Bacs Payments

[adik]

I understand some banks charge for bacs payments ,is this true and how much do they charge?

[woofgang]

I bank with lloyds and they don't

[adik]

Thanks woofgang, I bank with barclays and they don't charge either, but someone told my son that if they pay him by bacs it will cost £42

[Zacs-Master]

Who is the 'someone'?

[adik]

A solicitor

[RATTER15]

I'm Santander and they don't.

[EDDIE51]

No bank charges the payee for a BACS payment, it is the normal method of paying wages etc. The sender of the payment may get charged.
Who told your son this?

[dzug2]

There will be a difference between the way a bank charges individuals who make single payments and the way it charges companies who make multiple payments. The former would in general not be charged, the later mostly would

[dzug2]

Maybe it's CHAPS and not BACS your son has been told about - definitely chargeable??

[chrissa1]

Chaps are the expensive ways. Bacs, being slower, cost nothing.

[Zacs-Master]

I would suggest discounting said 'solicitor's' opinion.

[adik]

He was told it was bacs

[EDDIE51]

BACS takes 3 days CHAPS is same day.

[adik]

I believe the solicitor was going to charge my son the £42 if he chose to be paid by bacs

[janbee]

I'm with the Co-op bank and they don't. If you're being charged adik, then change your bank.

[factor-fiction]

I suggest your son goes back to the solicitor to check whether the charge is for BACS or CHAPS. I am confident it will only apply to CHAPS payments

[bhg481]

I think some banks charge business customers for paying in cheques, hence their reluctance to accept cheques for small amounts.

[Peter Pedant]

yes I was charged by a solicitor for electronic transfer
I wanted the money so I paid

[Dizmo]

Your solicitor also helps charge you for LAPS transfers.

Look, Another, Person, (to) Shaft.

There isn't a bank in the UK that charges for BACS transfers. Seriously I'd be more concerned about your solicitor (sons solicitor).

[sue11]

Bacs payments used to take 3 days to credit someone's account, but most banks and building societies use the faster bacs system. This now means that a bacs payment is an immediate payment, the same as a chaps payment.
The difference in bacs and chaps is that bacs payments will have a maximum payment amount that can be made in a single transaction in any one day, usually around 10k, whilst a chaps payment has no maximum amount.
A bacs payment from a personal account is normally free, whilst a faster bacs payment from a business account costs are only in pence, but normally less than a pound (dependant on the business charges that a bank will agree with the business). A chaps payment can costs around £20, once again dependant on the charges that have been agreed with the business or account holder.
I think that if the solicitor is charging £42 to send a bacs payment, this is an outrageous sum to charge and I would query the cost quite strongly.
Hope this helps.
Sue