Bacs

OneHubbyOneSon4Debts

I have got a settlement figure for my loan. I have been advised to pay this amount by BACS. I was just wondering what exactly this is and will my bank (Santander) charge me for this.

Thanks.

opinions4u

It's an automated payment from one bank to another. It typically takes 3 working days to get from A to B. Many payments that previously went via BACS now go via Faster Payments and get to their destination within two hours (usually instantly).

Typically you'd set a BACS payment up online or by telephone banking.

I'd be surprised if Santander charged for it. But that doesn't mean they're not allowed to!

OneHubbyOneSon4Debts

Thanks opinions4u. Will give Santander a ring see what they say.

Biggles

They probably assume you have online banking. If so, you just go to 'set up a new payment' and put in the details they've given you. There's no charge for these.

OneHubbyOneSon4Debts

Thanks Biggles, I haven't got online banking with Santander, its not for the want of trying! They kept sending me wrong passwords etc.! said it was a fault my end, was putting the wrong details in, which I knew it wasn't! They sent me 3 different passwords etc and I tried the lot of them, still couldn't get online. I may be soft but not that soft to !!!! up 3 times in a row lol! Drove me to despair in the end so I gave up! :mad:

Would I be able to go into my local Santander and do it over the counter?

YorkshireBoy

OneHubbyOneSon4Debts wrote: »

Would I be able to go into my local Santander and do it over the counter?

I think branch would want to do it by CHAPS, and charge a £25 fee.

However, if you point out the reason for your request is their inability to provide you with an internet banking service they may do a BACS transfer for free instead.

Are you set up for telephone banking?

expatasia

What's the limit currently for a one off BACS payment requested via telephone banking (to another one of the big main banks)?

YorkshireBoy

expatasia wrote: »

What's the limit currently for a one off BACS payment requested via telephone banking (to another one of the big main banks)?

Depends on which bank you're sending the payment from.

expatasia

YorkshireBoy wrote: »

Depends on which bank you're sending the payment from.

Thanks. For future ref, from the Co-op, LTSB, Barclay's, or Santander?
I imagine the FP limit is something like ten times less?

rockitup

expatasia wrote: »

Thanks. For future ref, from the Co-op, LTSB, Barclay's, or Santander?
I imagine the FP limit is something like ten times less?

With every bank I have ever used the BACS limit is £10k, I have heard that faster payments are normally limited to £1k at the moment, maybe this will increase later when FP is working at every bank...

noh

rockitup wrote: »

With every bank I have ever used the BACS limit is £10k, I have heard that faster payments are normally limited to £1k at the moment, maybe this will increase later when FP is working at every bank...

Faster payments limits currently vary between banks.
Lloyds have a £25000 limit. Santander £300.
http://www.ukpayments.org.uk/faster_payments_service/value_limits/