Road rules7 mins ago
Bacs
6 Answers
I have recently changed jobs and my wages is paid via BACS into my account. As i started my job half way through the month i only got paid for 2 weeks work last month. This month i had a full months wage which was paid into my account today but when i went in to the bank to take out rent money i was unable to get it as the cashier told me that as its the first large payment paid via BACS that i would have to wait until tomorrow!! Is this correct and if so, does anyone know the reason.
Many thanks
Many thanks
Answers
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The same happens to me with my account - I can see that the transaction is coming into the account (because it shows on the printout) at the start of the day but they don't actually credit the account until the end of the same day.
I believe it to be part of the inter-bank transaction process - which underdates itself once per day (unless one pays for the high-speed within-an-hour-or-so service).
I guess you can hardly complain - the end of the month is tonight, so your employee is timing the transaction as Just In Time.
I believe it to be part of the inter-bank transaction process - which underdates itself once per day (unless one pays for the high-speed within-an-hour-or-so service).
I guess you can hardly complain - the end of the month is tonight, so your employee is timing the transaction as Just In Time.
Lucy
Unless you happen to bank with the same company as your bank there will always be a clearing delay with a BACS transfer of I think 3 days. Its faster than cheque but its not immediate.
An immediate inter-bank transfer would be CHAPS (as opposed to BACS) but youre unlikely to get your company to do this for you as it will cost them �25 and its more aggro.
If you bank with the same bank as your company teh BACS should be same day.
Thats my understanding anyway!
Unless you happen to bank with the same company as your bank there will always be a clearing delay with a BACS transfer of I think 3 days. Its faster than cheque but its not immediate.
An immediate inter-bank transfer would be CHAPS (as opposed to BACS) but youre unlikely to get your company to do this for you as it will cost them �25 and its more aggro.
If you bank with the same bank as your company teh BACS should be same day.
Thats my understanding anyway!
I think you probably need to get clarification directly from your bank.
BACS payments take three days to clear, but they don't appear on your statement until the third day, so they are usually treated as cleared straight away on the day they show up in your account. However, as they can be recalled at any time up to the close of business on that third day, some banks don't allow you to withdraw the funds until the following day, to be sure that they have indeed cleared and haven't been recalled.
From what the cashier told you, it sounds as though your bank has waited the extra day to be sure the funds are there, but because they said it was due it being the *first* large payment, that could imply that they will look to review this policy later and release the funds to you straight away without you having to wait the extra day.
BACS payments take three days to clear, but they don't appear on your statement until the third day, so they are usually treated as cleared straight away on the day they show up in your account. However, as they can be recalled at any time up to the close of business on that third day, some banks don't allow you to withdraw the funds until the following day, to be sure that they have indeed cleared and haven't been recalled.
From what the cashier told you, it sounds as though your bank has waited the extra day to be sure the funds are there, but because they said it was due it being the *first* large payment, that could imply that they will look to review this policy later and release the funds to you straight away without you having to wait the extra day.
BACS payments shouldnt take three days to clear.
well not the system that LloydsTSB uses.
if the employer selects the correct payment date, then what ever they selected is the day the receipents 'should' receive the money... Unless... u have a Building Society account. money do reach the recepient account... but it doesnt mean the funds are cleared. we dont know why it does that, but we beleive its the Building Society just havent updated there system yet. (theefore it means u receive the money a day later.) however... if it is a Bank then .. the day u should receive the money then you should be able to draw out money on the same day that has entered your account! so i dont understand why the cashier said u couldnt draw out money, have u tried drawing it out from the cashpoint?
most emplyers uses BACS payment system, but they tend to get confuse between the 'Bill payments' to BACS payments online. Bill payments ... u cannot speicfy the date you want the payments to go into the recepients account (unless u bank with the same bank)-this wrks similar to a cheque. whereas BACS payments u can speicify the date for the money to go in to the account, no matter what bank it is.
well not the system that LloydsTSB uses.
if the employer selects the correct payment date, then what ever they selected is the day the receipents 'should' receive the money... Unless... u have a Building Society account. money do reach the recepient account... but it doesnt mean the funds are cleared. we dont know why it does that, but we beleive its the Building Society just havent updated there system yet. (theefore it means u receive the money a day later.) however... if it is a Bank then .. the day u should receive the money then you should be able to draw out money on the same day that has entered your account! so i dont understand why the cashier said u couldnt draw out money, have u tried drawing it out from the cashpoint?
most emplyers uses BACS payment system, but they tend to get confuse between the 'Bill payments' to BACS payments online. Bill payments ... u cannot speicfy the date you want the payments to go into the recepients account (unless u bank with the same bank)-this wrks similar to a cheque. whereas BACS payments u can speicify the date for the money to go in to the account, no matter what bank it is.
hi,
my bank did the same to me not so long back. i had changed jobs and my money went in as planned but when i went to the bank they said as it was a large deposit from a new company then they do not clear the funds untill the next working day. this is because the sender of the money can still cancel the payment on the same day and the bank would be out of pocket, however, you will find that when the next payment goes in the bank will see that it is from the same company and as there were now problems the previous month you will be able to draw your money out on the same day.
hope this helps.
my bank did the same to me not so long back. i had changed jobs and my money went in as planned but when i went to the bank they said as it was a large deposit from a new company then they do not clear the funds untill the next working day. this is because the sender of the money can still cancel the payment on the same day and the bank would be out of pocket, however, you will find that when the next payment goes in the bank will see that it is from the same company and as there were now problems the previous month you will be able to draw your money out on the same day.
hope this helps.
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