BACS Monday clearing

Tmesis_2

As many know, with NatWest/RBS, BACS credits due into the account on a Monday are shown on the Saturday (overnight Friday/Saturday) - presumably because they run their BACS payment file for Monday on a Friday night rather than a Monday. (Direct Debits due on Monday will also be debited on a Saturday, as they use the BACS system also.)

I want to know when Citibank clear their Monday BACS payments. Does anyone know?

I thought rather than just ask about Citibank though I'd compile a list of when each bank clears their Monday BACS payments (or Tuesday over Easter/bank holiday Mondays etc):

Barclays - Monday but can show in available balance Saturday (?)
Citibank - ???
HSBC - Monday
Llloyds TSB - Monday [thanks marlewuk]
NatWest/RBS - Saturday (approx 2AM)
Santander - Monday (late Sunday night)
Yorkshire/Clydesdale Bank - Saturday (11PM Friday night)?

marlewuk

i dont know about citibank but lloyds has changed to the early hours of monday

JuicyJesus

Safe to assume Monday. I would work on that assumption and treat it as an unexpected bonus if it comes in any earlier.

pqrdef

Having said all which, incoming SOs and other scheduled FPs dated to arrive on Monday aren't going to arrive anywhere on Saturday or Sunday if the sending bank doesn't send them until 00:01 Monday.

Tmesis_2

JuicyJesus wrote: »

Safe to assume Monday. I would work on that assumption and treat it as an unexpected bonus if it comes in any earlier.

Indeed, but it can be useful to know, especially in the case of Direct Debits where they may reduce account balances earlier than expected (if someone had a DD going out on Monday and was expecting a Faster Payment in the same day, they could have no available funds over the weekend).

Having said all which, incoming SOs and other scheduled FPs dated to arrive on Monday aren't going to arrive anywhere on Saturday or Sunday if the sending bank doesn't send them until 00:01 Monday.

Yes, it's just payments through BACS that are affected by these processing times, so Direct Credit (BACS payment, most salaries) and Direct Debit. Faster Payments and Standing Orders will vary.

Though I know NatWest take a Monday standing order from the account balance on Saturday, and send it by Faster Payment on the Monday, which is a bit cheeky. :cool:

pqrdef

Tmesis wrote: »

Though I know NatWest take a Monday standing order from the account balance on Saturday, and send it by Faster Payment on the Monday, which is a bit cheeky. :cool:

Same with the DDs. They won't go anywhere before Monday.

Tmesis_2

pqrdef wrote: »

Same with the DDs. They won't go anywhere before Monday.

It's not quite the same. With DDs, the bank are processing their file with their part of the transaction. With SOs, they are actually sending the money. With SOs that go through FPS, it means they are reducing the balance and sending the payment as two distinct steps, rather than just sending the payment. With DDs, the clearing happens with each bank's file, so it could easily clear to the recipient's account on the Saturday also.