Same bank as employer

Compound_2

I was thinking, if you bank at the same place as your employer, perhaps you could get hold of your wages a little earlier than the official payday? As the BACS transfer should be immediate, this shaves off the 2-3 working days normally allowed for payments to reach employee’s accounts. Presumably this could apply to payments from public agencies too.

masonic

It depends on the bank and whether the transfer is still processed via BACS or is correctly flagged up as an internal transfer.

Tori_Bellatrix

Until last month I had the same bank as my employer and my salary always hit my account on the specified salary date .. not any earlier.

I think it has something to do with being paid by 'direct credit' from BACS as opposed to a normal BACS transfer.

http://www.bacs.co.uk/BPSL/directcredit/

nearlyrich

Most employers have a set payday and that's the day your wages hit the bank and are available to draw on, I don't know if some smaller employers use a different method but I have always beem paid like this except my first job where we got paid in cash each Friday.

RayWolfe

The "pay-date" is the same for the employee and the employer. The BACS transfer has to be initiated on pay-date minus 2. Pay-date minus 1 sorts out any problems. On the pay-date, simultaneous debits and credits take place.
What the OP suggests has no merit.

newfoundglory

I'm pretty sure it all goes through BACS and not internal transfers. The reason being that instant internal transfers usually apply only to personal accounts - whereas salary payments come from business current accounts and are going to a personal account. These payments will take 2 working days and would therefore be no different to the usual timescales.

Moonbeam

this can work if you get paid by cheque though - I used to get paid by cheque and pay it in at the branch my employer used - it always went in as cash rather than cheque and was instantly available

RayWolfe

So is a BACS transfer! There is no difference, you get access to your money on pay day

regularsaver1

I work the bank, and get it no earlier than the good old 23rd of the month

poppy_f1

when i worked for scot prov/abbey i got paid on the 15th of the month if i held a abbey account, if i didnt it was the 18th

matt4504

When I moved to Lloyds my pay used to show up about 10pm the day before payday and I could do what i wanted aka withdraw etc