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Stopping a BACS payment

I set up online a large BACS payment from my Barclays account to pay a credit card and forgetting that I'd already set it up, I set up another payment.

Barclays are saying they can't stop the payment, even though it's 10:30pm on day 1 of the 3 days that BACS payments take. The money won't reach the credit card company's account until day 3.

Who has the money on an overnight balance (and earns interest) for two nights between day 1 and day 3? I'm sure Barclays could stop the payment if they wanted to because I think the money is sitting in a Barclays account somewhere before it is sent to the credit card company on day 3.

Can anyone shed any light on this subject?

Reply to
Nicholas F Hodder
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In message , Nicholas F Hodder writes

Yes. BACS is free to you 'cos they get the interest. Barclays dont have it any more 'cos they have already sent the dosh to BACS and now BACS have it. Tomorrow the recipient bank will have it.

I cant see how 10.30pm has anything to do with it. The banking day ended hours ago.

You sent it, so you cant stop it.

Its a bit like a letter. Once you've posted it your knackered.

Reply to
john boyle

At least with the post you can be fairly sure that someone else wont be using the contents between the time you post it and the time it reaches the destination.

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Reply to
DP

In message , DP writes

Thats why you have to buy a stamp. BACS is (generally) free to private internet bank users.

Reply to
john boyle

Replies to my previous posting on this subject on 10-Jun-2002 suggest that it is the sending bank who hold on to the money until day 3, not BACS.

True, they would have been able to stop the payment before 6:30pm.

Reply to
Nicholas F Hodder

Our company payroll all goes via BACS, and if we BACS it on the Wednesday then it does not come off our "cleared funds" till the friday morning, which is the same time that it shows as "cleared funds" on the employee bank accounts, so it must go pretty directly between the two accounts.

Reply to
Adrian Boliston

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