how long do bacs payments take please?

katonia

bacs payment was sent on Wednesday to rbs not received yet?
how long normally and do they credit weekend at all ?

many thanks!

Fruit_and_Nut_Case

A BACS payment can take between three to five working days to clear, whether it is being paid into your account or out of your account.

http://www.bankaccountadvice.co.uk/bacs-transfers-and-processing-explained.html

Any reason for not doing it as a Faster Payment?

katonia

Fruit_and_Nut_Case wrote: »

http://www.bankaccountadvice.co.uk/bacs-transfers-and-processing-explained.html

Any reason for not doing it as a Faster Payment?

hmmm getting conflicting info just called rbs advisor said there is no payment going in on Monday and that the longest it takes is 2 days and that i need to go visit the branch!

it was a dwp payment done via bacs?

just it is removal and cooker etc money for tuesday and when they said that I thought uh oh....

paragon909

katonia wrote: »

bacs payment was sent on Wednesday to rbs not received yet?
how long normally and do they credit weekend at all ?

many thanks!

DWP payments released on wednesdays are paid on Monday. They only issue sameday payments for delayed claims etc.

agrinnall

katonia wrote: »

hmmm getting conflicting info just called rbs advisor said there is no payment going in on Monday and that the longest it takes is 2 days and that i need to go visit the branch!

it was a dwp payment done via bacs?

just it is removal and cooker etc money for tuesday and when they said that I thought uh oh....

I expect that RBS won't know about it yet, the file of BACS DCs will arrive overnight tonight and will be posted with Monday's date (but may show up in your account tomorrow).

pjread

BACS are sometimes referred to as 3DV (3 day value) transfers. my back-room days at Lloyds are many years behind me now, but I highly doubt anything has changed.

henm2

pjread wrote: »

BACS are sometimes referred to as 3DV (3 day value) transfers.

I can confirm BACS is still a 3 working days process.

UsetheFORCE

For payments via BACS from the DWP, the payment hits your bank account on the THIRD WORKING DAY after the day the payment was released.

So a payment being released on a WEDNESDAY will, assuming Thursday, Friday and Monday are working days, arrive in your account on the MONDAY.

pmduk

However, that said, DWP payments due in an RBS account on Monday generally show on the Saturday

henm2

UsetheFORCE wrote: »

For payments via BACS from the DWP, the payment hits your bank account on the THIRD WORKING DAY after the day the payment was released.

.

A payment using the BACS system follows a 3 working day cycle (Saturdays not classed as a bank working day). A payment sent via BACS on Wednesday (Day 1) should hit the beneficiary account the following Friday (Day 3) http://ask.barclays.co.uk/help/day2day_banking/bacs_and_chaps

RedLemon

From bacs own website,

Input - day 1
Input day is the latest day a business user/bureau may submit a payment file to Bacs for a processing cycle. Payment files must be transmitted to Bacs between 07.00 and 22.30.
Processing - day 2
Files are delivered to the recipient banks which then process each payment.
Entry - day 3
Payments are simultaneously credited to the recipients’ accounts and debited from your account.