[jezza]

Hello I have just got my bank statement I found in being charged for BACS payments I agreed to receive BACS payments understanding that transactions where free I think I'm be g conned by my bank has any one else noticed these charges from their banks   jezza

[New shoot]

There are usually charges for BACS payments Jezza. 

You can use Faster Payments instead.  Those are free and are the main one consumers use.  For example, when you get an invoice from a tradesman that includes their account number and sort code and you set that up as a payment from your account, usually using internet banking.  We get paid that way into our business account for work done by OH and we pay some of our suppliers using the same method.

Some companies do use BACS as this pre-dates Faster Payments and they have always used it.  You need to speak to whoever you are getting the payments from and ask them to switch payment methods, rather than speak to your bank. 

[jezza]

Hello how do I get this Faster Pay?Is it a bank run thing or a private finance company   jezza

[mumofstig]

It's though your bank - if you bank on-line it should be one of your payment option, if not you'll need to talk to staff in your branch.

[New shoot]

If it is for someone paying you, you don’t need anything. The money will just appear in your account.

Assuming it is a company paying you for work, you will have to see what the options are.  The choice may be BACS or a cheque. If you get a cheque, you will have to bank it and wait for it to clear. If you have a BACS payment, you will probably get a charge for it. You could see if there is an option around this with your bank, but it may mean paying extra for some sort of business account.

Low tech solution - find a discreet way to bill whoever it is a bit extra to cover the BACS charge.  They don’t need to know the real reason and it saves any argy bargy with your customer 

[jezza]

Hello I mentioned to the company that was paying me by BACSthat I'd been charged for them depositing money in to my account they said that as far as they were aware it was free to me they were charged for using BACS not me so yet another money making scheme set up to con us  jezza

[New shoot]

Hello I mentioned to the company that was paying me by BACSthat I'd been charged for them depositing money in to my account they said that as far as they were aware it was free to me they were charged for using BACS not me so yet another money making scheme set up to con us  jezza

Yes they will be paying a fee, but if your account has a receipt fee built into it's terms, then so will you.  Our business account is the same, plus they charge a fee for cash deposits and a few other things as well.  We don't pay an account fee and the majority of transactions are free to us.  We could pay for a fancier account and lose some fees, but it would cost us more to have that account than we would save. 

You pay your money and take your choice.  BACS is an instant credit with no waiting time for funds to clear.  The fees cover the software and systems that make that happen.