viv Posted November 24, 2013 Report Share Posted November 24, 2013 Hi All Never come up against this before. I have a tenant who is now two weeks overdue with rent. He is stating he HAD to make a BACs payment Thursday 21st November, not the normal bank transfer, and the monies will be in my account this coming Tuesday 26th (three working days). . This is coursing me concern as I thought BACs were replaced by B/transfers Any thoughts be appreciated. Viv Link to comment Share on other sites More sharing options...
Melboy Posted November 24, 2013 Report Share Posted November 24, 2013 Too soon to be overly concerned about any possible rent arrears. Tuesday is the day you take this further to the next step of contact if no rental payment is forthcoming. Faster payments for sums under £1000 are normally in your account within 2 hours or as with my bank about 15 minutes. Link to comment Share on other sites More sharing options...
Mortitia Posted November 25, 2013 Report Share Posted November 25, 2013 I agree with Melboy. viv - I might issue a Section 21 notice now just to show you mean business if the tenant is going to start playing up over rent payment. How long has he been a tenant and what is the length of his agreement? Is the deposit protected? Link to comment Share on other sites More sharing options...
Dave A Posted November 25, 2013 Report Share Posted November 25, 2013 It's a bit on the strange side, whenever I've used BACS in the past I've been charged about £20 - £25, always cleared overnight. Bank transfers are free, usually within a couple of hours. Why chose the more expensive route if you are behind with your rent? Dave Link to comment Share on other sites More sharing options...
Melboy Posted November 25, 2013 Report Share Posted November 25, 2013 It's a bit on the strange side, whenever I've used BACS in the past I've been charged about £20 - £25, always cleared overnight. Bank transfers are free, usually within a couple of hours. Why chose the more expensive route if you are behind with your rent? Dave I think you are referring to CHAPS Dave where there is a payment of £25 to £35 for the service as it is almost instant these days and would normally be used for larger transfer payments such as house purchase etc. by Solicitor's for instance. BACS always was free but took 3 days to clear funds. The new automated payment scheme has come into force after 5 years mainly due to public pressure asking why it took so long to press an instant transfer button. Link to comment Share on other sites More sharing options...
Dave A Posted November 25, 2013 Report Share Posted November 25, 2013 Yep, you're right, I am thinking CHAPS. Dave Link to comment Share on other sites More sharing options...
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