Time for BACS?

DJ1UK

Hi All,

Just a Quick Question.

I have transferred some money from a RBS current account to a finance company to pay off my current car loan, using BACS.

I initiated the tranfer on Tuesday 22nd March (Last week), taking into account the recent 2 bank holidays - when should the money clear into their account?

Thanks

DJ

ED

Probably clear today (Tuesday, 29th March) - ie 3rd banking day following it going out.

Some banks and bdg societies (eg Coventry BS, Abbey and First Direct) would have taken 1 less banking day. With them, cleared funds would have arrived last Thursday.

Hope this helps. If interested for the future, Coventry Bdg Society's 'NetSave' account pays 4.85% gross on £1+ balance, and allows BACS (also Standing Orders) direct from the a/c to external destinations.

Unfortunately, BACS (+ SOs) take an extra banking day to arrive from :

Halifax / HBOS
Alliance + Leicester
Norwich & Peterborough BS

(Perhaps other MSE folk can add to this list?)

sly_dog_jonah

Also worth baring in mind is the time of day at which you initiated the transfer. Various cut-off times exists for different accounts for the working day it gets processed, varying from 2pm to 4pm in my experience.

DJ1UK

Thanks thats really helpful!

I made the transfer at around 10am - so they should have it today.

Thanks.

ED

You're welcome, DJ1UK.