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Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and formerly in the Republic of Ireland. They are six-digit hierarchical numerical addresses that specify clearing banks, clearing systems, regions, large financial institutions, groups of financial institutions and ultimately resolve to individual branches.
A high street building society branch, in Banbury. A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, especially savings and mortgage lending.
The number of payments passing through the Bacs system topped six billion for the first time the following year, with a value of £4.6 trillion. The number of direct debits processed in 2015 increased by 239 million over the 2014 total. [16] A record 103 million transactions were processed in a single July 2015 day.
A typical British bank statement header (from a fictitious bank), showing the location of the account's IBAN. The International Bank Account Number (IBAN) is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors.
In Britain the number of active credit unions fell from 565 in 2004 to 390 in 2012; some merged, but others became insolvent. Six ceased trading in 2012, and at least eight had ceased in 2013 by the end of July. [12] However, the number of members has increased from 1.04 million in 2012 to 2 million in 2018. [12] [19]
Nationwide Building Society is the largest retail bank in the United Kingdom (by number of branches), [2] and the world's largest building society, serving over 16 million members. [3] It operates as a British mutual financial institution, meaning it is owned by and run for the benefit of its members.
An Act to make provision in relation to funding limits in respect of building societies; to provide consequential rights to building society members; and to make provision in connection with the transfer of the business of certain mutual societies. Citation: 2007 c. 26: Introduced by: Sir John Butterfill MP, 13 December 2006 [2] (Commons ...
Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne , United Kingdom, Northern Rock was originally a building society . It demutualised and became Northern Rock bank in 1997, when it floated on the London Stock Exchange with the ticker symbol NRK.