BACS - Help!

JohnJohn111

Hi, I was looking for some advice/reassurance really, not being that good with money matters.

My brother died earlier this year and as he was part of a pension/insurance scheme at work, his employers are paying me the insurance money. I've sent bank details, but nothing seemed to be happening so I rang his employers last Friday and they said they'd had an email from the insurance company, sent Sunday 24th August, confirming a BACS payment has been made to my bank account.

Not counting the 25th Aug bank holiday and Sat/Sun 30th/31st, I make that five working days that have passed (26th, 27th, 28th, 29th, 1st).

1) Shouldn't I have the payment in my account by now?
2) Might there be a reason my bank hasn't accepted it?
3) How long do I wait until it's reasonable to ring my bro's employers again (guy said if no money by Friday ring him but I'm getting a bit panicky to be honest!)

Many thanks for your help.

Zerdi6

Morning John,

Firstly I'm sorry to hear about your brother.

I work in accounts (wish I could manage my own money as well :rotfl:) and if I send a BACS payment on a Friday it's showing in the customers account by the Tuesday. Wednesday at the very latest.

There shouldn't be any reason for your bank not accepting it? It might be worth phoning your bank to see if it's gone into a holding account, just in case there was a small keying error in the account details.

If it isn't there, I'd phone the employers and ask for a receipt of payment. If they can't provide that ask them to send a connexis (same day) payment.

Midslad27

Hi if its a Yorkshire Bank account your expecting the payment, according their website their having issues

JohnJohn111

Zerdi6 wrote: »

Morning John,

Firstly I'm sorry to hear about your brother.

I work in accounts (wish I could manage my own money as well :rotfl:) and if I send a BACS payment on a Friday it's showing in the customers account by the Tuesday. Wednesday at the very latest.

There shouldn't be any reason for your bank not accepting it? It might be worth phoning your bank to see if it's gone into a holding account, just in case there was a small keying error in the account details.

If it isn't there, I'd phone the employers and ask for a receipt of payment. If they can't provide that ask them to send a connexis (same day) payment.

Hi mate, thanks for your reply.

I can think of no reason my bank wouldn't accept (it's Lloyds, I've been with them forever and besides my overdraft badly needs to disappear which presumably they want).

I could ring the employers I suppose, the guy DID say "if not by Friday ring me" but it's been long enough wouldn't you say? He told me on the phone that the email from their insurance people said "allow 3-5 days for this transaction" or similar, does that sound like BACS, or has the guy I spoke to used it as a kind of catch-all term for a money transfer? Presumably there are transfers that take longer...?

JohnJohn111

Oh, and as today is the first day AFTER 5 days, should I be waiting and checking intermittently to see if it's gone in yet? Can it appear at any time during the day? I don't want to phone at 10 and have it pop into my account at half twelve!

Zerdi6

In my experience BACS always takes 3 working days and always appears in the account in the morning.

I'd phone your bank just to double check it's not sat there somewhere then get onto the employers again.

If you phone the employers first they'll probably just tell you to check with the bank.

agrinnall

BACS Direct Credit, which is what this is, is a definite 3 day process. The sending bank could have a cut off time so even if it was initiated on Friday 22nd it might not have actually been send to be processed until Tuesday 26th, in which case it would be in your bank on Thursday 28th. If it wasn't then it's because it wasn't sent on the day you were told it was. I would get back on to the employer and if they insist it was sent ask them to email you a screen print as evidence which you can then take to your bank (although I'm pretty confident that they didn't send it).

colsten

JohnJohn111 wrote: »

3) How long do I wait until it's reasonable to ring my bro's employers again (guy said if no money by Friday ring him but I'm getting a bit panicky to be honest!)

Getting panicky won't speed up the time it takes for the money to get to you. As you are the rightful recipient, it will eventually get to you.

I would do as the guy said and ring him again if the payment has not arrived by Friday. None of us know what sort of procedures the insurance company go through to process claims.

Please let us know what the status is this Friday, or earlier if you have an update earlier

agrinnall

I can't see any point in waiting any longer, if it was supposed to have been sent on the 24th it would have arrived last week. Chase it up tomorrow, best case is they tell you it's already been sent (but I'd ask for proof this time given that it wasn't sent when they said it was previously), worst case is that the employer has to chase up the insurer on your behalf.

mgdavid

I would just like to ask how likely is it that an insurance company sends out emails on a Sunday in the middle of a Bank Holiday weekend?
The OP only had that second-hand from the employer - I'd be going back and checking the facts again.

xylophone

You are certain that the bank details you provided were correct?