Can you withdraw an early BACS payment from your account? (Lloyds)

moneysaver2290400

My wages are due on Monday this month. The payment will therefore be sent via BACS later today (Thursday) to my Lloyds TSB account as this is the usual three working-day cycle (Thu/Fri/Mon). Unlike HSBC and RBS, where payment made via BACS due on a Monday is available in cleared funds on the Saturday before, funds with Lloyds always clear on the exact due date.

Due to a shortfall I need payment asap and was wondering whether Lloyds would authorise payment of my wages on Saturday (perhaps over the counter with prior permission from non-branch staff/a senior member etc if I called Lloyds?). Surely by this time, payment will be showing as pending on their systems. Obviously I would lose any interest on the money for Sun/Monday etc. Has anyone requested this before? They once allowed me to withdraw cash against a cheque 2 days before it was due to clear but have never heard about withdrawing against BACS and can't find anything online about it.

pcombo

Actually RBS dont clear the funds on saturday, They can still be recalled as it happend to me before.

And no lloyds wouldn't give you the funds early.

opinions4u

Have you considered applying for an overdraft facility?

Or using a credit card to cover the short term gap?

BUT: Perhaps look at your urgent need for cash ... could you improve your budgeting a little and build up a savings pot that you can fall back on for exceptional situations in your finances?

EarthBoy

moneysaver2290400 wrote: »

.. The payment will therefore be sent via BACS later today (Thursday) to my Lloyds TSB account as this is the usual three working-day cycle (Thu/Fri/Mon). Unlike HSBC and RBS, where payment made via BACS due on a Monday is available in cleared funds on the Saturday before, funds with Lloyds always clear on the exact due date..

BACS payments to my HSBC account don't clear early, and payments due to arrive on a Monday are never there on the Saturday.

coolesticeking

It's the one thing I do miss about NatWest - Any Credits that were due to go in on Monday would Credit and be available to use on Saturday.

rb10

coolesticeking wrote: »

It's the one thing I do miss about NatWest - Any Credits that were due to go in on Monday would Credit and be available to use on Saturday.

... but it's swings and roundabouts, as I believe they take Monday's debits on Friday night?

Mike1901

rb10 wrote: »

... but it's swings and roundabouts, as I believe they take Monday's debits on Friday night?

It varies in my experience, Standing Orders seem to go out on the correct day regardless of whether it's a weekend, Direct Debits on the other hand can go out on the Saturday morning when they should go out Monday

agrinnall

Mike1901 wrote: »

It varies in my experience, Standing Orders seem to go out on the correct day regardless of whether it's a weekend, Direct Debits on the other hand can go out on the Saturday morning when they should go out Monday

I believe RBS and NatWest now process Standing Orders through the Faster Payments system (as long as they are below whatever the relevant limit is) so I think they can go out 7 days a week. DDs are still processed in batch and therefore only come out of your account in the early hours of the morning Tuesday - Saturday.

jen245

If I have any dd's/so's coming out of my Natwest account on a Monday, they always show as a debit on Saturday (but with Monday's date), same with credits. Credits although they have Mondays date, are available for withdrawal on Saturday

Mikeyorks

agrinnall wrote: »

I believe RBS and NatWest now process Standing Orders through the Faster Payments system (as long as they are below whatever the relevant limit is) so I think they can go out 7 days a week.

SOs keep very regular hours ...... Monday to Fridays only and excluding Bank Holidays. That applies whether they transmit via FP or BACS.
The only exceptions are where you have an SO set up between accounts in the same Bank ..... where they will usually go on any day, because they're d/w as internal transfers.

agrinnall

Mikeyorks wrote: »

SOs keep very regular hours ...... Monday to Fridays only and excluding Bank Holidays. That applies whether they transmit via FP or BACS.
The only exceptions are where you have an SO set up between accounts in the same Bank ..... where they will usually go on any day, because they're d/w as internal transfers.

I'm not convinced, although I stopped working on RBSG Faster Payments systems when I left in 2008 before SO processing was introduced I've just found this on the NatWest website :

Direct payments

Direct payments allow a one off or regular payment that can be made by a customer to a recipient.
The service allows participating banks to provide same day processing of electronic payments such as funds transfers, bill payments and Standing Orders.