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

Mikeyorks

agrinnall wrote: »

I'm coming back to my original opinion that RBSG do process FP SOs 7 days a week.

I would stick to the facts .... as clearly stated by the FP system owners - CHAPS.

Banks don't have the option of processing SOs on non working days. Neither BACS nor the SO side of FP are enabled on such days. The only discretion they have is whether to process forward dated / diarised / bill payments on non working days - alongside immediate FPs.

As I suggested before - go back and look at the copious threads of people complaining their SOs went nowhere over Christmas / New Year. The only ones who considered they did move .... had them confused with forward dated payments.

CHAPS know their own system. SOs do not move on non working days ..... BACs or FP. No matter what confusing data you may find on the sites of individual banks. Some may process them internally - but they go no further than that, as the routes are closed.

stclair

agrinnall wrote: »

I'm coming back to my original opinion that RBSG do process FP SOs 7 days a week. The following is from the RBS website :

Same day payments

For eligible inter-bank payments, the new service reduces the time between a payment being made and the recipient receiving the funds from three days to near real-time.
The new Faster Payments Service accepts same-day transactions all day, every day and processes single payments in near real-time, provided funds are available and the payments meet scheme rules. Diarised and Standing Order payments are now processed in the early hours of the morning, again on a same-day basis.

I know that isn't the case for every bank, the only SO I have is with Nationwide on the 19th and the one in December was processed on the 20th as the 19th was a Sunday. But I'm reading the RBS statement as saying they process SOs in exactly the same way as a diarised payment. It would be nice to hear from a RBS or NWB customer whether they have had SOs go out on a Sunday, failing that I may have to see if I can get in touch with one of my ex-colleagues to find out for sure as it's bugging me now :think:

It would not be possible for a S/O to debit the account on a sunday. Any payment that was going to leave the account would do so on a saturday as bearing in mind within RBSG the system on a friday after 18.30 thinks its monday.

The details mikeyorks has provided are correct down to a tea

agrinnall

I have now had confirmation from an ex-colleague who is a Faster Payments technical expert that Mikeyorks is correct and SOs are indeed only processed on business days. I think the reason I had got confused is that any SOs dated Saturday, Sunday or Monday will reserve funds on Friday evening but are not released for FP transmission until the first minute of Monday morning.