Natwest, BACS and where's my money?

usethe444

I am expecting my first wage, in fact it should have got to me on Wednesday. Problem is it hasn't arrived.

The wage payers say it was done on Tuesday, in time for Wednesday, and hasn't bounced back to them. Natwest however say there is nothing even pending transfer let alone already transferred.

Neither claim they have it.

Wage payers have the correct account details.

The account is an ISA but has had nothing into it for a few years but is still active as Natwest kindly put a penny interest into it only 2 weeks ago :T

The wage is a BACS but surely Natwest would have at least a pending amount there by now.

What should I do? Anyone know where my money might be?

John_in_the_city

Go back to the wage payer and ask them to CHECK that the deatils on the Bacs submission match what you have provided. Just to make sure that they didnt transpose some numbers when they entered them into the system. Ask them if any other transfers from tuesday have had problems, or if the rest have been ok. Also ask them if they have a Bacs submission reference number that can be quoted to your bank.

If they have transposed numbers, then get them to recall the payment and CHAPS the money to your account (same day ... will cost them maybe £20).

If they got your details correct and no other employees had problems, then it looks like the receiving bank (Nat West).

Make sure NatWest are checking their pending payments on the exact amount and not on your name / account details.

Good Luck!

Lavendyr

It takes around 3 working days for my salary to appear on my account from the day my employer requests the transfer.

emmalt

If it was done on Tuesday you would not see it until Friday as it sits in the clearing system until then. Some banks take even longer.

It also takes a while for banks to inform the person sending the money that it has bounced back.

Check again tomorrow.

Biggles

If your wages people submitted it directly into the BACS system on Tue, it would have been processed Wed and should be in your account today.

If they just sent it to an agent on Tue, it may not be in your account till Fri or later. Were there no other employees' pay sent at the same time? When do they expect their pay?

usethe444

Thanks for all your replies.

The money has appeared late on today, despite Natwest claiming only this morning that it was no where in the system!!

jonesMUFCforever

Is it a good idea to put your salary into an ISA?
I don't know how much your salary is but after the max. limit of £3000 is reached every tax year , anything else will be rejected as being over limit.

Biggles

usethe444 wrote: »

The money has appeared late on today, despite Natwest claiming only this morning that it was no where in the system!!

If it was a current a/c, the money would have appeared first thing this morning. Therefore you are going to have to accept this delay each month while NatWest transfer it from their receiving account into your ISA. Hopefully, they'll always manage it the same day as this time.

IoweIoweitsofftoworkIgo

usethe444 wrote: »

The account is an ISA but has had nothing into it for a few years but is still active as Natwest kindly put a penny interest into it only 2 weeks ago :T

I would check that your ISA is still active. At my Bank, unless you actually credit at least £1 per tax year, then you have to complete a non-continuous ISA application to be able to carry on paying in.

The interest that the bank have paid into the ISA doesn't count as funds paid in.

HTH

natweststaffmember

The above info is correct, the Inland Revenue block the account and so if that is blocked then it will be put into the current account NOT under BACS but under ISA SUBS BLOCKED. I would check the current account or the account that you elected when you opened the ISA. If you had just an ISA(unlikely although not unheard of) then it could be sitting on a suspense account or being sent back.