BACS Question

Uncertain

I recenty moved a significant sum from a matured fixed term bond to my current account at another bank. A quick calculation suggested it was not quite worth the CHAPS fee so I used the free BACS. Interestingly I was phoned on Friday by the current acc bank to say that they had spotted that this money was "on its way". Needless to say the real purpose of the call was to try and sell me their products for the money! As I had other plans I politely declined. I asked when I could draw on the funds and I was told "not until Monday".

Seems to me that this is a nonsense. If the system can tell them money is "on its way" why is it not there?

Lokolo

Because its not there yet.... as said, its on its way.

Day 1: Leaves
Day 2: In transit
Day 3: Arrives

I imagine you're on day 2.

rb10

Or you bank with A&L, who, it seems, require BACS credits to sit in your account for 24 hours before they let you withdraw from it. In banking terms, Friday + 24 hours = Monday.