What time does your pay go into your bank?

[TheoriginalLEM]

Ive always assumed it goes at or just after midnight. Mine wasnt there until about 6am this morning. I'm pretty sure its been in muxh earlier when ive checked before. I dont sleep well so often awake at 4am

Anyone know

@EveryDayIsADuvetDay

A few years ago, payment runs typically had to be submitted the day before (or incur big charges). With 'faster payments' in recent years most (possibly smaller, not sure of limits on volume of transactions) organisations will make same day transfers, so as PP has said, depends on when someone presses the button. In terms of overdraft charges, I think banks base this on the end of day close position, so if you have payments going out on the same day it shouldn't matter.

We had a problem with our payroll a few years ago. The payroll company managed to mess up our payments and the money didn't go in overnight. Several members of staff had mortgage payments refused. At that time, we were told that as long as the money is there by midnight it wasn't payroll's fault. However, at that time, most banks would do a BACS run at around 2am and another one slightly later. Then they would do the debit run. Occasionally, but not always they would do a further BACS run at around 2pm. On the two occasions it happened to us colleagues were hit with charges relating to returned payments etc. Our payroll asked all those affected for evidence and refunded charges to those people. One person also had to get a letter as they were in the process of applying for a new mortgage and needed evidence that the missed payment was not their fault. Hopefully things are run better now.

Always midnight with Barclays

I would expect mine to be in at midnight on Sunday night as we are due to be paid on the last working day if the month, so this coming Monday.

We don’t get the English bank holiday Monday as we get a different Scottish one but I guess the bank staff do get this Monday off as I’ve just checked and my salary is in today! That must be why.

@erictheavocado
reminds me of a time I did payroll in December, worked til about midnight doing that and other stuff. Left everything on the owners chair and huge note (pre-email) to remind him to check and authorise the payments. Went directly to the airport.
Found out a couple of days later he'd got pissed and not bothered to go in the following day