BACS on a Saturday

baronga

I am with Barclays. I am due to receive a BACS payment from my university. Is it possible for BACS payments to clear into an account and be available funds on a Saturday (early hours) or will I have to wait until next week? There seems to be some confusion online about this point. I need to know because I may need to borrow some money if there is no possibility of this happening. Thanks

eskbanker

BACS is a three working day process, entailing the sender initiating the transfer on working day 1, the transfer occupying working day 2 and arriving on working day 3, although some banks apparently make inbound transfers available at the weekend if due to arrive on the Monday.

baronga

There seems to be confusion about whether it may clear on Saturday morning, I was just wondering if anyone can clarify this point particularly for Barclays personal accounts

MattMattMattUK

Is it actually a BACS payment? Whilst many people and organisations say BACS, what they usually mean is just a bank transfer, be it Faster Payments or something else. 

baronga

Yes, it is definitely BACS

bargainbetty

Have you contacted your bank to ask? That would be the first port of call. 

baronga

Yes I have, they haven't been helpful at all and have only repeated that BACS payments take three days

baronga

Is it possible for BACS to clear on Saturday morning and with particular reference to Barclays?

mab3000

If Monday is going to be the 3rd working day for this payment, then it will be in your account early tomorrow morning as available funds, but the transaction will have Mondays date on it. This is how Barclays works with payments due to go in on Monday. 

baronga

mab3000 said:

If Monday is going to be the 3rd working day for this payment, then it will be in your account early tomorrow morning as available funds, but the transaction will have Mondays date on it. This is how Barclays works with payments due to go in on Monday. 

This is helpful, thanks. Are you absolutely sure?

Thrugelmir

baronga said:

mab3000 said:

If Monday is going to be the 3rd working day for this payment, then it will be in your account early tomorrow morning as available funds, but the transaction will have Mondays date on it. This is how Barclays works with payments due to go in on Monday. 

This is helpful, thanks. Are you absolutely sure?

That's how the BACS system has worked for many years. Banks often undertake essential system maintenance at weekends.