BACS cleared

mosso2000

Hi everyone,
I am going to sell valuable goods and being paid by BACS.
Once the money is on my account does that mean that it has cleared, and is it safe to send then?
Thanks for your help!

Mark_In_Hampshire

Personally I thought the answer was "yes".

However I'd run that by the bank first (unless a more knowledgeable poster can advise?)

The payee can approach their bank, say they made the payment in error, and attempt to recover it: but, as far as I know, and this is the important question - their bank cannot in fact recall the payment or do anything beyond putting the complaint forward to your bank and you to ask you to send the money back.

coolesticeking

Taken from Online Banking with Halifax just before you attempt a Faster Payment:

Please check you've entered the correct details for the recipient before sending your payment. We are not responsible for any losses resulting from the supply of incorrect information. Once the payment has been sent, it can't be stopped, amended or retrieved.

BUT, I know of cases in the past that a BACS Payment has been reversed. Guess this could be completed if someone fraudulently sent Money using a persons account.

hippey

The 3 day BACS will be 'cleared' on the 4th day, in other words the working day after you receive it. BUT there would be nothing to say your bank might not retrive the funds should it be found there is some sort of fraud going on, this could be weeks later!

Faster payments run along the same sort of lines, count as cleared there and then but I would give them the working day to clear.

BACS payments are difficult for the sender to reverse and a normal member of public making a bank payment would not be able to do it, they normal get reverse when major errors by banks have been made. i.e. payroll data was enter incorrectly in bulk (to many zero's!)

mosso2000

thanks a lot for all your answers, I'll ring my bank to be sure then. thanks! :beer: