BACS - can my bank see if one has been sent?

[Deleted User]

On my mobile banking I can’t see when payments are due to credit to my account. 

Will my bank know when a payment has been sent to me and is been processed? 

eskbanker

Your bank will obviously know at some point - I could be wrong but believe that this will usually be on the middle day of the three-day BACS cycle, i.e. the (working) day after it's sent and the one before it'll be credited to your account.  How and when the receiving bank chooses to present that information to its account-holders will vary between institutions....

Armorica

Bacs operates on a three day cycle. At the latest you should see it the morning of Day 3. Some Bacs will show you at some point on Day 2. They have these files by around 6am - but the time taken to pre-process these vary (some of the files are huge - peak day in Bacs is around 120mn payments). It is very rare but technically possible if the heavens align (i.e. submission is early, and the receiving bank receives early) to share this information on Day 1.

colsten

If you want to see forthcoming payments a day before you can actually use* the money, try Starling, Santander or Monzo.

* some smart alec will now come along and say you can use the money 33 minutes and 16 seconds or some such time earlier but this is really desperate stuff. You still have a certain amount of incoming  and outgoing money, and any advantage of using your incoming money earlier than you used to is in reality a one-off experience.

Armorica

colsten said:

If you want to see forthcoming payments a day before you can actually use* the money, try Starling, Santander or Monzo.

* some smart alec will now come along and say you can use the money 33 minutes and 16 seconds or some such time earlier but this is really desperate stuff. You still have a certain amount of incoming  and outgoing money, and any advantage of using your incoming money earlier than you used to is in reality a one-off experience.

Well. That does remind me. Monzo let you have the money a day early https://monzo.com/features/get-paid-early/ (not just see it) - by 4pm on Day 2.

colsten

So that's a teeny bit longer than 33 minutes and 16 seconds earlier - but the basic premise remains: it's a one-off advantage and doesn't change your overall financial position. You might be incredibly popular if you can buy all the rounds a day before your workmates can, but when the sore head wears off, you realise that you don't have any more money than you would have had if you hadn't splashed out last night. Getting your money a tad earlier also does nothing for the length of time your money lasts - to the contrary, if you start spending it earlier, you'll run out of it sooner than  than you'd normally do.

It's just a gizmo.

Armorica

Yeah 99% gimmick.
It might occasionally be useful in emergencies (broken car etc) but unlikely the heavens would align. Well, except (sorry in advance....lol) if payday is the day after Easter Tuesday, you could get the money ages in advance on Maundy Thursday) It's certainly better than a pay day loan type shark but they'd usually be a week or so rather than hours before actual pay day.

colsten

Well, if what you describe would make a real difference to someone's life, I would respectfully suggest that that someone has much, much bigger issues than when they can whether they can get their hands on their monthly income earlier than normal. Perhaps they should be visiting other MSE forum boards, such as the Debt Free Wannabe or the Old Style Money Saving One. Or just lay off the takeaways and other luxuries.

Thrugelmir

MarkN88 said:

Will my bank know when a payment has been sent to me and is been processed? 

Ask the payee when they've setup a payment, to notify you would seem far easier. 

RG2015

Thrugelmir said:

MarkN88 said:

Will my bank know when a payment has been sent to me and is been processed? 

Ask the payee when they've setup a payment, to notify you would seem far easier. 

Isn’t the OP the payee?

[Deleted User]

All I know so far is the money I am due has been requested to be paid by the finance team, that was on Thursday. However they also said they only do 1 payment run per week, they never mentioned when that was, plus the added unknowns such as how long it will take the finance team to approve before been added to their weekly run and when their weekly run was taking place due to Easter. I fear this payment will take some chasing.