BACS payments clearing time

mikeb222

I was sent a BACS payment by my salary dept (but not my usual salary) on Wednesday.
They quoted me 3 days but it isn't in yet.

Do they count the first day in that or do they mean Monday?

And, is there any particular reason they couldn't have used faster payments?

YorkshireBoy

mikeb222 wrote: »

Do they count the first day in that or do they mean Monday?

Depends if they caught or missed the cut-off time for BACS Direct Credit on Wednesday. If they did, then (assuming it was submitted Thursday) it'll arrive Monday. Depending on who you bank with, you may have access to these funds over the weekend.

And, is there any particular reason they couldn't have used faster payments?

Probably a question best put to your employer's payroll department?


However, I'd guess that they weren't geared up for ad-hoc payments and so, via automated accounts systems, submitted it to their BACS batch run along with many other payments scheduled.

agrinnall

Many payroll departments still use BACS Direct Credits, from my days when I worked with such systems I suspect it's either because it's offered as a cheaper service to businesses than FPS, or because it allows easier bulking of large numbers of payments than FPS does.

mikeb222

Santander

Will it be tomorrow or Monday with them do you think?

YorkshireBoy

Monday (if it was indeed submitted Thursday)....