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Bank has failed to transfer money before completion date
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Goldiegirl wrote: »Where I work, if a Bacs payment is instigated today, before 4pm, it'll get to its destination tomorrow
BACs Direct Credit is a 3 working day process explained here:-
http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/PayingBy/Pages/GettingStarted.aspx
I would suggest the payments you make at work are not BACs payments.0 -
Ok I hold my hands up, what I'm referring to is next day faster payments.
The tiny agency bank that I work for no longer deals with the old style three working days Bacs payments.
I thought every one had moved away from these old style BACS payments.
I'm genuinely surprised that they are still in use.
You live and learn!Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Goldiegirl wrote: »Ok I hold my hands up, what I'm referring to is next day faster payments.
The tiny agency bank that I work for no longer deals with the old style three working days Bacs payments.
I thought every one had moved away from these old style BACS payments.
I'm genuinely surprised that they are still in use.
You live and learn!
Exactly, not BACS at all. Now in the case of an agency bank such as yours that isn't a full member of FPS they may well batch up all of their payments to be processed overnight, rather than using the single immediate payment process that larger banks have available, but whatever it is it's not BACS and shouldn't be referred to as that unless it's the BACS DC process.0 -
I stand correctedEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
This happened to me too, I work for a bank, the bank that I got my mortgage from! It worked out in the end, we were purchasing only and our funds didn't get released, it was an issue with the solicitors panel number apparently not working correctly. Luckily the solicitor wanted to exchange/complete on the same day. I was astounded at the time that they wanted me to do this, but in the end it worked out for the best.
Next time I move if there is no/little chain I would def make sure that this happened again if possible.
We decided not to take it up with the bank, although we have before as customers and not employees where anything has gone wrong and we have sucessfully got goodwill payments.0
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