BACs Payment

kerry87_2

If a BACs payment is released on Thursday, when will it land in my account?

Thanks

YorkshireBoy

Since the payment services directive came into force there's no such thing as a "BACS transfer".

Payments will hit the other account "by the end of the next working day", providing they're initiated before the day's cut-off.

So expect Friday, but more than likely be Thursday (if both sending and receiving accounts are 'current accounts'.

kerry87_2

YorkshireBoy wrote: »

Since the payment services directive came into force there's no such thing as a "BACS transfer".

Payments will hit the other account "by the end of the next working day", providing they're initiated before the day's cut-off.

So expect Friday, but more than likely be Thursday (if both sending and receiving accounts are 'current accounts'.

My account is a basic account and the money is being transferred from my housing association. When did these changes come into force?

agrinnall

While I wouldn't normally wish to contradict YB, in this case I'm going to (and to be fair the OP has provided additional information since he posted). For personal customers there are indeed no BACS transfers any more. But for business customers the facility to do a BACS Direct Credit is available, and it is possible that this is what your HA is using. I'm not sure what they mean by 'released', so it could be that it will go through FPS as described, or Thursday could be the day on which the debit and credit take place, or it could be that it's the day when the BACS DC process starts, in which case it would probably be Saturday or Monday (or possibly Tuesday) before the credit gets to your account.

http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/Pages/BacsDirectCredit.aspx

YorkshireBoy

agrinnall wrote: »

While I wouldn't normally wish to contradict YB, in this case I'm going to (and to be fair the OP has provided additional information since he posted). For personal customers there are indeed no BACS transfers any more. But for business customers the facility to do a BACS Direct Credit is available, and it is possible that this is what your HA is using. I'm not sure what they mean by 'released', so it could be that it will go through FPS as described, or Thursday could be the day on which the debit and credit take place, or it could be that it's the day when the BACS DC process starts, in which case it would probably be Saturday or Monday (or possibly Tuesday) before the credit gets to your account.

http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/Pages/BacsDirectCredit.aspx

The thought that it may be a BACS Direct Credit did cross my mind, but on the limited information initially provided I chose not to complicate matters...and assumed it was a 'personal' payment.

But thanks for posting an excellent summary of all the possibilities.

kerry87_2

It is probably going to hit my account on Monday but thank your replies and help with this. :j