I thought BACs transfers were instantaneous

  ened 13:16 10 Jul 2008
Locked

But my bank is telling me they will still take 3 days.

Yet the person who is sending me the money also believes it is immediate, and the money went from his account yesterday.

According to my bank it is not even being processed today.

Can someone clear this up?

  alB 13:35 10 Jul 2008

Taken from my B/S faq's
BACS (Banks Automated Clearing System)

BACS is ideal for making regular payments into your Britannia account. A BACS transfer will take 3 Banking days to reach your account.
To complete a BACS transfer, your Bank will ask you for the information set out below.


Britannia's sort code: 57-13-27.
Account number: 00000000 (always enter 8 zeros here).
Reference: Your 9 digit Britannia account number, e.g. 123456789. If you have an 8 digit account number please add a '0' to the front of it. Your Britannia account number can be found on your passbook, cashcard or statement.

CHAPS (Clearing House Automated Payment System)

CHAPS is a same day transfer of funds. A CHAPS transfer will generally incur a cost from the transferring organisation in the region of £20. A CHAPS payment may also be refered to as a TT (Telegraphic Transfer).
...alB

  Pamy 13:38 10 Jul 2008

Usually only transfers from your ownn accounts to another of your own accounts are instant

  jack 13:55 10 Jul 2008

Last week week or the week before [The world is going faster by the moment]there was a report that instant transfers were going to be on line from some time this month
But not all banks and not all receivers of monies it seems
They have to sign up to participate.
So check your Bank.

  Sheepish 14:15 10 Jul 2008

The increased speed is being phased in to keep the impact of teething troubles to a minimum. It can vary from bank to bank and for different types of account.

  oresome 14:44 10 Jul 2008

On the accounts I use, I suspect newly set up transfers are delayed as a security measure, despite any speeding up of the system that is being phased in.

I get an E Mail notifying me of activity on the account and I presume some time is then given to allow a response from the account holder, should the activity turn out to be fraudulent.

  nosharpe 14:49 10 Jul 2008

Generally BACS payments are debited today to appear on the recipients account at another bank 2 working days later.
So if you initiated a transfer today, the beneficiary would get the money in their account on Monday.
Technically banks count each day therefore arriving at 3 but the process is actually 2 days.

BACS transfers between personal accounts at the same bank are usually instantaneous.

Some banks have already upgraded to the Faster Payments Service, whereas most others will have it onboard in September 08.

  spuds 15:57 10 Jul 2008

Depends on which country you live and have a bank account in. In some Scandinavian countries, it can be instant or within 2 hours, between bank accounts there.

The UK banking system was suppose to be able to do this, but as usual, its dragging its feet.

  ened 16:20 10 Jul 2008

I think I read the same report as jack and yesterday the customer who pays me by this method told me he had done it and that it should be with me.

It still hasn't arrived but my 'bank' is Nationwide and they have quite a few little quirks which the proper banks do not.

The reason I bank with them is that their business account is not only free but pays interest.

I guess I will have to be patient until Nationwide catches up, but in the meantime someone is making loads of money in the period between it leaving one account and arriving in t'other.

  €dstowe 16:20 10 Jul 2008

There are two things that are immediate with banks:

1. Money leaving your account.

2. Notifying you that you have gone overdrawn.

Everything else takes days. You would think they still work at high desks with quill pens instead of the 21st century.

  €dstowe 16:24 10 Jul 2008

Note: the way to have your banking as speedy as in other countries is to open an off-shore account. Things do happen quickly there.

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