Banker's Automated Clearing Service (BACS)

Banker's Automated Clearing Service (BACS) is a payment method used to transfer funds from one bank account to another. Although still in use it is gradually being replaced by the faster payments service.

Check - Check that the bank account details provided are genuine.

Issues - BACS is not reversible and your bank is under no obligation to help you if you make a mistake.

Timing - Payments are usually complete within three days.

Discrepancies - Check bank account details provided are genuine and have more than one pair of eyes authorising a BACS payment.