounts. But you can easily apply for a new business bank account in a matter of minutes.
Simply put, yes! But it’s important to know that you won’t be able to transfer any funds in your existing limited company account directly to your new sole trader account. If you do apply for a sole trader account, we won’t take into account the previous financial history of your limited company when making a decision.
While you’re in discussion with Companies House your account remains suspended and we’re not allowed to give you access to use it. If Companies House reinstates your company and registers it as active once again, contact us and we’ll see if we can reinstate your Cashplus Business Bank Account.
However, we can only suspend an account for 12 months before we close it permanently, at which point it can’t be reopened. If that’s the case, you can apply for a new Cashplus Business Bank Account.
If your business has been dissolved by Companies House, we’re bound by law to close your Cashplus Business Bank Account as the entity that owns its funds (your business) no longer exists. If this is the case, you can find out what to do next by reading the FAQ "My business has been dissolved, what will happen to my Cashplus Business Bank Account and the money in it?".
If we intend to close your account for any other reason, we’ll email you well in advance to explain what we’re doing and why. If you haven’t seen any emails from us, please check your spam folder. If they’re not in there, you can call our Customer Services Team and we’ll try to sort it out for you.
We’ll only close an account when we know the business it was opened for has been dissolved by Companies House. Although we do regular checks on business statuses with Companies House, there can be a time difference between your business closing and us finding out, as we don’t get notified directly.
Any money you paid into your Cashplus Business bank Account prior to dissolution will have been sent to the relevant Government Treasury. You can find out more about what happens to your closed account funds by reading the FAQ 'My business has been dissolved, what will happen to my Cashplus Business Bank Account and the money in it?'.
Any refunds or money paid into your Cashplus Business Account prior to dissolution will have been sent to the relevant Government Treasury. You can find out more about what happens to your closed account funds by reading the FAQ 'My business has been dissolved, what will happen to my Cashplus Business Account and the money in it?'.
If an account is overdrawn when we close it because the business it’s associated with is dissolved, we have to report it to the Credit Reference Agencies (CRAs). To see how this affects you specifically, you can speak to any of the CRAs directly and ask for your credit score and credit report (which they may charge you for depending on which you speak to and how much information you want).
Yes. You can make a bank transfer payment from a different account to pay off your Cashplus Business Bank Account balance using your Account Number and Sort Code. If you don’t know how much you owe or your account details, you can contact us.
Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK.
For full website terms including information on Cashplus Bank, Mastercard and use of Trademarks, please see our full legal disclosures at https://www.cashplus.com/legal/.
Advanced Payment Solutions Limited (APS) provides credit facilities subject to approval and affordability, and where accounts continue to meet APS credit criteria. APS is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Our Firm Reference Number (FRN) is 671140.
♦Calls to 03 numbers cost no more than a national rate call to a 01 or 02 number and will count towards inclusive minutes in the same way as 01 and 02 calls. Calls may be recorded.