Anyone know anything about BACS payment?

[sophiesophiesophie]

I'm due to revive A very large sum of money in form of insurance pay out. I'm starting to worry it won't arrive. Apparently it was made Wednesday around 4pm but hasn't arrived yet. I thought Friday would be classed as the third day meaning it should have arrived but it hasn't. Anyone know if because it was late in the day it was made its probably not lost but just not ready yet? If that makes sense? Tia x

BACS can take a couple of days but in practice they are usually there same day, occasionally a bank will hold a payment to run extra security checks, especially if this is a significant sum.

From my limited understanding I think it goes overnight but not on weekends. There's a faster one that is immediate. I wonder if the hold up is with your bank?

I had an inheritance paid in by bacs and it took about 4 days, my brother got his a day before me, hopefully your money will appear tomorrow

It’s generally 3 working days for BACS. Don’t rule out the fact that your bank may have intercepted it for fraud checks if it’s unusual activity for your account (which it sounds like it is).

Iirc, it was last year, solicitor told me up to five days, I guess that was to stop me fretting if it didn't appear in the usual two days, I checked every day.

Thanks everyone. Yes. The amount would be unusual for my account so I guess the bank could hold it. But I've not received any messages etc to ask about security? My thinking was if it was made late in the day Wednesday then maybe it didn't get processed until Thursday morning the third day would be Monday? I expected it sooner as I'm with Barclays and Barclays usually any credit due in on a Monday will appear on a Saturday, same with my child benefit etc.

There was an issue on Friday where payments weren't going from bank to bank. My husbands wages left his boss's bank account but were very delayed reaching his account. Maybe it's just caught up 🤞

4pm is the BACS cut off, so when you've been told around 4pm...if it was after then the 3 working days takes you to payment on Monday

BACS payments appear to clear between 1am and 7am, I would look tomorrow morning, I remember being quite worried about mine and it did appear, I didn't any notification about it at all while it was going on, fortunately I didn't know that DB got his a day earlier or else I would have really worried.

The comfo mation text I got to say it had been sent was at 15:50 on the weds.

I just asked my bank via live chat and they said there is no incoming payment showing so now I'm really worried 😟

If sent Wednesday then the 3 working days are Thursday, Friday, Monday. I'd expect the money to arrive on Tuesday.

My bank can't see incoming payments so I wouldn't panic

Dealing with a lot of BACS from insurance companies they very often say it's paid the day it is tasked to be paid and then it takes another 5 to 7 days to be paid.
This is the claims department approves and contacts the customer as in their eyes it is paid, but the payments department have their processes and might not process a payment run everyday.
IME Tesco and Direct line are the worst for this.

Wednesday counts as day 1 if it was sent before 1pm, so payments run on Wednesday should be paid on Friday.

I think in this case it probably didn't meet the cut off (despite the text) and will hopefully land on Monday

Should have said sent before 4pm not 1pm

You think so? Even though my bank says there's no incoming payment showing?

Try not to worry, when I was waiting for mine it didn't show at all on my account until it arrived, often payments and cheques are in the 'pending' bit but it wasn't in there.

We pay our wages through BACS processed on the Wed before 1pm and reach everyone Friday morning.
Your bank won't be able to see it until it's there so I wouldn't worry about that statement.
I'm sure it will be there Monday.

Oh thank you all..I hope it's there tomorrow. I've waited nearly 10 months fo settlement and it's been rough so I'm excited to get some relief and with bills and stuff the sooner I get it the better.

If you know you're going to receive the payment there's no reason to think you're not going to get it. BACS should take 2 days ie Wednesday to Friday but I don't know how often delays occur.

If you don't get it tomorrow it's worth checking it's been sent to your account and when it's supposed to arrive or if there's been a security delay but it's worrying about nothing to think it's never going to arrive or it's just going to disappear into the ether and that's that.

Not where I work, the day the payment is processed is day 1 and the money in the other perons bank on day 3 so in this case Friday. I'm pretty sure that's standard for all banks

@shoppingshamed maybe I'm thinking of the old cheque processing timescales rather than BACS payments

Payments are notoriously difficult and 3.50pm is a really bad time.

it depends if it means it left their account or if it was input in their payment system.

Then if could have been ended in a queue for additional checks, if the sum is large than there is often automatically the assumption something is wrong. Banking systems are now so fine tuned to spot anything remotely fraudulent going on, it can be a nightmare.

If it's not there by Tuesday, the insurerer should investigate.

Does anyone know if there is a specific amount that triggers the alarm with the bank, please ?