BACS Payment - Clearing Time?

ukric

yeah but we can all dream lol

Cardinal-Red

Quick update on this...

All credits have now been applied.

The first one was on the 25th March!! This is both a bank holiday and only on the 2nd working day following the transaction!

The other two came in on 29th but only appeared this morning.

MarkyMarkD

Caped_Avenger wrote:

I work in customer services at a bank, and we now have to advise our customers who are paying off a Capital One credit card to allow 6 working days for a BACS payment to arrive with the credit card. I.e. if i was to have arranged your payments, and sent on the 23rd (1st working day), i personally would not guarantee them arriving until tomorrow (1st April).

You are right, Capital One will have received the funds by the 30th, but they (and a worryingly increasing number of credit card providers), have started to hang on to money in holding accounts to earn them more money before applying them to your card statement.

I honestly cannot believe that any card company does this. If you have proof from your bank of the date the funds were sent, you KNOW that they will have arrived on the third working day because that is simply how BACS works. If the card company then fails to apply it on that day, that's their error. They can't simply choose to keep the money sitting around in a suspense account, and I don't believe that they do.

Updating the online statementing system is a different matter, and Capital One are particularly slow about doing this. But that doesn't affect whether the money has actually reached your account in time.

Caped_Avenger

MarkyMarkD wrote:

I honestly cannot believe that any card company does this. ... They can't simply choose to keep the money sitting around in a suspense account, and I don't believe that they do.

Fair enough. Can you suggest why have we been told to allow 6 working days then?