getting wages paid to account of companies choice???

rb10

stclair wrote: »

Yeah my ex houseused to work for Santander and that used to happen to him. However with the new payment regs I can imagine everyone gets paid on the same day now regardless off which account the salary is being paid into.

The new payment regulations don't apply to BACS Direct Credit, which most salary credits are made by, since this system has a simultaneous credit/debit of accounts.

For some of the time when I worked for Halifax, I had my salary paid into an account elsewhere ("Bank A"). I received it on the same day as colleagues with a Halifax account.

I now work at Bank A, and have my salary paid into my Halifax account. I receive it on the same day as colleagues with an account at Bank A.

(My choice of where I bank is nothing to do with privacy concerns - it just happens that Bank A used to have the best current account for me, and now Halifax does!)

stclair

rb10 wrote: »

The new payment regulations don't apply to BACS Direct Credit, which most salary credits are made by, since this system has a simultaneous credit/debit of accounts.

For some of the time when I worked for Halifax, I had my salary paid into an account elsewhere ("Bank A"). I received it on the same day as colleagues with a Halifax account.

I now work at Bank A, and have my salary paid into my Halifax account. I receive it on the same day as colleagues with an account at Bank A.

(My choice of where I bank is nothing to do with privacy concerns - it just happens that Bank A used to have the best current account for me, and now Halifax does!)

Thanks for your explanation however it went totally over my head. I would presume then Sanatander have done something internally then to ensure everyone is paid on the same day regardless of where the payment is going.....

rb10

stclair wrote: »

Thanks for your explanation however it went totally over my head. I would presume then Sanatander have done something internally then to ensure everyone is paid on the same day regardless of where the payment is going.....

Sorry if it was unclear ... will try to clarify ...

Banks can pay people in one of two ways - an internal transfer to an account held with that bank, or a BACS Direct Credit (i.e. the reverse of a Direct Debit) to an account held at another bank.

An internal transfer can obviously be set up to go through on payday - no delay.

A BACS Direct Credit works such that the debit (from the bank's salaries account) and the credit (to the employee's account) occurs on the same day. Thus, the money is received on payday.

So even before the new payment regulations that came in earlier this month, there was no difference in timings between payments going to an account at the same bank or elsewhere.

agrinnall

Of course, a bank paying wages to its own employees who must have an account with them wouldn't use direct credit anyway, it would simply be an internal transfer at pretty much zero cost, which may be another reason why they insist on it.

stclair

agrinnall wrote: »

Of course, a bank paying wages to its own employees who must have an account with them wouldn't use direct credit anyway, it would simply be an internal transfer at pretty much zero cost, which may be another reason why they insist on it.

That was the lines I was trying to go down.....

Dr_Frankenstein

I also work for a bank, they used to not allow wages into a different account, they no longer have this policy though. OP you have PM