The information you'll need to receive a payment

When it comes to paying into your U Account, you'll often be asked to provide the same information. Whenever someone is making a payment into your account, they'll need the following details:

Your name
Account number
Sort code: 04-03-90
Bank name: Modulr FS U Account
Bank address: Scale Space, 58 Wood Lane, London, United Kingdom, W12 7RZ

We've filled in the last three for you, and you can find your account number by logging in to your account. It's shown on your dashboard.

What about Extra Accounts?

The Extra Account that is automatically set up when you open your U Account comes with its own account number and sort code.

You'll be able to see the details of your additional accounts on the Extra Accounts page of your U Account.

As you'll see in the 'Making Payments' section, it's possible to set up standing orders and direct debits from one Extra Account.

Paying in to your U Account

By providing the sort code and account number to the person or business that wants to send you money, your U Account will accept payments via both Faster Payments and BACS.

Please note that whether the sender of the money into your U Account is using Faster Payments or BACS depends on the sender's bank. If you're in doubt about which method will be used, you should ask the sender to confirm.

Faster Payments

Payments made into your U Account by Faster Payment are usually credited instantly, but it could take up to two hours after the money has left the sending account. This facility applies 24 hours a day, 7 days a week (including public holidays).

BACS

BACS payments to your U Account will be credited in your account by 3 am on the third working day.

There's a cut-off point of 2 pm, so if your BACS payment was sent before that time on a Monday, it will be in your account on Wednesday morning. If it was sent after 2 pm, it will be credited on Thursday morning.

PayPoint

Simply take your U card to one of the 27,000 corner shops, newsagents and retailers across the country where you see the PayPoint logo, to pay in between £10 and £250 in cash, any day of the week. You’ll get a receipt which you should keep hold of for your records. Check the store locator to find your nearest PayPoint location. Some fees and limits apply - check the fees and limits pages for more information.

CHAPS

U Accounts can't currently accept CHAPS payments into accounts. If a CHAPS payment is sent to your U Account, it will be returned to the sender.

Refunds

We can't guarantee when a refund will reach us. They take some time to work their way through the banking system and your U Account will be credited as soon as they're received. Winnings from gambling sites are usually processed as refunds.

International Payments

We don't currently offer the facility to receive payments from an international account. This also means that you don't have an IBAN/IBIC.

How to make a payment from your U Account

Single Payments

To make a one-off payment from your U Account, you should go to your Payments page and select 'Make payment'.

On the next screen you'll be asked to provide the details where you'd like your payment to be sent from and the details of the recipient (including their name, account number and sort code, which you should double check with them beforehand).

If you're paying to or from an Extra Account, the details will already be shown. This is also the case for any recipients you've paid previously, who will also show in the 'Saved recipients' list on your Payments page.

You may wish to make a single payment in the future. When this is the case, you'll be able to view it on the 'Future payments' tab on your main Payments page.

Standing Orders

Setting up a standing order allows you to make a single payment on a recurring basis. All you need to do is follow the process of a single payment and select the 'Create standing order for this recipient' option at the end of the 'Make payment' form.

When you've chosen this option, you're required to state how often the amount in question should be paid: daily, weekly or monthly. You also have the option to set a last payment date, but this doesn't need to be set to create the standing order (if you don't, it will continue until you cancel it).

If you'd like to cancel a standing order, you should go to your Payments page and view the 'Future payments' tab, where you'll also see any single payments that will take place in the future.

Direct Debits

To set up any Direct Debit, you should give your account details to the organisation you'd like to pay on a recurring basis. This will all be dealt with by the organisation in question and you'll usually be asked to complete a direct debit setup form. You can find information about the details you'll need on the 'Account Details for Payments' page.

Cancelling a direct debit is simple. You simply need to go to your Payments page and select the 'Direct Debits' tab, where you'll see a list of the direct debits you have set up from your U Account and a 'Cancel' option for each. When you cancel a direct debit instruction, it can take 24-48 hours to take effect. If you have any payments scheduled to leave in that period, they may still be processed. If this happens, you should contact the organisation to whom you're making the payment.

International Payments

We don't currently have the facility to send payments to an international account.

U Account payment times

Single Payments

If you make a single payment out of your U Account, it will leave your account immediately and will be processed in our next processing time.

Payments are processed at 24 hours a day, 7 days a week.

We may not be able to make the payment if:

  • You don't have sufficient funds, or it exceeds any limits we've set.
  • It's incomplete or unclear.
  • We believe the payment or instruction could break the law or breach a regulation.
  • Your account has been, or is likely to be, misused, or there's a security or fraud risk.
  • We're ordered not to by a court.
  • The receiving bank doesn't accept the types of payment we can make.
  • Unless the law prevents us, we'll get in touch as soon as we can to explain why we haven't followed an instruction.

If we've left you a message, please contact us as soon as possible. If you don't, we may not be able to make the payment.

Scheduled Payments

If you've scheduled a payment to leave your U Account (including all standing orders), it will leave your account by 9.30 am and reach the recipient by 1 pm.

Direct Debits

A direct debit will leave your account between 3 pm and 3:30 pm on the working day it is due, or at that time on the next working day if required.

If there are insufficient funds in your account to cover the direct debit, the payment will fail. We won't attempt to take the payment again, and it's your responsibility to contact the service provider to arrange for them to request the payment again, or for you to arrange an alternate payment method. There is a charge of £10 for any failed Direct Debit.

International Payments

We don't currently have the facility to send payments to an international account.