Safe Guarding your account

[MichaelMarsh]

I'm just awaiting my creditors meeting for an IVA which is a couple of weeks and I have had lots of problems with PayDay loans trying to empty my account, although I have gotten all the money back off the bank.

 

I've swapped most my income over to a new account but there is still a few that haven't happened as yet.

 

My daughters DLA is due to go in tomorrow so I'm planning to stay up to safe guard the money and trasfter it to my other account as soon as it goes through.

 

My question is what time do BACS payments go into your account? Is it midnight?

 

Thanks

 

M

[renegadeimp]

Depends on when the sender sends it, and when the banks update their systems.

[MichaelMarsh]

Owed 523 pounds to CFO today so I'm sitting up to safeguard it tonight. Just called the bank and they said it normally hits the account between 1 and 1.30am, but don't want to risk setting an alarm to see the money has gone like the other night.

[renegadeimp]

Didnt you tell your bank to block the transaction? If you put it in writing to them, they have to comply. If the money leaves after you give them the instruction to block it, then the bank becomes liable.

[MichaelMarsh]

Yes, but they said if the company takesit they can only chargeback the money once it appears on my statement. It can take 3-4 days sometimes and it's my daughters birthday on Monday so can't risk it.

[renegadeimp]

Nope. Once you tell them to block the transaction, then they become liable. The transaction should have failed immediately. Not them allowing it to go through and then be refunded.