payment by bacs

[zzxxee]

if a payment goes into an account from natwest at 12.30 goes into a halifax account on weds when are the funds avaliable to withdraw???. tia

[4getmenot]

wednesday

[zzxxee]

so its instant ? i always thought that was by chaps method??

[squarebear]

BACS is a three day process.

day 1 - file prepared and sent to BACS
day 2 - bank processes file
day 3 - funds appear in accounts.

[zzxxee]

i thought as much squarebear

[zzxxee]

thanks guys x

[twix123]

Both NatWest and Halifax are part of the BACS system, but nowadays for smaller amounts they tend to use the Faster Payment Service, which was introduced by BACS, and the transfer is almost instantaneous with 'cleared funds' therefore the money would probably be available on Wednesday or Thursday at the latest.