Bacs recall

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  • #21257
    SuzanneH
    Participant

    Hi,

    Is it possible to recall a BACS payment? Our system support think not, as to modify the file would not sit well with audit.

    How do other’s deal with this? We used to be able to stop cheques by faxing the bank etc, but since we had BACS this has not been possible.

    The topic has raised it’s head again when payments are due to be issued which we know are wrong.

    After the payment run on a Tuesday night, a bacs production is run on Wednesday and a transfer script sent to bacstelip who check all the account details.

    any advice would be appreciated.

    Suzanne

    #4865
    Anonymous
    Guest

    It is possible to recall a BACS payment any time before it is actually credited to the account, and sometimes after if bank inefficiency meant they should have actioned the recall first.

    This should all be part of your set up with your bank, which needs to be checked.

    For system/audit trails we have a cancelled BACs details with confirmation of being stopped and then pay by cheque as a seperate entry.

    #4866
    Anonymous
    Guest

    We do BACS recalls no problem. Our Audit team don’t want us to edit the file before it is transmitted, which I think is a similar thing to what you have. We transmit our file Thursday morning to credit on Monday, between the file going and 12pm on Friday we can ring our bank with the recall – they should ring the receiving bank and recall the payment before it hits the account on Monday, and if the payments want to be reissued we do it by cheque.

    It may also be worth pushing this with the bank as the deadline they have to recall it from the receiving bank is 3pm the day before the credit hits the account, so you may be able to get an even later deadline.

    #4867
    nicki.b
    Participant

    We also recall our BACS payments. Once the payment run has been done if any need to be recalled we complete a proforma with the details of the payment to be recalled which we then pass to our Finance Section who then request the recall.

    We would then mark the BACS payment on the system as cancelled. Any payments due to be reissued are also done by BACS.

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