BACS Transfer Time?

chexum

Mikeyorks wrote: »

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.

Yes, that's how I would imagine too, but izools pointed out the direct debits for Monday are already visible as pending (on Friday morning), but no trace of pending incoming payments. Although I'm not familiar with HSBC - I haven't seen my bank showing payments the previous _working_ day(*) - both kinds of BACS payments should have their "processing" day on Friday, if anything is to come in or out on Monday...

(*) I know I'll see my Monday BACS activity tomorrow, but never was interested enough to stay up to watch it appear

Wood.Justin

I think it's all been covered but more in regard to the HSBC thing... I have an incoming payment (salary) which was due as of Friday morning due to be paid on Monday. This is because it's the processing day for the BACS payment made by my employer.

Saturday is 100% not a processing day, sounds like someone doesn't know what they're talking about.

BACS normally takes 3 working days and sometimes faster payments such as CHAPS are same day/2 day affairs. It sometimes depends on when the payment is made. In the good old days of processing BACS payments there was this "rule" where you had to submit the BACS files by 5pm otherwise you're running the risk of not actually having the usual 3 day turnaround. These days I think BACS is more flexible and they allow up to 9pm.

Cheers,
- Justin

billyblackpool

I had a BACS payment paid at 3pm on Friday 27th and have still not recieved it. Yorkshire bank hold on to your money and they do it all the time, is there not a law against this?

NFH

billyblackpool wrote: »

I had a BACS payment paid at 3pm on Friday 27th and have still not recieved it. Yorkshire bank hold on to your money and they do it all the time, is there not a law against this?

Yes. See Regulation 73(1)&(2) of the Payment Services Regulations 2009.