BACS Transfer Time?

izools

Hope someone can help. Not something I've ever need to research myself...

I've started a new job recently. The empoloyer took a rather lacasasical approach to collecting my bank details / ID / signed contract and only got the Payee details to their accountant on Wednesday.

They swear blind I will be paid on Monday however HSBC Online Banking does not show any pending BACS transfers into my account, but it does show two direct debits pending to leave on Monday.

The employer are claiming:

1. Saturday is now considered a banking day which all banks adhere to
2. BACS transfers are immediate and there is no difference between CHAPS and BACS
3. I will be paid on Monday even if the Accountant only issues the BACS transfer this afternoon

All things I'm not too sure about and all the information I can find on the web states a BACS transfer taking three working days.

Who is correct?

Thanks

izools

Oh, it's ok I've found it

http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/PayingBy/Pages/GettingStarted.aspx

Whilst our Payroll lady is correct in saying the funds leave their account the same day as they credit mine, the transfer request must have been set up two days prior for the transfer to take place.

Given HSBC have no information regarding a pending BACS transfer (Processing Day 2)


Processing - day 2
Files are delivered to the recipient banks which then process each payment.


I will be paid late.

Right, now I have to put my OD back up to 1K.

I'll be billing them for the interest and resulting defamation of character resultant from my account score inevitably dropping.

Biggles

Saturday is not a 'Banking day', it's just a day on which some banks choose to open for customers' convenience, any transactions are dated the following Monday.

They needed to set up the BACS by Thu night if the funds were to get to you by Mon. But I assume they've been doing this for years, hopefully it's just a breakdown in communications.

izools

Biggles wrote: »

Saturday is not a 'Banking day', it's just a day on which some banks choose to open for customers' convenience, any transactions are dated the following Monday.

They needed to set up the BACS by Thu night if the funds were to get to you by Mon. But I assume they've been doing this for years, hopefully it's just a breakdown in communications.

Lol, you should see how they operate.

They might have been doing this for years but it's an organisation run by a... certain type of indiviual... that has about as much business accumen as a drunk squirrel.

It's no breakdown in communication, its a result of lacadasical jobsworths that like to set false expectations and "assume" everything will happen as they expect without understanding the link between wanting something done... and actually doing it.

The pay is late because they didn't prioritise the paperwork being signed soon enough and didn't prioritise getting said paperwork to the accountant soon enough.

And no doubt the accountant will sit on it for another few days too if they are anything like this stupid organization.

The lady that does finance is a right defensive cow, too. I'm here to maintain the website and offer IT support etc etc. So she asks why certain icons are missing from her desktop. Despite the fact its a 3rd party companny maintain the domain controller etc I advise that I will put everything back if it's gone missing. To which she proclaims very defensively "I'm perfectly capable of doing that myself you know" looking down at me over the top of her glasses...

I ask what she would like me to do, to which she advises "Nothing"... so why ask me to help you then? Just want me to stand beside your computer whilst you !!!!! and moan and use me as a sounding board?

Well, missy, how about getting my BACS transfer right instead of lying to me & trying to convinve me that Saturdays are banking days, eh?

Loving the new job by the way :beer:

petebryant_uk

Heya,

I work for a large company processing many, many payments.

I have the official BACS processing calander on my desk.

Saturday is not a processing day.

In general, for a standard BACS- if you submit a payment Friday, it's 'processing day' will be Monday, and it will pay Tuesday.

Mikeyorks

But it's unlikely to be a 'standard' BACS. It's likely to be a BACS Direct Credit if for pay (and from a company with a reasonable size payroll) ........ totally different animal. As it needs specific data record creation and submission to BACS - before it starts its 3 (working day) cycle.

ie .... it needs basic organisation, which the OP implies is not present in great quantities.

izools

Mikeyorks wrote: »

But it's unlikely to be a 'standard' BACS. It's likely to be a BACS Direct Credit if for pay (and from a company with a reasonable size payroll) ........ totally different animal. As it needs specific data record creation and submission to BACS - before it starts its 3 (working day) cycle.

ie .... it needs basic organisation, which the OP implies is not present in great quantities.

Well the organisation is just over a dozen strong so no great shakes organising pay being issued on time... if you're not an absolute retard that is.

TBH I can't wait for this place to go down the pan I only took the job because if I didn't I'd loose my JSA. Still looking elsewhere and will take up any offer I get from elsewhere so long as it's not working the sewers or fast food chains...

They think the best way to make money is to market the fact that they're poor and hope people join in pity...

:think:

Oh wait she was just signed in to the companies' online banking a minute ago setting up myself and the other new starters as payees (guess she was going to send it by faster payments to shut me up )... and now she's got distracted and is whittering on about this stupid marketing piece I mention above to some other old dear...

Good grief

eslick

they might be making it as a faster payment if they are a small company

izools

eslick wrote: »

they might be making it as a faster payment if they are a small company

Well, she CLAIMS they normally send via BACS.

I don't think she understands.

She is of the sort that will say the complete opposite of the other party in the conversation irrespective of whether it results in her being wrong...

I wonder if I start an argument they'll fire me. JSA paid much better than this rubbish anyway. Was totally mis-sold by the JobCentre. Hopefully they'll catch me on the forums and ask me to leave.

At least the JC actually bother to pay their clients.

pmduk

She probably doesn't understand the difference between BACS payment and the Faster Payments scheme.

Mikeyorks

izools wrote: »

so long as it's not working the sewers or fast food chains...

........... cause and effect

Oh wait she was just signed in to the companies' online banking a minute ago setting up myself and the other new starters as payees

....... more seriously. Could that be their BACS Direct Credit interface? ... as it is the preferred solution for most salaries. Not least in that the debit / credit are synchronised, on the 3rd day. So they don't lose their money up front - which offsets the minor inconvenience of having to format / Batch payment records.