BACS Transfer to account has not cleared

Biggles

Freddie_Snowbits wrote: »

This is an inter bank transfer and can take 5 working days

No, BACS payments are inter-bank transfers and always take exactly three working days - and that includes the days it is initiated and the date it's received.

If the sender initiated it on Tue, it is processed on Wed and leaves their bank and arrives in your bank simultaneously on Thu.

Either they are lying about the date, or it was not a BACS but maybe some manual form of transfer, or they got your account details wrong. But to be honest, even manual credit transfers (if they still exist) take less than 6 days.

darich

Biggles wrote: »

No, BACS payments are inter-bank transfers and always take exactly three working days - and that includes the days it is initiated and the date it's received.

I sent money from my Nationwide Current Account to someone's Clydesdale Bank Current Account and it appeared within 1hour.
Standard transfer with no charges from my online account and I only had the recipient's account number and sort code.
Unless NW now do a super fast transfer for free, I'd have thought that BACS are pretty instant.

There's really no reason why they shouldn't be instant - money being held "between banks" for 3-5 days is a very poor outdated bank service and the sooner it stops the better.

stclair

You may want to contact the sender to ensure they have sent the payment to the correct account.

It would not take this long for a BACS payment to reach your account.

Natwest wont look into at this stage as you will need to contact the sender first.

Mikeyorks

darich wrote: »

I'd have thought that BACS are pretty instant.
.

No. BACS are 3 days ........ that's how they work.

Faster Payment and CHAPS are the same day facilities.

LSEdwards

Biggles wrote: »

No, BACS payments are inter-bank transfers and always take exactly three working days - and that includes the days it is initiated and the date it's received.

If the sender initiated it on Tue, it is processed on Wed and leaves their bank and arrives in your bank simultaneously on Thu.

Either they are lying about the date, or it was not a BACS but maybe some manual form of transfer, or they got your account details wrong. But to be honest, even manual credit transfers (if they still exist) take less than 6 days.

It can depend what time of day it was sent on the 1st day. I agree that it shouldn't take more than 4 working days though. If it was sent after the cut-off on day 1 and received on day 4, I am not sure but you might not see it online until day 5, showing as received day 4. Depends on your internet banking. Seems that you have waited long enough by now, I hope you get it sorted out.

Mikeyorks

Debt_Robot wrote: »

I am really worried because it definitely has left the person's account yet it has not cleared.

If that's a 'definite'? Then one or both of Sort Code / Account Number was incorrect.
Is this a payment that's been made before (therefore the sender re-used an existing bill payment) .......... or a one-off using the data for the first time?

babyfruitella

Payments CAN get lost between accounts. I've paid money into an account previously & its been missing for almost 2 weeks. Get the bank to put a trace on it.

Debt_Robot

stclair wrote: »

You may want to contact the sender to ensure they have sent the payment to the correct account.

It would not take this long for a BACS payment to reach your account.

Natwest wont look into at this stage as you will need to contact the sender first.

I have and they said they sent it and reprinted the details that they sent it to.

It can depend what time of day it was sent on the 1st day. I agree that it shouldn't take more than 4 working days though. If it was sent after the cut-off on day 1 and received on day 4, I am not sure but you might not see it online until day 5, showing as received day 4. Depends on your internet banking. Seems that you have waited long enough by now, I hope you get it sorted out.

I think it's been ages too. I called Natwest and got through but they put me on hold and as I was calling from abroad, classic Natwest customer service sucks and the phone cut. I asked them to call me back and they have not which is really disappointing. I am just away for a short time travelling but calling Natwest from abroad is so hard.

If that's a 'definite'? Then one or both of Sort Code / Account Number was incorrect.
Is this a payment that's been made before (therefore the sender re-used an existing bill payment) .......... or a one-off using the data for the first time?

It was a one-off payment using the data for the first time, and the sort code/account number was correct as I have double checked from the senders end.

The only thing I can think of is the account is a First Reserve account which says they don't allow you to get have wages paid in (it's not a wage) but how can they block off your money?

I have called Natwest and they are just keep putting me on hold.

If this ever gets resolved, I will put an update.

stclair

Either the person has not sent the payment or they have sent it to the wrong details.

Whos is sending you the payment? payments dont just vanish into thin air :eek:

[Deleted User]

Let's hope they haven't sent to wrong details (e.g 1 digit mismatch)