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Natwest bank holiday BACS Payment

jucumuing
jucumuing Posts: 4 Newbie
in Budgeting & bank accounts
my payment was sent on the 22nd (yesterday), so the normal 3 working days mean it should be in my account the Monday - which is a bank holiday. So that means it will be in my bank tomorrow (Friday) right?!

Because im with Natwest and they clear funds on the nearest working day

Can anybody clear this up?

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    If the payment has come from a personal account it won't be using BACS.
  • jucumuing
    jucumuing Posts: 4 Newbie
    it's not a personal transaction, definitely BACS.
  • pinkdalek
    pinkdalek Posts: 1,355 Forumite
    Part of the Furniture 1,000 Posts
    Does this still apply, I thought now that banks in the EU had to send payments through by close of business on the following working day. For example a payment sent on the 22nd should be in the recever's account by close of business on the 23rd?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    pinkdalek wrote: »
    Does this still apply, I thought now that banks in the EU had to send payments through by close of business on the following working day. For example a payment sent on the 22nd should be in the recever's account by close of business on the 23rd?

    No, It'll be a BACS Direct Credit (the only form of payment that still includes BACS in its name) which does indeed take 3 days. It's used a lot by businesses for things like salary payments.

    I'm reasonably sure that a DC commenced on Wednesday will be credited to your account in Nat West's overnight processing on Friday, so it should be there on Saturday morning.
  • silverjay
    silverjay Posts: 179 Forumite
    It would depend on the payer's instructions. Bank Holidays are normally flagged as unavailable so they payer needs to select the nearest available date. Could be Friday might be Tuesday.
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  • stclair
    stclair Posts: 6,855 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 23 May 2013 at 9:16PM
    The payment should hit your account Friday or Saturday.

    The banks system on Saturday will think its Tuesday.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    jucumuing wrote: »
    my payment was sent on the 22nd (yesterday), so the normal 3 working days mean it should be in my account the Monday - which is a bank holiday. So that means it will be in my bank tomorrow (Friday) right?!
    Payments like salaries are normally timed to arrive on a regular day, so if that's a Bank Holiday, they're sent early to arrive early.

    But if the sending day is fixed, a Bank Holiday is just skipped over and the payment arrives later. A holiday is never an excuse to speed up the payment process.

    Outfits like stockbrokers often still use BACS, because FP is more expensive. If they sent a payment on Wed 22nd I'd expect it to arrive on Fri 24th.

    If Friday is missed, the next possible day is Saturday at NatWest, regardless of holiday, and Tuesday everywhere else I know of.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
This discussion has been closed.
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