How long does it REALLY take for a BACs payment to arrive? Think I'm being lied to..

Isolt

A company that owes me money claims they sent me a BACs payment on Tuesday. In my experience, BACs to my account always take 2 working days and credit just after midnight on the 2nd day. I'm with Lloyds. I just called the company and they said that their BACs payments are different and take 3 to 5 working days to arrive in anyone's account.

Really?

ManAtHome

I recently closed a savings account with NS&I on a Wednesday and the cash didn't arrive until the following Monday, so quite possible. At least your "day 3" will be a Friday...

Daveahare99

Yes I am business customer at Natwest. BACS payments from Lloyds are notorious at Natwest as they do usually take the full 4/5 days. Not sure who there with I don't think its anything out of the ordinary.

Hope it helps.

wizzywig27

I recently had a BACS payment sent Thursday arrived Monday - this was into a Halifax account

Isolt

Yeah, that's the time frame I'd expect to see!

BeckyAP

When I had my rental deposit sent back to me they sent it via BACS and said it could take up to 5 working days.
Only after they had past could I chase the company.
Sent Monday, received Wednesday.

wizzywig27

Perhaps they paid it after the cut off for banking that day?

Isolt

they claim they sent it around noon on Tuesday. If it's not in my account by Friday I'll find that very odd indeed

JuicyJesus

BACS, strictly, takes 2 working days after sending. Day 1 input, day 2 processing, day 3 credit/debit.

However different companies have different processes, some batch up payments and only send them weekly, etc etc etc.

I'd say if it was sent Tuesday if it's not there tomorrow morning then call the company and ask what's happening.

cifpower

Isolt wrote: »

they claim they sent it around noon on Tuesday. If it's not in my account by Friday I'll find that very odd indeed

They may have sent it, but it depends on what date they chose for payment. I do BACS runs where I work and I have the choice of payment date.

Isolt

JuicyJesus wrote: »

BACS, strictly, takes 2 working days after sending. Day 1 input, day 2 processing, day 3 credit/debit.

However different companies have different processes, some batch up payments and only send them weekly, etc etc etc.

I'd say if it was sent Tuesday if it's not there tomorrow morning then call the company and ask what's happening.

Thanks. I will call them if it doesn't arrive Friday morning. However, they will give me their same tired "it takes 3 to 5 working days" line. What do I say to that?