Bust bank value11/20/2023 ![]() We call this service Real-Time Gross Settlement (RTGS) because transactions can be settled instantly and finally. All of the major banks in the UK hold bank accounts with us to avoid any such situations. This is where the Bank of England enters the picture. At midday, you check the news and to your horror realise that your bank has gone bust. Imagine if the money is sent in the morning but because of a delay in the payment system it will arrive in the evening. Your bank transfers the money you’ve borrowed to your solicitor who will then send it to the seller’s solicitor.Īs you celebrate your new home, the possibly biggest payment of your life is being processed behind the scenes. You’ve found a house, signed the papers and the money now needs to change hands.
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