Bacs

serenity2012

Hi,

I received a letter today from a company saying 'Bacs remittance for cleared funds on 10.04.2017. Can anyone tell me what it means? Does it mean these funds have been sent and will arrive in my bank on Monday or does it mean they will be sending it on Monday?

If it means they will arrive Monday does that also mean if i bank with Barclays that they will be available in my account tomorrow, Saturday? Thanks for any help.

Biggles

serenity2012 wrote: »

I received a letter today from a company saying 'Bacs remittance for cleared funds on 10.04.2017. Can anyone tell me what it means? Does it mean these funds have been sent and will arrive in my bank on Monday or does it mean they will be sending it on Monday?

If it means they will arrive Monday does that also mean if i bank with Barclays that they will be available in my account tomorrow, Saturday?

If it says cleared funds on 10 April, that's what it means. The banks will process it tonight but that doesn't necessarily mean they'll be available tomorrow, you'll have to ask Barclays.

agrinnall

The BACS Direct Credit system (which it's almost certain this is) works backwards from the date that the originator wishes the payment to be credited to the payees account - payroll is one of the most common uses that people will see, so for instance I'm paid on the 31st, and BACS DC ensures that happens. The originator in your case will probably have started the process a couple of days ago, and the money will be in your account on Monday (I don't know how Barclays works, it is possible it will be there on Saturday but you'll be able to check for yourself on Saturday morning).

Shakin_Steve

We bank with Barclays. When my wife's payday falls on a Monday, it does indeed show up as a credit on Saturday, but it is dated Monday.