BACS payment that doesn't go in until after 5pm?

burnoutbabe

When you do bacs, then you send that batch system to the bank 2 working days ahead of when its paid.

So do it Monday, it arrives in the accounts Wednesday, and as its a batch system, its usually actually processed overnight on Tuesday so everyone sees it in their accounts first thing.

Faster payments would be anytime in the day.

But our contracts just say "we will pay you on last working day of the month" so if we want to do it at 4.30pm (last cut off for FP) we could. And we can not of course control when the other bank chooses to display the payment.

Asking your company to move the payment to help you would not go down well. I'd inform people if we were going to FP it on the day rather than usual BACS, so they didn't worry about it being in first thing, but if we missed BACS cut off we'd do the next day so it was done and sent anyway.

bailey1183

I think that assuming I'm managing my finances poorly is being judgemental seen as none of you know my financial situation so telling me I should manage my finances better is of no help to me and has nothing to do with my actual question. Once again, it has not affected any bill payments, it has only been an issue of being short of money this month and I normally do have more money in my account as a buffer, I was simply asking if anyone knew if it was normal for a BACS payment to go in after 5pm. Next time I ask a question I'll make sure not to include any more information as to why I wish to know and simply ask the direct question.

bailey1183

But thank you for the answers, i asked at the bank and was told it would not be a BACS payment if received so late in the day. That was all I wished to know so my partner can now ask if it is likely to occur like this every month and I will account for this when managing my money.

silentkiller

bailey1183 wrote: »

Thanks silentkiller, yes my partner has spoke to his boss and she just says it will go in today, which is true of course but obviously banks (and shops) are all shut by the time he ends up getting it in his account.
He also said that his boss claims she processes the wages on Monday and I would have thought it would definately be in by close of banks Friday if that were the case but perhaps she uses another company to process them and sort out payslips as she is a small business owner.

It wouldnt help me moving direct debits anyway as I am paid weekly and my partner is paid four weekly so our paydays constantly move its just a case of making sure we have money for bills when they are due out (which I did) its just some weeks are better than others depending on which bills are due and of course bank holidays too causing bill dates and pay days to move.

Thanks

It's a shame if they can't accommodate him (and probably everyone at the business) by making it so it goes in at a regular time - say 12pm on payday, or even 5pm just so you know when it goes in instead of having to keep checking.

At our company (and we too are a small business) our bookkeeper has the bank and payments set up on her last working day before payday (as she only works two days a week) and then it gets automatically put through on a faster payment service so it is there almost instantly - however some days it can be in there at midnight on payday, or if she is in work that day it can be whenever she presses the button, and like you, I do not necessarily need the money on that day, but it can be a little irritating not having an idea when your money will be in the account.

bailey1183

Yeah I think it's the irritation of not knowing that's worse silent killer. Plus she's got his wages wrong the last 2 months, always gives him his payslip at least a week late so we have no idea what he's getting until it goes in and then if it's wrong we, of course, have to wait until at least Monday until it can be sorted out as banks are then all closed by the time if goes in.
I've just checked again and it's still not there. It must be some sort of instant transfer that she does or faster payment, as I don't understand how a BACS payment could go in out of banking hours.
Anyway I will most definately be considering the following Monday as his payday in future but just wanted to understand the reasoning for such a late payment. He's going to ask again what method of payment it is (and it does say BACS on his payslip) but his boss isn't exactly helpful so I won't hold my breath on finding out a proper answer.

Undervalued

bailey1183 wrote: »

He's going to ask again what method of payment it is (and it does say BACS on his payslip) but his boss isn't exactly helpful so I won't hold my breath on finding out a proper answer.

The actual banking method, be it BACS or whatever, is largely irrelevant. What matters it whether they are paying on the correct day or not. I don't think you have any right to tie it down to a particular time providing it lands at some point during the correct day (i.e 24 hours).

If they are missing this then, as I said earlier, you theoretically have a claim for any unavoidable losses this causes. Whether it is prudent to pursue such a claim against his employers is another matter.

Most employers go to a lot of trouble (quite rightly) to make sure their staff get paid on or before the correct day but, sadly, some don't. The first step is to explain the difficulty this is causing to his boss and give them an opportunity to fix the problem.

amiehall

He's entitled to receive his payslip on or before his payday so it's definitely worth chasing that up. Maybe if you had more of an idea of what was going to be paid and why, when it was actually paid wouldn't matter so much to you.

bailey1183

That's true Amiehall, I'm a bit of a control freak so I think it's the unknown that annoys me more than when it actually goes in!
It's still not in yet. Driving myself bonkers keep checking!

bailey1183

Well it's now 23.57 and still no sign of the wages so in another couple of minutes he won't have even been paid on the day she claims he would be paid. Frustrating.

notanewuser

bailey1183 wrote: »

my new iPhone

That'll be one of those really really cheap phones, right?