BACS Question!!!!!

carlbbb

Hi

I am probably repeating a question someone has already asked, but i need some advice, in relation to BACS payments.

My employers were late in paying me, but have finally told me via e-mail this Thursday 23 (before the BACS cut off) they have paid me. They also told me that i will get the payment to my account on Monday 27, by 9:30am.

Now they messed me around for a week until they had done this and i am wondering what is the latest time they could cancel a BACS payment. From what i understand, the latest they could of cancelled this would be before the cut off point of 4pm today, as today is day two of the three day clearing cycle? I emailed them at the end of today to confirm the payment was on the way and they say it is.

Can anyone please tell me if i am right in thinking that after day two of the 3 days clearing cycle the BACS can no longer be cancelled?

Many Thanks Guys, i try don't want to stress all weekend

pmduk

You don't mention who you bank with but some banks will show Monday's BACS credits as early as tomorrow.

madgagoo

Unfortunately a BACS payment can be recalled up until 3.30 on the day it credits your account (this is certainly the case with a natwest account). So you can't be 100% that the money is yours and fully cleared until the working day after it has shown on your account.

I really hope that your payment isn't recalled.