BACS payment

[multi power]

If I get paid for something by BACS is there any way anything can go wrong?

 

[Cowabunga]

If I get paid for something by BACS is there any way anything can go wrong?

Of course there is. Input or give the wrong bank account details and you are stuffed. Otherwise there is no problem. Once you pay someone once, using whatever security system your bank employs, such as using a card reader, then future transactions are very quick and easy. I prefer to use my bank's phone app to pay bills than the desk computer.
The issue with getting paid is to identify who paid you. Always ask them to input a payment reference. This will show up on your app and statement.

 

[Great In Grass]

If I get paid for something by BACS is there any way anything can go wrong?

No, if you get paid you have got the money!

 

[Cowabunga]

I have often heard comments to the effect "I'm not giving my bank account details to anyone". Do these people not realise that every cheque they send has all the details printed, plain as day, on it?

 

[multi power]

No, if you get paid you have got the money!

Thank you, that is what I wanted to hear

 

[Lincs Lass]

I use BACS alot ,,its much easier and far quicker than waiting for cheques to clear ,,If its a new payee ,ask them to send £1 to clarify the accounts details are correct ,then contact them to let them know its ok to send the rest

 

[RushesToo]

I use BACS alot ,,its much easier and far quicker than waiting for cheques to clear ,,If its a new payee ,ask them to send £1 to clarify the accounts details are correct ,then contact them to let them know its ok to send the rest

This is the best advice - large companies use this to confirm that you both know who each other are.
Once you have confirmed that you know each other the serious money transactions can go ahead.
I remember PayPal l asked me to confirm a 10p transaction - so long ago I don't remember the amount just the attention to detail. After that I named the "thing" that I wanted and the responsibility lies with them to get the rest of the transaction right. It took mistyping of numbers out of the equation.

My bank account is not so friendly, I check the numbers as many times as the amount of money requires - this means from no time to some minutes.

 

[AFM]

I have heard that if someone pays you they can snatch it back as long as it is within the day the payment is made.

 

[Lincs Lass]

You can cancel a cheque if its been paid via a banking app but I don't think you can grab an online payment back

 

[Great In Grass]

I have heard that if someone pays you they can snatch it back as long as it is within the day the payment is made.

Once a BACS payment has been made that's it. It is not possible to retrieve money already paid into some else's account, you are effectively 'stealing' I guess. This is my experience with NatWest.

 

[Johnnyboxer]

Faster Pay is the new way
BACS is old hat and takes 2-3 days to fully 'clear'
Faster Pay is within 2 hours

 

[Great In Grass]

As soon as I receive a BACS payment that money is made available to me to use immediately.

 

[Pheasant Surprise]

Faster Pay is the new way
BACS is old hat and takes 2-3 days to fully 'clear'
Faster Pay is within 2 hours

Most "BACS" payments are sent now via FP anyhow. The scheme limit for Faster Payments is now a max of £250K (I just checked), but banks will often impose much lower limits.

Personal Transaction Limits (by bank):

Personal Transaction Limits | Faster Payments

Simply click on an organisation's logo to find out how much you can send per transaction. Please note that some service providers also limit how much you can send during the course of a day. If you are planning on sending multiple high-value payments, then please contact your service provider to...

www.fasterpayments.org.uk

Business Transaction Limits (by bank):

Business Transaction Limits | Faster Payments

Simply click on an organisation's logo to find out how much you can send per transaction. Please note that some service providers also limit how much you can send during the course of a day. If you are planning on sending multiple high-value payments, then please contact your service provider to...

www.fasterpayments.org.uk

 

[Pheasant Surprise]

Once a BACS payment has been made that's it. It is not possible to retrieve money already paid into some else's account, you are effectively 'stealing' I guess. This is my experience with NatWest.

That is correct. There is actually very little time to "cancel" a payment, often minutes literally.

Once the funds are showing in the payees account, that is it, they are cleared funds and cannot be re-tracted.

So general good advice is to triple-check the account details you are sending money to, or do as suggested above by Lincs Lass and test using a small payment.

 

[SRRC]

The £1 test payment is very sensible, also good practise when making BACS payments is to schedule them for a day or two ahead, thus if you realise you have made an error there is time to amend or cancel.
Cleared funds that are involved with fraud can be clawed back, but that's the same whatever the payment mechanism.

 

[Hfd Cattle]

Bacs is perfectly safe.....but if your worried send me a couple of grand just to check . I will let you know when it's arrived ...... seriously though we haven't written cheques out for quite a few yrs now .

 

[Pheasant Surprise]

Cleared funds that are involved with fraud can be clawed back, but that's the same whatever the payment mechanism.

Don’t bet on it. Look at the tractor website scams. They just withdraw the funds pronto and scarper.

 

[Great In Grass]

The £1 test payment is very sensible, also good practise when making BACS payments is to schedule them for a day or two ahead, thus if you realise you have made an error there is time to amend or cancel.
Cleared funds that are involved with fraud can be clawed back, but that's the same whatever the payment mechanism.

That's what I tend to do!

 

[SRRC]

Don’t bet on it. Look at the tractor website scams. They just withdraw the funds pronto and scarper.

I was thinking more of payments made to you, not the other way around.
It's not just the direct cost of cheques that's unattractive but also the cost of posting it, an envelope and stamp is approaching £1 now.
Oddly, I find myself suspicious when someone wants to pay by cheque, is it that they haven't got the funds and are relying on the 3 or 4 days grace before it's paid? Years ago someone agreed to buy some dairy heifers from me, about £10k worth, and left a cheque. I said collect when funds have cleared, they didn't. The chap never rang or returned calls, he'd driven 100 miles to have a look, I can only assume it was some sort of recreational activity. Now I'd sit him in front of a computer and make him do it there and then, would ruin his day out.

 

[renewablejohn]

Lot of rubbish above. BAC's is no different to any other if your bank wants to reverse the process there is little you can do about it. Dont be fooled by the hype it does not stand up in court and if all else fails the court will award Restitution.