Wages Due On Monday Paid On Saturday ?

MR_SKINT_3

I understand that wages due on Monday (30/04/2012) would be available on Saturday in some banks (Barclays definitely).

Does anybody know the score with Co-operative bank accounts ?


Thank you

realaledrinker

Sorry does not show until Monday in my experience.

chexum

I haven't seen that from co-op either, but this "early availability" may not be something to consider to switch banks for, it's not something that would be guaranteed.

With the banks where credits do show up earlier, say, on Saturday, the availability is still Monday. The reason we can get away by even withdrawing it, is that any transaction we would make would still be posted to the account on Monday as well.

However, the early availability is depending on the sender's use of BACS. Typically companies would use BACS direct credit with a specific day, because that was the only guaranteed method to have the payment arrive on a given day.

If they wanted to pay you on Monday, they needed to submit the records on Thursday, and on Friday, both the sender and the recipient bank would know that the funds would be exchanged on Monday - this is why some banks chose to show you the transaction on Saturday - i.e. "after Friday".

However, now that faster payments is mandatory, some employers may prefer to use it for salary payment - so it's even possible that in the future, your Monday payment will only arrive in your bank account "before the end of" Monday. Does your contract specify when you will be paid on the payday?

(It actually has happened to me that a correction was needed, and the actual salary was there early on Monday, but I thought they missed the correction, as it wasn't there in the morning. However, it was there in the evening, dated Monday, when I next looked for something else. Clearly, the correction was sent by FP on Monday.)

Macca83_2

I bank with RBS and I've found that my wages, when due on Monday, were paid in Saturday.

I was led to believe that it was down to the banking system not recognising Saturday and Sunday as working days. So come Friday night when the system changed over to a new working day, Monday is the next day in line. Hence the early payment. Could be absolute rubbish but it sounded plausible to me.

happy_bunny_2

RBS available Saturday as are Barclays. First Direct Monday. No idea about coop sadly.

realaledrinker

Depends on when the bank choose to apply the BACS cleared-on-Monday file. They get it overnight Friday. But note that the receiving bank don't get cleared funds till Monday so in the OP's example, Co-op are not ripping him off.

CKhalvashi

Just logged into the joint account, and OH’s wages are now available (Natwest)

We won’t be touching it until next week anyway, so I don’t see it makes that much difference.

CK