Clearing of Bacs transactions

Mikeyorks

splodge266 wrote: »

Thanks Mike but which bank mine or the builder's

Both. Your Bank needs to support you sending via FP (and the value as some are restricting it) .. and his account (most now do) needs to accept it. That way it gets there within minutes ..... and will show within 2 hours.

If you sent the BACS early Friday ..... are you sure it didn't give a date on which it would go. As jambosans says ... the default is normally the following working day.

The money normally sits with your Bank for one day / in BAS the intermediate day / and then with the other Bank for a full day before they update the target account.

splodge266

Am I correct in thinking that banks can charge for faster payments. The banks win win win. Im paying enough to my builder without paying the banks as well

Lokolo

splodge266 wrote: »

Am I correct in thinking that banks can charge for faster payments. The banks win win win. Im paying enough to my builder without paying the banks as well

FPS is free.

jambosans

splodge266 wrote: »

Am I correct in thinking that banks can charge for faster payments. The banks win win win. Im paying enough to my builder without paying the banks as well

No banks charge for Faster Payments on personal accounts. Business banking, probably/ maybe, I'm not sure.

You might be thinking of a CHAPS, which, historically was the only way to do a same day electronic transfer. Banks still offer these at a fee, but they are only utilised by those making very large transfers (e.g. house purchase).

Mikeyorks

splodge266 wrote: »

Am I correct in thinking that banks can charge for faster payments.

No ........... you're thinking of CHAPS? Which can cost £25 - £30 a transaction.

FP is free. But limited to a max of £10k for on demand 'instant' transactions. But most SOs go that way (up to £100k) and don't create a charge.

splodge266

thanks again jambosan . the article was very informative. I'll be on to my bank first thing tomorrow morning. Anybody wondering which bank. Its Welsh begins with LL. Don't we own that !!

Lokolo

splodge266 wrote: »

thanks again jambosan . the article was very informative. I'll be on to my bank first thing tomorrow morning. Anybody wondering which bank. Its Welsh begins with LL. Don't we own that !!

Lloyds can send FPS for upto £2,500.

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

Mikeyorks

Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch ????

Never heard of it !;)

jambosans

splodge266 wrote: »

thanks again jambosan . the article was very informative. I'll be on to my bank first thing tomorrow morning. Anybody wondering which bank. Its Welsh begins with LL. Don't we own that !!

Lloyds TSB.

The cut-off for next working day BACS payments from Lloyds TSB is 10pm, Monday to Thursday. For next working day payments that follow a weekend or bank holiday, the cut-off is normally 12:30pm (mid-afternoon) the day before.

So to clarify once and for all: you requested your payments sent on Friday. Lloyds TSB would have sent it out Sunday afternoon (post-dated Monday), it goes through BACS Tuesday, and should drop into the recipients account on Wednesday.

splodge266

the problem is lokolo that my payment was over 2,500 & future payments will be over the limit too.