BACS

NE5

Hello, I've got a bill to pay for some building work.

The company says I can pay by BACS, which they prefer.

Is this the same thing as a single one off payment, via my online bank account to theirs ? Which I'm happy to do today. 

I thought BACS were for direct debits and recurring things ?

wmb194

NE5 said:

Hello, I've got a bill to pay for some building work.

The company says I can pay by BACS, which they prefer.

Is this the same thing as a single one off payment, via my online bank account to theirs ? Which I'm happy to do today. 

I thought BACS were for direct debits and recurring things ?

Yes, same thing. They mean faster payments. Companies can still pay by Bacs if they wish and their bank offers it but individuals cannot, we're forced to use faster payments.

NE5

I'd prefer to post a cheque. Progress I suppose. 

They are giving me their bank details, and i'm sending them the money.

But I wouldn't be happy to give out my bank details to someone I didn't know for instance.

If you don't bank online, what do you do ?????? 

boingy

NE5 said:

I'd prefer to post a cheque. Progress I suppose. 

They are giving me their bank details, and i'm sending them the money.

But I wouldn't be happy to give out my bank details to someone I didn't know for instance.
 

If you sent them, or anyone else, a cheque they would have your bank details.

I had the opposite problem with a guy who mended our boiler. He *only* wanted to be paid by cheque and I no longer have a chequebook! Many current accounts no longer send you a chequebook automatically - you have to request them.

NE5

True.... in those "cheque" days you didn't buy stuff online though.
But you can see why, in the modern world, why chequebooks are now more of a risk so are being phased out.

The job is done BTW, and I'm happy. 

I'm just wanting to be sure paying a one off payment via online is done right, if thats what she means by BACS.

DullGreyGuy

NE5 said:

I thought BACS were for direct debits and recurring things ?

BACS operate both Direct Debit and Direct Credit however DDs are known by their own name where as Direct Credits were known as "BACS" or "Bank transfer" or "Wire Transfer" (in the US). Outside of the corporate world BACS Direct Credits have almost be fully replaced by Faster Pay in the UK but many still refer to a simple push bank transfer as BACS.

NE5 said:

But I wouldn't be happy to give out my bank details to someone I didn't know for instance.

Then stop doing...

NE5 said:

I'd prefer to post a cheque. Progress I suppose. 

As your cheque has your bank details on the bottom of it.

The only things that can be done with bank details is to give you money or setup a DD with the relatively limited number of companies that accept DD payments. For DDs you have the guarantee that on demand they can be cancelled and funds refunded so worst case is a little hassle. Your credit card number however is much more valuable because its so much more widely accepted and can be used to acquire untraceable products/services.

NE5

DullGreyGuy said:

NE5 said:

I thought BACS were for direct debits and recurring things ?

BACS operate both Direct Debit and Direct Credit however DDs are known by their own name where as Direct Credits were known as "BACS" or "Bank transfer" or "Wire Transfer" (in the US). Outside of the corporate world BACS Direct Credits have almost be fully replaced by Faster Pay in the UK but many still refer to a simple push bank transfer as BACS.

NE5 said:

But I wouldn't be happy to give out my bank details to someone I didn't know for instance.

Then stop doing...

NE5 said:

I'd prefer to post a cheque. Progress I suppose. 

As your cheque has your bank details on the bottom of it.

The only things that can be done with bank details is to give you money or setup a DD with the relatively limited number of companies that accept DD payments. For DDs you have the guarantee that on demand they can be cancelled and funds refunded so worst case is a little hassle. Your credit card number however is much more valuable because its so much more widely accepted and can be used to acquire untraceable products/services.

and they ask for the 3 digi security number on the back of the DEBIT card . .............. 

jbrassy

NE5 said:

DullGreyGuy said:

NE5 said:

I thought BACS were for direct debits and recurring things ?

BACS operate both Direct Debit and Direct Credit however DDs are known by their own name where as Direct Credits were known as "BACS" or "Bank transfer" or "Wire Transfer" (in the US). Outside of the corporate world BACS Direct Credits have almost be fully replaced by Faster Pay in the UK but many still refer to a simple push bank transfer as BACS.

NE5 said:

But I wouldn't be happy to give out my bank details to someone I didn't know for instance.

Then stop doing...

NE5 said:

I'd prefer to post a cheque. Progress I suppose. 

As your cheque has your bank details on the bottom of it.

The only things that can be done with bank details is to give you money or setup a DD with the relatively limited number of companies that accept DD payments. For DDs you have the guarantee that on demand they can be cancelled and funds refunded so worst case is a little hassle. Your credit card number however is much more valuable because its so much more widely accepted and can be used to acquire untraceable products/services.

and they ask for the 3 digi security number on the back of the DEBIT card . .............. 

You should definitely not give away the 3 digits on the back of the card. If they've given you their bank details, just send them the money through online banking.

Zanderman

jbrassy said:

NE5 said:

DullGreyGuy said:

NE5 said:

I thought BACS were for direct debits and recurring things ?

BACS operate both Direct Debit and Direct Credit however DDs are known by their own name where as Direct Credits were known as "BACS" or "Bank transfer" or "Wire Transfer" (in the US). Outside of the corporate world BACS Direct Credits have almost be fully replaced by Faster Pay in the UK but many still refer to a simple push bank transfer as BACS.

NE5 said:

But I wouldn't be happy to give out my bank details to someone I didn't know for instance.

Then stop doing...

NE5 said:

I'd prefer to post a cheque. Progress I suppose. 

As your cheque has your bank details on the bottom of it.

The only things that can be done with bank details is to give you money or setup a DD with the relatively limited number of companies that accept DD payments. For DDs you have the guarantee that on demand they can be cancelled and funds refunded so worst case is a little hassle. Your credit card number however is much more valuable because its so much more widely accepted and can be used to acquire untraceable products/services.

and they ask for the 3 digi security number on the back of the DEBIT card . .............. 

You should definitely not give away the 3 digits on the back of the card. If they've given you their bank details, just send them the money through online banking.

Nothing wrong with giving those three digits if it is, for example, a card payment over the phone. Perfectly normal.

(And yes I know the OP was talking about paying by 'BACS' (actually FP) or by cheque, but as an alternative, which the OP may have been asked about as well, if the firm can take cards via a virtual terminal at their base, then card details and the 3 digit numbers does the job perfectly.)

SiliconChip

The key thing about paying by Faster Payments is to not pay the full amount until the work is completed to your satisfaction - I'd suggest paying a small deposit at most up front. Paying by card gives you more protection, and to be honest it's so cheap to get a card reader these days that anyone not offering it is either a technophobe or a dodgy trader.

jbuchanangb

Whenever I pay tradesmen by bank transfer for any meaningful amount (over £50), I always set it all up, and make a low value payment such as £5 first, and check they have received it before transferring the balance. You hear too many stories of people who have made a mistake in the target bank account number, paid over £5,000, and then discovered it has gone into a black hole or somebody else's bank account. Nightmare to sort out.