How long to receive a BACS payment?

[wakeywakey]

Hi Guys,

 

I have been sent some money via BACS payment.

Was sent on Wednesday(apparently)

It's now Friday.

Shouldn't I have received it as it's the 3rd day, or is it 3 days Monday?

[pcombo]

Hi Guys,

 

I have been sent some money via BACS payment.

Was sent on Wednesday(apparently)

It's now Friday.

Shouldn't I have received it as it's the 3rd day, or is it 3 days Monday?

 

Only companies can send BAC Payments and they generally take 24 hours to be received now a days.

 

But all banks have to use faster payment as required by FSA.

[wakeywakey]

It's my work sending me some money they owe me, but they have quoted me 4 days from Wednesday, which seems utterly ridiculous this day and age!

[renegadeimp]

Should have told them to use faster payment. If they send it before 2-3 pm, it will get to your bank the same day. However, the originating bank will charge for the service.

 

Bacs is an electronic system to make payments directly from one bank account to another. They’re mainly used for Direct Debits and direct credits from organisations. The payments take 3 working days to clear, so money paid into your account on Monday will clear on Wednesday.

 

CHAPS guarantees same-day payment so long as the instructions are received by 2pm on a working day. There’s no limit to the amount of money you can send,

[andydd]

Im self emploed and many companies/agencies will say youll get paid on certain day but it may take a certain time to clear, in my current job its 2 days, although its normally in there same day.

 

I used an umbrella compoany before and that took about 5 days, although you could have same day payment and they charged a rip off price of £30 for that.

 

My current bank LLoyds, payments go through straight away although in my RBS account they take 2-3 days.

[Consumer dude]

If a payment is sent electronically, surely its instant..

[renegadeimp]

Nope as by law each payment has to undergo certain checks.

[Consumer dude]

Nope as by law each payment has to undergo certain checks.

 

Like what ?

[Klandestine]

There is a lot of incorrect information in this thread.

 

BACS Direct Credits take 3 working days to "clear" because that is how they work and were designed. This does not breach the Payment Services Regulations.

They are useful to companies because they can send payment orders in bulk.

The company sending the money sets a target date for the money to reach your account by uploading the information to BACS - this information can be submitted between 30 and 3 days before the payment date.

BACS Direct Credits are not usually available to personal customers.

 

Only companies can send BAC Payments and they generally take 24 hours to be received now a days.

 

But all banks have to use faster payment as required by FSA.

 

BACS payments will hit the account on the date they were set to.

Instant transfers must be received by close of business the following day. This rule does not affect BACS Direct Credits.

 

It's my work sending me some money they owe me, but they have quoted me 4 days from Wednesday, which seems utterly ridiculous this day and age!

 

Your works fault not the banks.

 

If a payment is sent electronically, surely its instant..

 

It depends on the method it was sent. Even Faster Payments and CHAPS transfers are not guaranteed to be instant (although Faster Payments usually are).

 

Nope as by law each payment has to undergo certain checks.

 

Not necessarily.

And that isn't the reason that BACS Direct Credits are not instant.

[renegadeimp]

Its not the reason theyre not instant, but the transactions still have to undergo checks. The faster system ( with the stupid fee attached) just sends the transaction as a priority.

[Consumer dude]

I'm none the wiser..

[Klandestine]

Its not the reason theyre not instant, but the transactions still have to undergo checks. The faster system ( with the stupid fee attached) just sends the transaction as a priority.

 

Faster Payments work differently to BACS Direct Credits. A Faster Payment is not just a prioritised BACS Direct Credit.

And for personal customers Faster Payments are usually free. For business customers it will be different depending on the plan you have with your bank.

 

They are two separate payment systems and they each fulfill a different need.

 

Automated checks will obviously be made for fraud etc. But it is rare for a transaction to require any other intervention than the initial automated checks.

There is no law to specify precisely what checks need to be made. Although they do need to put in places adequate systems and procedures which are then approved by the regulator.