Bank Giro Credit Information

buffness

Hi there,
Please are you able to help?

I have my salary paid into my bank account via 'BGC' (Bank Giro Credit).
This evening, I checked my payslip online and can see that my employer has overpaid me by £700 - I obviously will make them aware first thing in the morning - however, is anyone aware whether they can reverse the whole salary payment if paid by BGC, and then repay me what I'm owed later on within the day? Or, if BGC's cannot be recalled/reversed, then I'm assuming they'll want me to transfer the overpaid amount to a bank account by way of a Faster Payment.

Any help is greatly appreciated

Thanks very much.

jonesMUFCforever

I don't think they can withdraw the funds after more than 24 hours of it being credited,
Be careful though it is not a question of giving them £700 back. T hey need to re work how much tax and NI you have overpaid.

It might be easier all round if you offer to keep the extra money this month on the understanding they will deduct the equivalent next month.
If they agree put it away somewhere as not to be tempted to spend it.

buffness

Good point.
Thanks for your help - so, just to confirm - as we're heading into the weekend, I'm guessing the last point they can reverse it will be on Monday?

Ben8282

Has the money actually appeared in your account? If yes, I think it is highly unlikely the transaction would be reversed.
Do you know the exact error that was made in the calculation of your pay?
Yes, you should tell your employer but equally you cannot be reasonably be expected to check your bank account immediately so I think you should wait until Monday before saying anything.
The suggestion that the adjustment should be made on your next payslip/pay day is a very good one. Do not simply pay back an amount of money leaving the payslip unchanged. You must have either a new payslip now showing correct tax/NI contributions (which may be difficult for them) or preferably a reduction of your net pay next month by the net amount by which your pay was overpaid.