Can anyone explain this?

Starting

I do contract work and at least two of three clients pay me in some weird way. What I mean is the money doesn't appear directly into my bank account. If they pay it from their account on, say, Thursday, it will appear in my bank account on Tuesday. I have no idea why it is like this as I thought all banks including corporate banks used Faster Payment now. I've queried it and the companies say they are using BACs for their pay runs.

When the money appears it shows up as a BGC (Bank Giro Credit) on my statement as opposed to the Faster Payment.

Anyway, my question is what time would you say these types of payments hit one's current account? I have one of these payments due on Monday and I've never monitored what time it actually hits the account. It's usually there by 8am or so when I log in. But I'm wondering whether these types of payments might hit the account earlier, like at midnight for example? I need to get my hands on this particular payment ASAP

Thanks in advance to anyone who has any input on this question

agrinnall

Sounds like they are using the BACS Credit process, which to the payee looks like the old BACS 3 day cycle, but for the payer is better as the debit from their account is processed on the same day as the credit to yours, despite the process having started 3 days earlier. I would expect these transactions to arrive from BACS in a single file, probably in the early hours of the morning, although when the credit is actually applied to your account depends on when your bank processes the file.

Gromitt

I agree, it'll be BACS Direct Credit, done in bulk overnight.