what is a BACS payment

Not financial advice: Bacs (Bankers Automated Clearing Services) is an electronic system to make payments directly from one bank account to another. They’re mainly used for Direct Debits and direct credits from organisations. The payments take 3 working days to clear, so money paid into your account on Monday will clear on Wednesday.

Bacs is owned by 16 leading banks and building societies. It has been maintaining the integrity of payment related services for over 45 years. The company is responsible for the schemes behind the clearing and settlement of automated payments in the UK including Direct Debit and Bacs Direct Credit.

Bacs contact details:

  • Operational or payment scheme enquiries - Email: servicedesk@bacsservices.co.uk

  • Telephone - The Bacs service desk can be contacted on 0370 165 0018.

  • Letter - If you prefer to write, their contact address is: Bacs, 2 Thomas More Square, London, E1W 1YN

Visit http://www.bacs.co.uk/Bacs/Corporate/Pages/default.aspx website for more information.

Get the latest news and updates by following Bacs on Twitter- @BacsUK.

In the news, a new financial watchdog will have the power to wrest control of the UK’s trillion-pound payments systems from the big banks.

The Payment Systems Regulator, which comes into force next April, will be able to clear the way for small “challenger” banks to be involved in running the infrastructure that underpins £75tn of money transfers every year in Britain. Read more at Financial Times.

Tag: bacs 

Tuesday, December 09 2014