Banking question

[fbloke]

Theoretical question - if someone has paid a BACS payment into your current account, can they recall it, debiting the money from your account, or is it legally yours as soon as it hits the account?

[darcym]

bacs is normally a one way trip

[Matt77]

Normally one way but some employers can recall it.

[JustBecos]

Bacs payments are 3 day payments. The payments can be recall upto about 3.00pm on a day 2 (the day before it hits you acount. When this happens though the credit will still hit your acount on day 3 and then be manually debited during the day. Therefore you can not be sure that the funds are cleared and will not be debited back out till the next day. The rules with this should be changing soon with the start of the faster payment service which is a 1 day bacs system.

Hope this clears things up for you. It is really shiteety I know and has been used as a scam on ebay a lot because people see the money come in but not the debit later in the day.

If you have any other questions feel free to ask I used be a payments specialist with a bank

[mikeluke]

But presumably safer than cheques?

[JustBecos]

Oh yes still safer than cheques. Your back 'should' be able to tell you on the day that the money is in your account if there has been a recall, but unfortunatly I would not trust anyone at the counter or on the standard telephone banking to really understand the system. But if you just wait the one extra day there should be no problems at all if there are your bank is at fault.

[fbloke]

Thanks all for your replies, it's been 10 days now and no recall of my redundancy payment - I have wisely invested a little of it on a 57 reissue Goldtop. Now it's just time to get an honest job that doesn't involve sitting in an office reacting to corporate BS and politics.  Any suggestions?  What is an honest job these days....?

[Will]

Civil service?

;)