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How long does it take for wages to clear into the bank?

[Deleted User][Deleted User] Posts: 664
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in Advice #1
How long does it usually take for wages to clear with the bank? I bank with bank of Scotland. I sart a new job on the 15th and I get paid in advance. But wages still not in and starting to worry. As I seriously need the money. Can anyone help?

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  • [Deleted User][Deleted User] Posts: 32,379
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    #2
    It's normally about 2am but it will depend on when your advance is paid in.
  • evil cevil c Posts: 7,833
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    #3
    Just call your employer and ask them if they have paid your wages to your bank and when. Then call the bank and ask them when the funds will be available for you to withdraw.
  • phepiaphepia Posts: 1,475
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    #4
    Bank of Scotland are slow for my partner's wages. They get put in Wednesday after 3.30pm. They don't show until Friday (after 3pm) and sometimes not cleared until Saturday.
    I always thought BACS was quick payment
  • SherbetLemonSherbetLemon Posts: 4,073
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    #5
    Imnotok!! wrote: »
    I sart a new job on the 15th and I get paid in advance. But wages still not in and starting to worry.
    Hang about. What you posted suggests you haven't even started work yet! You start on 15 August, right?

    That being the case, ask your employer or your colleagues on 15/8 when their pay date is. You will need to have started work before their accounts deadline for that pay date. Being paid in advance does not mean you will be paid before you have even set foot in their door. It usually means that on your first payment, you will get whatever you are due for the first month/week (so in arrears) plus the whole of the second month/week (in advance). It's then totally in advance afterwards.

    As for clearance times, the old style BACS payments used to take 3 working days from when your employer sent it until it hit your account. Nowadays, Direct Credit should mean that you can access the funds on the day your employer sent it. Even Faster Payments have to be in an account by the close of the business day following the day they are sent, but are typically instant.

    You need to be speaking to your employer first, making sure they have recorded your correct bank details.
  • c4rvc4rv Posts: 29,587
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    #6
    phepia wrote: »
    Bank of Scotland are slow for my partner's wages. They get put in Wednesday after 3.30pm. They don't show until Friday (after 3pm) and sometimes not cleared until Saturday.
    I always thought BACS was quick payment

    BACS takes three days to clear, CHAPS is same day but more expensive and generally used for large payments like house purchases. There is a another service called FPS which is supposed to be a few hours but I am not sure how widely used it is.
  • John259John259 Posts: 28,424
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    #7
    c4rv wrote: »
    There is a another service called FPS which is supposed to be a few hours but I am not sure how widely used it is.
    It's fairly universal these days. I often find that by the time I've logged out of one bank and into the other the money has been transferred. It's not a separate service, just an enhanced feature of the normal BACS free service.
    http://en.wikipedia.org/wiki/Faster_Payments_Service
  • urbanhermiturbanhermit Posts: 103
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    #8
    John259 wrote: »
    It's fairly universal these days. I often find that by the time I've logged out of one bank and into the other the money has been transferred. It's not a separate service, just an enhanced feature of the normal BACS free service.
    http://en.wikipedia.org/wiki/Faster_Payments_Service

    This is quite correct.

    A client paid me by BACS yesterday afternoon and it was in my account almost instantly.
  • chocoholic100chocoholic100 Posts: 6,411
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    #9
    SherbetLemon wrote: »
    Hang about. What you posted suggests you haven't even started work yet! You start on 15 August, right?

    That being the case, ask your employer or your colleagues on 15/8 when their pay date is. You will need to have started work before their accounts deadline for that pay date. Being paid in advance does not mean you will be paid before you have even set foot in their door. It usually means that on your first payment, you will get whatever you are due for the first month/week (so in arrears) plus the whole of the second month/week (in advance). It's then totally in advance afterwards.

    As for clearance times, the old style BACS payments used to take 3 working days from when your employer sent it until it hit your account. Nowadays, Direct Credit should mean that you can access the funds on the day your employer sent it. Even Faster Payments have to be in an account by the close of the business day following the day they are sent, but are typically instant.

    You need to be speaking to your employer first, making sure they have recorded your correct bank details.

    This.

    OP your new employer isn't going to pay you before you even start the job.

    I think you have seriously misunderstood what getting paid in arrears and advance means.
  • [Deleted User][Deleted User] Posts: 508
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    #10
    OP . . . did you get this sorted????
  • kingdavekingdave Posts: 1,445
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    #11
    Technically, BACS no longer exists.

    A directive called PSD D+1 came into effect on 1st Jan this year which means payments now must arrive at the latest on the day after being sent.

    In reality, most will arrive on the day they are sent, but the extra day allows for banks to do security/fraud checks.

    There are very very few sort codes (something like 12 in total) that do not accept FPS payments, plus direct debits that also don't go this route.
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