BACS from Alliance-Leicester to Lloyds TSB - how long?

michaels

Just realised one of my stooze cards needs payment by 10 August. Did a BACS payment form my A&L account at about 3PM today - anyone know if it is likely to reach by Thursday.

If it doesn't reach how will interest be charged. The payment date on the statement is the 21st August. If the payment arrives one day too late will I only have to pay one days interest or will they try and charge me for an entire month?

YorkshireBoy

michaels wrote:

Just realised one of my stooze cards needs payment by 10 August. Did a BACS payment form my A&L account at about 3PM today - anyone know if it is likely to reach by Thursday.

Congratulations!! You’ve picked probably the worst combination of accounts to get a payment made, and registered, quickly.

Why?…because A&L like to hang on to your money for an extra day, before sending it to the other institution – and LTSB take ‘forever’ to apply the payment to your account (although they do backdate it by 3-5 days once it’s ‘on their system’).

In summary, whilst I’ve had payments sent from Yorkshire Bank hit my LTSB credit card account in 2 days (once the payment has been retrospectively applied), I think there’s only a very slim chance that yours will get there in time.

If it doesn't reach how will interest be charged. The payment date on the statement is the 21st August. If the payment arrives one day too late will I only have to pay one days interest or will they try and charge me for an entire month?

You’ll have to refer to your T&C’s for the answer to this question.

Jazzking

BACS is usually 4 working days (payments after 2:30 usually count the next day as the first working day) although different banks have different lead times. I have sent something from my A&L account to a Barclays account and it arrived 3 days later. Vice versa Barc-A&L only took 2 days.

What is the card? Does it have an associated bank that you could go to and make a payment over the counter?

It is most likely that if the p[ayment arrives one day late you will get charged a late payment fee (could be waived if you phone them up) plus a whole month's interest (unlikely to be waived) - sorry to be the bearer of bad news!

Can the stooze card issuer not take a debit card payment over the phone which is usually instant?

{edit - just read the subject title that it's a LTSB card. As Milarky says, the best optino would have been to make an over the counter payment, but if you've already made the payment from A&L then it's probably too late}

Milarky

It should get there by Thursday - even if A&L (annoyingly) takes one day extra from the request to actually leave your account - Tuesday to Thursday.

You say it's a stooze card and suggest (because the 'payment date on the statement is 21st') that the 0% actually ends on another date which you are aiming at - namely 10th. In that case you will only pay interest for any days from 10th and no more.

Lloyds credit cards can be paid on a same-day basis over the counter in branches (if ever caught short again) but I assume you have 'BACS-ed' a large amount today and you would not be able to manage that much in cash. (Also you'll be aware, no doubt, that LTSB takes a few extra days to show any actual payment - but it will be shown with an 'earlier' date in settlement of the account)

michaels

Thanks for the advice (thanks button not working for me).

Lloyds TSB won't take debit card over the phone and getting 6k of cash seemed like a lot of hassle as A&L don't even have a branch in the town anymore. I don't think there will be a late payment charge as it is not a payment date just the date the 0% BT rate ends so I can't see why I would be charged more than 1 days interest but who knows...just need to see if I am charged interst so I can make a payment for this amount so the account is ready for closure (don't suppose LTSB do follow on stooze offers?)

I have generally found A&L take 4 days when transfering between my accounts at different banks, I have the money to pay the bill at First Direct who generally only take 2 days but their 'silly' T&C about no interest on entire balance of savings account in any month where a withdrawel is made make this prohibitely expensive and my main citibank current account doesn't have enough funds in it to make the full balance. My fault entirely I have all the pay dates recorded but for some reason thought I had another month on this one so didn't check the spreadsheet. Normally the stooze would just have been rolled but as I got rejected for the GE money back card a few months ago I thought I would let my number of searches wind down a bit for a few months.

regularsaver1

ah - the 0% period ends - but they may not charge you anything at all as long as the balance is received during that billing cycle - worth calling LTSB to check this

YorkshireBoy

michaels wrote:

(don't suppose LTSB do follow on stooze offers?)

They did for me earlier this year, but check out Pricy147's post on the stoozing board today.