BACS PAYMENT QUESTION

MrSpud

Sorry for posting a regular thread, but I'm just wondering I'm waiting on a cashback company to send me a BANK TRANSFER. I was told it was sent on the 8th which was a Wednesday at 3pm. I was told it would take 3 to 5 working days. I checked my bank today and nothing has gone in. I am with SANTANDER. My money is normally shown in my account from 9:30pm.    My question is When the company sends the money does that count as DAY 1?? or will DAY 1 count as Thursday? as I double confirmed my bank account info and it was all correct. 

Can anyone please confirm this for me. Thank you

eskbanker

https://www.bacs.co.uk/Services/bacsschemes/gettingstarted/Pages/BacsDirectCredit.aspx explains the timescales from the sender's perspective, so a payment sent on Wednesday should arrive today:

Bacs processing cycle

Input - day 1
Input day is the latest day a business user/bureau may submit a payment file to Bacs for a processing cycle. Payment files must be transmitted to Bacs between 07.00 and 22.30.

Processing - day 2
Files are delivered to the recipient PSPs which then process each payment.

Entry - day 3
Payments are simultaneously credited to the recipients' accounts and debited from your account.

MrSpud

Thanks for that, but I've checked my bank and it hasn't been put in. Does that mean  They've missed the cut off time?

MrSpud

Also just spoken with my bank. And they have advised me that  Thursday would count as day 1. so should be received Monday.

eskbanker

It ought to arrive sometime today if sent on Wednesday afternoon but personally I can't see it being worth chasing around after this for another (working) day or two at least....

ischris85

Your bank has advised you incorrectly. The date a BACS payment has been approved would count as day 1. So the cashback company may have processed it on Wednesday, but when was the payment approved?

MrSpud

eskbanker said:

It ought to arrive sometime today if sent on Wednesday afternoon but personally I can't see it being worth chasing around after this for another (working) day or two at least....

What time roughly would you suggest it could be in by today?  As I said I did call my Bank and they assured me that Thursday would be day 1.. so fingers crossed it arrives Monday. 

MrSpud

ischris85 said:

Your bank has advised you incorrectly. The date a BACS payment has been approved would count as day 1. So the cashback company may have processed it on Wednesday, but when was the payment approved?

I have no idea when the payment was approved. all I know is that the BACS payment was sent on Wednesday at 3pm. How can I find out when the payment was approved?

ischris85

You would need to ask the company if the payment is processed and approved on Wesnesday. But as eskbanker suggested, perhaps wait a day or two before chasing up, unless you are desperate for the cashback to arrive

MrSpud

ischris85 said:

You would need to ask the company if the payment is processed and approved on Wesnesday. But as eskbanker suggested, perhaps wait a day or two before chasing up, unless you are desperate for the cashback to arrive

I shall wait it out thanks. I just get too stressed out lol. I did call the cashback company back to see if the payment was processed, but all they could tell me was that it's been sent to the bank.

MrSpud

So I called the cashback company up again and according to them because it was sent at 3:06pm on Wednesday the 8th The cut off day was missed so they count Thursday and said money should be in by Monday. the latest. so I'll keep this thread updated