Natwest bank holiday BACS Payment

jucumuing

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?

opinions4u

If the payment has come from a personal account it won't be using BACS.

jucumuing

it's not a personal transaction, definitely BACS.

pinkdalek

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

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

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.

stclair

The payment should hit your account Friday or Saturday.

The banks system on Saturday will think its Tuesday.

pqrdef

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.