if someone pays a oneoff bacs payment into your bank can the bank tell you when it is showing to be paid?

Answer 1

Bacs payments take 3 working days to credit an account.

The Bank making the payment can confirm that the payment has been made (But they must stay within the terms of the Data Protection Act).

Your Bank will only know about the payment once it has been received and credited to your account.

If you are releasing goods or services against a Bacs payment it is wise to allow an additional day after it has been received into your account as Bacs payments can be recalled on the same day.

Answer 2

The bank can tell you when its in your account but it depends on how the payment was made at the other bank as to when the payment is fully cleared. If its a standard BACs payment then its from an account so would have come from cleared funds. This means its cleared in your account when received. If the payment was sent using a cheque, drawn on another bank then the cheque could bounce and this would be sent on to your bank to be taken from your account a few days later.
It gets more complex if there is any fraud involved so ask your bank for advice.
For gods sake dont sell anything valuable and hand it over on the basis that there is an apparently cleared sum in your account as any fraudsters cheque could come back to haunt you much later.
In all circumstances ask your bank as to the ways of ensuring the payment is cleared and nothing can come back to bite you.

Answer 3

I have received a bacs payment and advised by my bank that it is cleared. before I make any payments how can I be sure that the money used for the bacs payment wasn' illy deposited by cheque that could still bounce?

Answer 4

Assuming you are in the UK - a bacs payment appears in your account 2 days after the payer processes it. eg if they make the payment through their bank on a Tuesday, it will credit your account on a Thursday. I don't believe that your bank will be able to see the credit until the Thursday.

Answer 5

Hi. My fiance is a banker (hey, we all have our problems). He says you can ask the organisation making the payment to confirm it has been sent, but your own bank will be unable to tell you when it is due to arrive. It normally takes 2 days to clear from the payee account, when it will become available to you. This is true of all banks within the UK.