A&L - banking on New Years day

interest_Ted

I have an A&L commercial account. For BACS transfers, you have to specify the date that you want the payee to receive the money (as opposed to most banks which ask merely for the date you want it to leave the account). The bank then determine the date that the money has to leave the account in order to reach the payee on the date specified.

Some few days ago, I set up a payment to reach someone on 2nd Jan. By my calculations this should have left my account on 28th Dec, but I see it is still sitting in my account today (29th). So I called A&L who insist that New Years Day is actually a normal banking day for them in so far as BACS payments are concerned, and that the payment will leave on Monday 31st and reach the payee on Wed 2nd. (despite a note on their website that states that payments set up on Mon 31st will not reach until Thursday 3rd)

I am ready to be amazed to see the payment reach the payee on time, but have some serious doubts at this point in time.

Can anyone throw any light on this ? - perhaps I have misunderstood or missed something - perhaps the BACS cycle is reducing to two days effective 31 Dec ? or perhaps New Year is not a bank holiday in England ?

If not, then anyone else with BACS payments set up over the New Year period - especially with A&L commercial, might want to double check their dates.

Ted

masonic

Although it's a different bank and a different protocol, I set up a direct debit payment into my Icesave account on Friday 28th December for which the earliest date I could set it up to affect my Icesave account was Thurs 3rd January. That at least suggests Landsbanki are regarding New Years Day as a non-banking day.

Biggles

interest_Ted wrote: »

ICan anyone throw any light on this ? - perhaps I have misunderstood or missed something - perhaps the BACS cycle is reducing to two days effective 31 Dec ? or perhaps New Year is not a bank holiday in England?

It's nothing to do with the BACS cycle. When you pay by BACS, the money leaves your account and enters the payee's account on the same day, Day 3, though you have to set up the instructions on Day 1 and the banks process it on Day 2.

What you are using is A&L's payment system (which itself utilises BACS) and they choose to reserve the funds from your account on Day 1 (presumably putting them in their own suspense account of some kind). I think nearly all banks do the same with their payment systems. But, as it's their own system, there's nothing to prevent them taking the money from your account earlier or later should they so wish. As long as they have processed the BACS part correctly, the money should still be there on time......

masonic

Biggles wrote: »

What you are using is A&L's payment system (which itself utilises BACS) and they choose to reserve the funds from your account on Day 1 (presumably putting them in their own suspense account of some kind). I think nearly all banks do the same with their payment systems. But, as it's their own system, there's nothing to prevent them taking the money from your account earlier or later should they so wish. As long as they have processed the BACS part correctly, the money should still be there on time......

Presumably, if the funds have already been reserved, the OP's available balance should reflect that. What would be odd in that case is that the OP will be getting a few extra days of interest on that money, unless A&L backdate the transaction to Friday when it eventually appears.

interest_Ted

Hmmm....here we are on the 2nd.

Guess what. The money has not arrived in the payees account, and what's more - there is no sign of it arriving.

Looks like A&L goofed !!! Just as I had suspected that they would. Double goof actually - cos when I called them they swore blind that it would arrive on time.

Perhaps it's my fault - I should never have relied upon A&L in the first place.

So there we are.

Ted

Biggles

interest_Ted wrote: »

Hmmm....here we are on the 2nd.

Guess what. The money has not arrived in the payees account, and what's more - there is no sign of it arriving.

Looks like A&L goofed !!! Just as I had suspected that they would. Double goof actually - cos when I called them they swore blind that it would arrive on time.

They've clearly goofed, but what is the nature of their goof? Has it gone from your account?

If someone's goof was to assume 1 Jan was a banking day and they didn't start the BACS cycle till 31 Dec, it should still be there on 3 Jan.

But if it hasn't gone from your account, it looks like they've goofed even more thoroughly.

dunstonh

New Years day is not a working day so that info was wrong and if a Scottish bank or branch is involved it can take one day longer as I believe they have an extra bank holiday in this period somewhere.

What date did it leave your account?

interest_Ted

The funds left our account on 31st.

No Scottish banks /branches involved.

Payee commenced investigation from their end, and following some research by their own bank's clearing dept, has just (5 mins ago) received confirmation directly from the clearing office of their bank that the money is 'in the pipeline' and due to arrive first thing tomorrow (3rd).


Ted

DesG

I had exactly the same happen to me.

Payment date is listed as 02/01/2008 but no payment has appeared in the destination account.

Transaction XXXXXXX on 02/01/2008 for £X.00 has been authorised. New status is Scheduled.

Looks like their web software didn't realise that 1st Jan 08 was a bank holiday, typical from A&L really.

Cheers, Des.

chesky369

I have also found a+l very slow over the holiday period - tried to transfer money from one account to another and set it up on boxing day for 'as soon as possible'. Still isn't there and there have been sufficient working days under normal circumstances for the transaction to have been completed. Also, it's quite difficult to find details- managed it in the end but other accounts have a very clear 'transaction pending' section.

Dean101

chesky369 wrote: »

I have also found a+l very slow over the holiday period - tried to transfer money from one account to another and set it up on boxing day for 'as soon as possible'. Still isn't there and there have been sufficient working days under normal circumstances for the transaction to have been completed. Also, it's quite difficult to find details- managed it in the end but other accounts have a very clear 'transaction pending' section.

Some reassurance for me there, thanks. Can I ask how you managed to find out though? I actioned a TV from A&L around the same time (to a Scottish bank as well - double trouble) and am still waiting for the money to show online.

Plenty of time yet given it's to pay my tax by the month end but I'd be happier to see it appear soon given 27,28,31,3,4 & today (7) are/have all been working days. Given the normal turnaround I would have expected the 3rd