BACS payment was due on Monday but not received yet

mjpljpls

Hi everyone,

As the title suggests, it was due on Monday but nothing has showed up on my Santander student account transaction area online yet. Could it still be processing?

Dobbibill

Where is the payment coming from?

If it's Student Finance, go back and check the payment date hasn't changed.

My DS payment date has been changed numerous times these last few weeks.

mjpljpls

It's from someone I know (not student finance). They sent me remittance advice stating that it would be Monday but Ive not got anything as of yet and nothing has changed with regards to my available balance either

Dobbibill

Some-one rather than some company should be able to make a FP.

BACS is normally used by business's rather than people to move money.

More details would be useful.
Is it a large sum? ie over several thousand pounds.
Is the person sending it from the UK?
Is it a person or a business?

tacpot12

How much is the payment for? Different Banks have different limits for Faster Payments; if the payment is about their Faster Payment limit, it will be sent by BACS and will take three days to arrive - so sent Monday, should arrive today. It might take your bank overnight to make the payment visible in every possible channel.

YorkshireBoy

tacpot12 wrote: »

How much is the payment for? Different Banks have different limits for Faster Payments; if the payment is about their Faster Payment limit, it will be sent by BACS and will take three days to arrive - so sent Monday, should arrive today. It might take your bank overnight to make the payment visible in every possible channel.

Are you sure?

I thought there were only two options for a payment request above any set limit...

1. Payment is refused, eg Halifax and >£25K.
2. Payment is broken into smaller amounts, eg YBS.

BACS doesn't exist for individuals anymore (it's now FP by end of next working day and been this way for several years now). BACS Direct Credit is used by businesses and is still a 3 day process...but that's not relevant here.

agrinnall

YorkshireBoy wrote: »

Are you sure?

I thought there were only two options for a payment request above any set limit...

1. Payment is refused, eg Halifax and >£25K.
2. Payment is broken into smaller amounts, eg YBS.

BACS doesn't exist for individuals anymore (it's now FP by end of next working day and been this way for several years now). BACS Direct Credit is used by businesses and is still a 3 day process...but that's not relevant here.

You saved me saying the same thing, although it wouldn't have started with a question if I'd written it: as you have correctly pointed out, there is no BACS alternative to FPS for personal customers.

To the OP, you need to go back to the person who sent it and ask them to find out what's happened.

SuperAllyB

Playing devil's advocate because I'm curious.

Are there still financial institutions that aren't members of the FPS?

If so, how are there payments dealt with?

agrinnall

SuperAllyB wrote: »

Playing devil's advocate because I'm curious.

Are there still financial institutions that aren't members of the FPS?

If so, how are there payments dealt with?

Yes, there are FIs that are not full members of FPS (for instance, many of the Building Societies).

If they offer electronic payments then they do it via one of the FIs that is a full member. In many cases that means it takes longer, often not arriving at the receiving FI until the next working day (but still in time to meet the requirements of the PSRs). They could just offer CHAPS but I'm not sure if there is any FI that is not a full member of FPS that does that. If they don't do either then they can't offer electronic payments as they will fail to meet the PSRs.

System

Most Building Societies /small banks process Faster Payments in batches, so credits /debits can be the same (working) day.

agrinnall wrote: »

Yes, there are FIs that are not full members of FPS (for instance, many of the Building Societies).

If they offer electronic payments then they do it via one of the FIs that is a full member. In many cases that means it takes longer, often not arriving at the receiving FI until the next working day (but still in time to meet the requirements of the PSRs). They could just offer CHAPS but I'm not sure if there is any FI that is not a full member of FPS that does that. If they don't do either then they can't offer electronic payments as they will fail to meet the PSRs.

agrinnall

Heng_Leng wrote: »

Most Building Societies /small banks process Faster Payments in batches, so credits /debits can be the same (working) day.

Some do, some don't, I don't have enough BS accounts to get an idea whether it's most or not.