BACS Transfers - how long?

mrsmather1

Just a quick one to pick your brains -

I have made a request online with Lloyds to transfer funds to my Citibank account - how long does it usually take for the funds to show in the new account and for them to leave the Lloyds account?

Thanks

lynxptc

BACS transfers usually leave your account the same day if made before 6:30pm I think and credit the other account on the third working day. e.g make a transfer on a Monday and it will arrive on the Wednesday

mrsmather1

Thanks Lynxptc I'll keep an eye out!

pknottm

The good news is that hopefully after November 2007 these transfers will be done instantly with the new BACS replacement service "Faster Payments"

http://www.fastpayments.co.uk

The question is, how will the banks recoup the costs lost in the free interest they receive currently?

bradley_2-2

lynxptc wrote:

BACS transfers usually leave your account the same day if made before 6:30pm I think and credit the other account on the third working day. e.g make a transfer on a Monday and it will arrive on the Wednesday

bacs transfers take 3 to 5 working days.

a working day is 9am to 5pm. if you submit it after 5pm, say on a monday, tuesday 9am will be day 1.. weds day 2, thurs day 3, fri day 4, it may even take till the following monday in extreme circumstances.

just letting you know it wont normally take 3 days unless its done around 11am!

Biggles

bacs transfers take 3 to 5 working days.

a working day is 9am to 5pm. if you submit it after 5pm, say on a monday, tuesday 9am will be day 1.. weds day 2, thurs day 3, fri day 4, it may even take till the following monday in extreme circumstances.

No, BACS is a rigid process with a single, standard, automated procedure and always takes two days. If your bank submits it on the same day you requested it (note the 'if'), that would be Day 1:-

Day 1 is Submission Day
Day 2 is Processing Day
Day 3 is Entry Day

Entry Day is the day the money is simultaneously debited from your bank and credited to the payee bank account.

Note that your bank will probably take the money from your account before Entry Day, probably on Day 1, though LTSB don't take it till Day 2.

The payee will always get the money on Day 3.

So, as long as you submit your request early enough, a request on a Tuesday will be credited to the payee over Wednesday night and be available first thing on Thursday.

Building Societies and other organisations that aren't clearing banks may well have longer lead-in times to the BACS process.

friendofjudy

This is maybe a slightly bolshy way of viewing it, but having successfully claimed back charges from the bank that runs our joint account, I need to look at why we have regularly run up charges, which is because of the five day time lag between funds leaving our current accounts and showing up in the joint account.

It really annoys me that if I transfer between accounts it is instant, but the delay if it's between different banks then it seems as if one (or both) of them is is benefitting from almost £3000 for five days, and I will be really ticked off if it's the receiving bank that is then charging me between £25 and £55 for the privilege.

To stop this just being a moan (although if anyone can enlighten me on where the money is for these 5 days) does anyone know if the Alliance and Leicester offers a free billing account?

IoweIoweitsofftoworkIgo

comments withdrawn

realaledrinker

Anthing involving cahoot, in or out, takes an extra day.

babe_ruth_3

Like biggles said, 'Bacs' is a rigid process and you input the day that you want it to land in the other persons account (as long as you allow at least two days)

With HSBC it shows as leaving your account the same day that it lands in the others account.

With Bacs you know exactly what day it will arrive in the other account.

I think what most of you are refering to is 'A Bill Payment'.

Biggles

I think what most of you are refering to is 'A Bill Payment'.

I'm sure that's true, Babe, unfortunately the issue is clouded by the fact that most banks use BACS for their bill payments. The problem is, they don't trust us with this information; if we put in a 'bill payment' to leave our account on Monday 1st, for example, they don't tell us which day will be 'entry day' in the BACS cycle. All we can be sure of is that the money will leave our account (and stop earning interest) before 'entry day', even though it won't actually leave our bank until then.

A bit of clarity would be nice, especially as some payments have to be there by a certain day to avoid penalties, eg credit card payments.