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Clearing of Bacs transactions
Comments
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Mike I am in the TuBercoloSis Branch0
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Cough ..... and give him a cheque then?
Builders are never happy anyway
If you want to test the depth of the water .........don't use both feet !0 -
But bankers always are0
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The Payment Services Regulations came into force in November so a payment cannot take longer than 3 working days, counting from the next working day after the payment is requested. From 2012 this will reduce to a maximum of 1 working day.
A payment requested at 9.30am on Friday must arrive no later than the following Wednesday.
A payment at 9.30pm on Friday, or over the weekend, would be treated as having been requested on Monday and must arrive no later than Thursday.
Cahoot always took 4 working days to process payments (both in and out) but have recently removed the 'mystery' extra day from their processing time to comply with the new law.0
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