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Bank accounts that tell you pending BACS payments
Comments
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How can any bank do this as they won't know what is coming until it arrives apart from on weekends (where Monday BACs is known and shown on Saturday). BACs payments are instantly cleared the minute it hits the account in the overnight run.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
dunstonh said:How can any bank do this as they won't know what is coming until it arrives apart from on weekends (where Monday BACs is known is Saturday). BACs payments are instantly cleared the minute it hits the account in the overnight run.0
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dunstonh said:How can any bank do this as they won't know what is coming until it arrives apart from on weekends (where Monday BACs is known and shown on Saturday). BACs payments are instantly cleared the minute it hits the account in the overnight run.30+ years working in banking0
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flo22 said:dunstonh said:How can any bank do this as they won't know what is coming until it arrives apart from on weekends (where Monday BACs is known and shown on Saturday). BACs payments are instantly cleared the minute it hits the account in the overnight run.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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dunstonh said:flo22 said:dunstonh said:How can any bank do this as they won't know what is coming until it arrives apart from on weekends (where Monday BACs is known and shown on Saturday). BACs payments are instantly cleared the minute it hits the account in the overnight run.0
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dunstonh said:flo22 said:dunstonh said:How can any bank do this as they won't know what is coming until it arrives apart from on weekends (where Monday BACs is known and shown on Saturday). BACs payments are instantly cleared the minute it hits the account in the overnight run.
The member banks received the files by 00.30 hours on day 2 and apply them after midnight on day 3. Any bank can see the entries before day 3 if they choose to do so but most do not. It would definitely be easier for 'single sort code' Agency Banks to give customers visibility earlier.30+ years working in banking1
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