Consumer group Which? have branded the system designed to speed up and simplify banking transactions as confusing and unfair.

Banking and credit card customers can still wait up to four days for their money to clear, despite the new Faster Payments system having been in place for the past two years.

Although the majority (80%) of phone and internet transfers do clear on the same day, one quarter of all credit card companies cannot receive faster payments.

There is also confusion as to the regulations of the new system as banks have several different limits on the Faster Payment system.

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