What defines how long BACS takes?

ANGLICANPAT

Hi
When you send a BACS payment to - say Nationwide CC and you are told it will take 3-4 working days --- Which side is it that is the decider of whether it turns out to be 3 or 4 , the sending bank or the receiving?
Would the sending bank be able to tell when the receiving end got the money ? Hope the receiver end wouldnt just hold on to money and not process untill youve just gone over the time limit by an hour into the next day when you will then be fined for late payment. ??? Be a da*n side easier if flipping NWide CC would accept Fast payment.

JohalaReewi

The BACS process takes 3 working days. Day1 = Input (payment requests into the system), Day 2=Process, Day 3=Output (payments to the receiving banks). It used to be that if a scottish bank was involved, an extra day was required. Not sure if this is still the case.

Once the receiving bank has the money, they can take however long they like to process it.
When you pay your credit card, the money usually goes to a holding account (by BACS) then it is internally posted your your CC account which could take an extra day or two but that is nothing to do with the BACS part of the process.

zppp

http://www.bacs.co.uk/Bacs/Consumers/BacsDirectCredit/Pages/UsingBacsDirectCredit.aspx

ANGLICANPAT

Anyone not had BACS actioned by their bank?
Thanks folks. Actually , its become academic now as Ive realized that not only have I been charged the late payment fee for paying my CC on 14th for 17th ( I had hoped that it would arrive on the third day before 5pm) but it dawned on me its not showing the payment as having been received at all!
I know I did it, because I keep an exercise book with all financial actions in , including the time and I remember feeling cheesed off when the 'how long its going to take' page came up, thinking that most of Nationwide except Nationwide CC could have received it Fast payment .
Quick look at HSBC statement shows it hasnt gone out from my account. This is the second time in 8months HSBC insist theyve 'no trace' of my actions, both instances to places who dont do fast payment, the other being Egg. Anyone else had a problem with missing BACS you know youve done ?

Fiddlestick

ANGLICANPAT wrote: »

Hi
When you send a BACS payment to - say Nationwide CC and you are told it will take 3-4 working days --- Which side is it that is the decider of whether it turns out to be 3 or 4 , the sending bank or the receiving?
Would the sending bank be able to tell when the receiving end got the money ? Hope the receiver end wouldnt just hold on to money and not process untill youve just gone over the time limit by an hour into the next day when you will then be fined for late payment. ??? Be a da*n side easier if flipping NWide CC would accept Fast payment.

Pay it earlier?

ANGLICANPAT

Lol - yeah of course, but Im only perfect 99 % of the time ! (I wish!) Of course I should have photostatted my transaction too, but in the spirit of a a few truly trying days, the printer declared itself out of action as well.