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

I had a large BACS payment made on Wednesday at 11.30 am and I received the funds 3am on the Friday.

The bank would not tell you if it was subject to security checks. Or their limits. Information like that needs to be kept secure to protect us all from fraud etc.

It sounds within the normal limits of a BACs payment, just check with your insurance company in the morning that it was sent on time

I received a significant payout from Aviva last year and have just checked. It was processed on the Tuesday and arrived in my account on the Friday.

Thanks so following the three day rule if excluding Saturdays and Sundays as working days it should be there Monday? I think if not in by Tuesday I'll chase it up.

I had a BACS payment at the end of last year. It took five working days to reach my account.

It's business days. So one day to Thursday, two to Friday. It takes 3-5 business days

This is the text I received on Wednesday around 3:50pm

No they don't! It's 3-5 business days. It's a slow, free payment system

If it's like my workplace then it would have been processed for payment that day but actually goes with bulk payments for the next morning, thurs, and then it'll appear anything from that day to 5 days later in the customer account depending on your bank. If it's not there by Tues maybe check in with them it's been processed ok incase there was a delay on their side

There is a faster one but you have to pay extra, OP may not have been offered it. I was offered the faster next day at a cost or BACS up to 5 days.

No I was not offered. They literally just said it will be paid via bacs payment.

If it was made after 4pm Wednesday, it would be processed Thursday, 3 working days would be Tuesday. They typically go through at midnight so first thing Tuesday morning I would check, if you haven't received it by Wednesday morning call them. I had one take 5 days, another bank and over £10k

Oh mine isn't that much lol but still quite substantial.

I don't know why everyone uses bacs still. It's so dated

I wouldn't worry until Tuesday

I assume that it's more efficient for businesses, or possibly that there's more control as in people can't just send a load of money without authorisation?

In my experience, large businesses use BACS whereas individuals and small companies use faster payments, but you need to process the payments one at a time but I think BACS is set up in batches. I don't know if it is possible to do a run of multiple faster payments in the same way.

BACS payments can take up to 3 days to appear in the account. With them paying it after 3pm it may be that the next day is counted as day one, I’d expect it in your account tomorrow.
if it’s not, check your online banking (if you have it) to see if there are pending payments or call the bank to ask.

It depends what’s normal for your account. If you regularly receive £10k as salary each month, another won’t trigger any alerts. If you only ever receive £100 a go into your account, even £5k can end up on the fraud list.

Bear in mind, if the payment has been sent fraudulently then being able to return it to the sending bank saves all the bank’s money - they’re a lot more cautious now than they’ve ever been. Losses though fraud are massive and all banks are tying to reduce the figures they’re pong out.

Pong is not a banking term! That’s a typo for pay

I dont have the option to see pending incoming payments withy online banking unfortunately.

Ah, ok. Well, If it’s not in your account tomorrow, I’d call the bank as they should be able to see if anything is showing as pending

Update, still no finds.shoeing iny account andy bank is and that that there is no upcoming payment. Looking back through statements it appears insurance company laid me last year for a car seat (damaged in same accident) via a bank giro credit. Is this the same as bacs? And is it possible they've paid me th same way this time? Anyone?
I'm going to call them but I don't want to look desperate lol

Call them and ask for their reference and if it’s cleared.