What is Bank Giro Credit (BGC)?

meridius

Last month I got some money into my Halifax savings account under BGC. I asked the bank and they said it’s Bank Giro Credit that has come from another bank into my account.

So what exactly is it?

pinkdalek

It's a payment that has come in to your account from an external source e.g. another bank account, salary, benefits, tax refund, dividends from investments.

Mikeyorks

Since moving onto the Lloyds platform Halifax seem to be labelling every incoming payment as BGC. So it could be most types of incoming payment - other than an internal transfer. BGCs are most commonly used to pay bills .... so it's unlikely to be that which has been used.

But if you're actually asking where the payment is from? What does it say under the Description in your account?

meridius

Mikeyorks wrote: »

Since moving onto the Lloyds platform Halifax seem to be labelling every incoming payment as BGC. So it could be most types of incoming payment - other than an internal transfer. BGCs are most commonly used to pay bills .... so it's unlikely to be that which has been used.

But if you're actually asking where the payment is from? What does it say under the Description in your account?

There isn't a description, it just says the date, the details( BGC), and the amount that was put in.

Mikeyorks

Can't help further then, I'm afraid. It's going to be an external payment. But if you can't tie it to anything you were expecting then 'phone Halifax and ask what detail they have?

agrinnall

I'm slightly puzzled as to why someone else would pay money into your savings account. My suspicion is that it was actually meant to go to the originator's savings account but they got the number wrong and it went to yours by mistake. It may well disappear from your account at some point, although I think in theory they are supposed to inform you before it's taken.

rb10

Do you not have two columns after the date - one for Description, and one for Type (which says BGC)?

The Description column should say who it comes from.

(I wonder when Halifax/Lloyds TSB are going to correct their online banking and stop referring to BGCs).

meridius

rb10 wrote: »

Do you not have two columns after the date - one for Description, and one for Type (which says BGC)?

The Description column should say who it comes from.

(I wonder when Halifax/Lloyds TSB are going to correct their online banking and stop referring to BGCs).

No, I don’t have a Description column. The columns are: Date/Customer Notes/Details/Withdrawals/Receipts/Balance.

Mandelbrot

From the Financial Services Authority (FSA) 'Know your rights' guide :

Q. How do I know if money has gone in or out of my account?

A. Your bank must make the following details available to you for every payment into and out of your account:

• the date of the transaction;
• the amount of the transaction;
• who it was to or from (where appropriate); and
• a reference so you can identify the payment.

In most cases this will be done through a passbook, monthly statement or internet banking.

System

Most clearing banks don't differentiate between BGC and BACS credits.
I have noticed that they do label Faster Payments differently.
Halifax's old platform simply said something along the lines of Bank Credit.

It could be a BGC as Halifax now issue pay-in books which can be used at the Post Office, other branches and any UK clearing bank. They also use hand completed pay-in slips when not using card/book at BOS/Halifax.

Mikeyorks wrote: »

Since moving onto the Lloyds platform Halifax seem to be labelling every incoming payment as BGC. So it could be most types of incoming payment - other than an internal transfer. BGCs are most commonly used to pay bills .... so it's unlikely to be that which has been used.

But if you're actually asking where the payment is from? What does it say under the Description in your account?

Mikeyorks

Heng_Leng wrote: »

It could be a BGC as Halifax now issue pay-in books which can be used at the Post Office, other branches and any UK clearing bank. They also use hand completed pay-in slips when not using card/book at BOS/Halifax.

It could be - as the OP seems totally unsure. But all my incoming BGCs certainly aren't. They're BACS Direct Credits from different sources - but all cheerfully, and erroneously, labelled BGC.