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DPS - waiting for BACS???

Hi everyone,


So received this email from the DPS yesterday (Wednesday 19th) with this line in it:

Date repayment calculated: 17 June 2013.

Please note that payment will be released within two business days of the date repayment is calculated. Once released, the payment will be subject to standard bank clearing times.

--

I know they use BACS, but what I'm trying to work out is did the BACS started on Wednesday 19th or Today 20th (Thursday).

If it was Wednesday would it be cleared Friday with Lloyds TSb

Comments

  • dotdash79
    dotdash79 Posts: 1,069 Forumite
    I doubt it, it will be released tomorrow and the BACS transfer starts from tomorrow, so expect it on Tuesday
  • thelem
    thelem Posts: 774 Forumite
    Hardly anything uses BACS any more. Payments of £10k or less will usually be transferred using Faster Payments, which should take minutes.
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    thelem wrote: »
    Hardly anything uses BACS any more. Payments of £10k or less will usually be transferred using Faster Payments, which should take minutes.

    I'm not so sure, but will stand to be corrected. My understanding is that some businesses still run payments "in bulk" and that those are still paid via BACS - payroll is a good example of this.

    Faster payments is fine, if the business is making each payment one at a time. But if they're batched and processed in bulk, then I believe that BACS is still the norm.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • 45002
    45002 Posts: 802 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    edited 20 June 2013 at 8:13PM
    Everything you ever wanted to know about BACS dinosaurs service here

    http://www.bacs.co.uk/Bacs/SoftwareSuppliers/Pages/SoftwareSuppliers.aspx
    Advice given on Assured and Regulated Tenancy, Further advice should always be sought from a Solicitor....
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