# BAC's transfers ...too quick - scam?



## Jac-in-a-Box (Nov 9, 2002)

My understanding of a BAC's transfer is that it can take 2-3 * working days* to clear?

So, how does this work...asking on behalf of my kid who has just sold a phone on ebay and accepted payment by BAC's to avoid Paypal fee's.

Saturday evening, 8pm phone is sold to a guy in Buckingham who offered payment by BAC's. I've told kid he can expect payment in 2 or 3 working days.
An hour later, he checks his account and the money is there.

Not sure if the buyer is banking with same bank as kid, Royal Bank of Scotland. Also seems odd that the seller lives in Bucks - hardly RBoS territory :?

He only gave the seller his name, sort code and account No; I'm just a little concerned he's being scammed in some way...the "money" seems to have arrived far too quickly and contrary to my understanding of how the BAC's system works :?

He'll be contacting his bank Monday to confirm the cash has arrived before sending phone - anything else he should do to protect hmself?

Advice appreciated 

Dave


----------



## Wondermikie (Apr 14, 2006)

Sounds OK to me, banking system has changed for the better in the last couple of weeks. Works 24/7 now too. Edit - RBS Group owns Natwest so that would explain the geography.



> ...Apacs says it expects all transactions under the new system will be completed within two hours, with some taking as little as just 30 minutes.


http://news.bbc.co.uk/1/hi/business/7417303.stm

http://news.bbc.co.uk/1/hi/programmes/m ... 285167.stm


----------



## Jac-in-a-Box (Nov 9, 2002)

Thanks..learn something new everyday (well, nearly!) 

Dave


----------



## Hark (Aug 23, 2007)

Not 100% sure on this mate but many transactions now appear the same day on online banking. For example I'm in town and draw out cash or use my card for petrol and by time I'm home it shows up. Phone call to the bank might check it?


----------



## Wallsendmag (Feb 12, 2004)

Don't RBOS own Natwest ? Could be same day accross the group ,at the moment HSBC is only doing instant transfers for amounts under Â£20.But someone slightly further north from you could have the answer :wink:


----------



## John C (Jul 5, 2002)

Dave,

As said above it is all to do with the new 'faster payments' project which many banks have been working on.

One of the strap lines has been 'cheaper than CHAPS faster than BACS'. A couple of weeks ago my co. released the first wave of technology releases which enables this. We did some cross Bank testing and a payment went from RBOS to HBOS in about 5 mins. It is all straight through processing and happens almost instantly.

Only up to Â£10k at the moment and above that you still need to use CHAPS for same day but that will cover a large amount of the retail market.

There, no fraud.

PS It's BACS not BAC's - Bankers' Automated Clearing System :wink:


----------



## Jac-in-a-Box (Nov 9, 2002)

Thanks John - I knew you'd be along sooner or later :wink:

I'll consider my myself chastised on the incorrect use of the BACS acronym (and educated too!) 

Dave


----------



## denTTed (Feb 21, 2007)

Dave,

I live on the south coast and my business account is with royal bank of scotland, who do own natwest and abn amro and a whole load of other things, rbos are a lot bigger than you think (one account is also them).

Also depends on the account he holds, my brother in law trades internationally and his account has free instant transfers.


----------



## John C (Jul 5, 2002)

Jac-in-a-Box said:


> I'll consider my myself chastised on the incorrect use of the BACS acronym (and educated too!)
> 
> Dave


 [smiley=whip.gif] :lol: :lol: :lol:


----------



## TommyTippee (May 31, 2007)

All the banks have agreed with the automated payment system to speed up the transfer of funds. New Zealand have had the same day system for years.

It is being rolled out progressively over the next few months and should allow payment transfer in anything from 2 hours


----------



## HighTT (Feb 14, 2004)

John C said:


> Bankers' Automated Clearing System :wink:


Nice to see the correct use of the plural possessive apostrophe [smiley=thumbsup.gif] :roll:


----------



## John C (Jul 5, 2002)

Bugger. I was hoping someone would think that was wrong and I could correct their correction. Lol Nice to see someone who knows the tricky ones!


----------



## Wondermikie (Apr 14, 2006)

HighTT said:


> John C said:
> 
> 
> > Bankers' Automated Clearing System :wink:
> ...


Hmmm I do struggle with that sometimes


----------



## TommyTippee (May 31, 2007)

HighTT said:


> John C said:
> 
> 
> > Bankers' Automated Clearing System :wink:
> ...


OOOOhhhhh!!!

Nice to see the correct use of punctuation.


----------



## skiwhiz (Feb 17, 2008)

If you are being careful ring the bank monday to check the payment is cleared and cannot be recalled. even though the faster payment system is in place the banks can still recall payments and it would be 2 days after clearing on the old system.


----------



## HighTT (Feb 14, 2004)

John C said:


> Bugger. I was hoping someone would think that was wrong and I could correct their correction. Lol Nice to see someone who knows the tricky ones!


So how about _National Singles Day _ :?: :roll: [smiley=sleeping.gif]


----------



## WozzaTT (Jan 15, 2006)

HighTT said:


> John C said:
> 
> 
> > Bugger. I was hoping someone would think that was wrong and I could correct their correction. Lol Nice to see someone who knows the tricky ones!
> ...


I'd 'phone The Telegraph


----------



## John C (Jul 5, 2002)

HighTT said:


> John C said:
> 
> 
> > Bugger. I was hoping someone would think that was wrong and I could correct their correction. Lol Nice to see someone who knows the tricky ones!
> ...


Either tbh. As it is above is fine in modern English. Technically it too is plural and possessive therefore Singles' would be correct.

What is wrong with this one is the 3 fugging hours the Apprentice knobs (plural) spent arguing about it. <sigh>

Sorry Dave - hi-jack!


----------



## Jac-in-a-Box (Nov 9, 2002)

John C said:


> Sorry Dave - hi-jack!


No need to apologise, I (the kid) has his answer; thanks all 

Meanwhile I'll watch and edukate myself :wink:

Dave


----------



## elrao (Apr 19, 2005)

John C said:


> PS It's BACS not BAC's - Bankers' Automated Clearing System :wink:


BACS is actually the acronym for the organisation that runs the system which is called Bankers(') Automated Clearing *Services*

I use (') as it is often referred to by members of the organisation without the apostrophe, probably due to lazyness 

http://www.bacs.co.uk/BACS/Press/Resources/FAQ/

But as mentioned the FPS (Faster Payments System) is being rolled out by selected Banks at the moment.


----------



## NormStrm (Sep 6, 2003)

I remembered seeing this posting and felt I should just post to say how impressed I was with a transfer from HSBC to Halifax. It stated at the bottom of the request that it should be transfered within 2 hours, having logged out then into Halifax and the transfer was already there - 2 mins if that.

I did exclaim FMOB's that was impressive, especially as it is a Saturday.

8)


----------



## phope (Mar 26, 2006)

it's great now that it's up and running, but the full benefit will be seen later this year when all the banks have their all their Faster Payments service capability after testing and phasing it in

They've done the right thing, IMHO, in avoiding a "terminal 5" moment and just switching the service on and hoping for the best


----------

