BACS Bank Transfer

Bacs is the very company that runs Direct Debit in the UK. It’s been providing such Financial Market Infrastructure since 1968 and claims to offer the safest and most cost-effective method of getting paid or for paying regular or occasional commitments. What Direct Debit does is authorise organisations to collect customer’s funds from their bank or building society, granted that the customer has been given notice of the collection amounts and dates. Bacs is the company which also runs the Bacs Direct Credit, so customers can set regular payments as well.

As such, one of its most popular use is for paying wages and salaries, which applies to 90% of the UK workforce or almost 9 out of 10 British adults. The organisation has processed over 110 billion transactions since the inception, 6 billion of which were processed in 2015 alone. That in mind, let’s take a closer look at Bacs’ services in the full overview below. T&C's apply to all bonus offers on this site. Click for a list of all banking methods.


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BACS

How It Works?

Bacs enables large and small organisations to make payments by electronic transfer directly into your bank or building society account. To set up a direct credit to make regular payments, you need the name of the payee, the name of their bank, the payee’s bank account number and sort code.

As mentioned above, one of its most popular uses is payments of wages and salaries. This method of payment also accounts for 73% of all British household bills. It’s also widely used for pension payments, employee expenses, insurance settlements, dividends and refunds.

There are over 15 banks and building societies that offer Direct Debit, including Allied Irish Bank, Bank of England, Bank of Scotland plc, Barclays Bank, Citibank NA, Clydesdale Bank Plc, Coutts & Co, HSBC Bank plc, Lloyds Bank plc, Nationwide Building Society, NatWest, Northern Bank, Santander, The Co-operative Bank, The Royal Bank of Scotland, and Virgin Money.

Security

Bacs’ services meet the recognition criteria set out in the Banking Act 2009. The system is recognised by HM Treasury for oversight by the Bank of England, and operates according to the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (CPSS-IOSCO).

Banking

Since Bacs doesn’t deal with the end consumer directly, you should check the T&C for general terms and charges directly with the financial institution. As of today, Bacs Direct Credit and Direct Debit are one of the cheapest ways of making regular payments.

For more help, BACS has a thorough FAQ as well as customer service that’s within reach via phone and email.

Summary

Bacs is the company behind UK’s Direct Debit and Direct Credit schemes, which was established in 1968. It allows for safe and cost-effective bank transfers by authorising smaller and bigger companies to collect customer’s funds from their bank or building society, on specific dates.

Click here to visit BACS official website.

Posted by CCJ Team