Wage payments on Good Friday

Discussion in 'Finance, Property, Law' started by mac_uk, Apr 2, 2010.

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  1. Morning peoples

    Got a bit of a problem, I work for an employer who pays wages weekly and always on a Friday. He had been told that wages put in for this week would go in as normal even though it's a bank holiday. I think the rest of the firm gets their cash ok but I always have to wait until the Tuesday after Easter weekend before the money is cleared into my account.
    Looks like it's going to be a quiet weekend for me!

    Is it normal in this day and age of transaction being done electronically and instantaneous that things like bank holidays should effect transactions?

  2. Depends when the instruction hits the bank and if its a 'bank' or 'building society' iirc*.

    I get paid in to one bank account which the money shows as 'available beer tokens' about 3 hours after my boss tells me the moneys been sent, I used to get paid in to an account which told me 'beer tokens on the way' for 2 days before it was spendable.

    *Possibly depends what bank the money's been sent from as well.
  3. From what I've heard alot of employers paid their employees on Thursday instead of Friday (simply because it is a bank holiday). Need to talk to your employer Mac asap re. this, sounds like it's an excuse to keep your money until the following Tuesday.

    As far as I'm aware (please correct me someone if I'm wrong) no electronic transfers happen on a bank holiday or a weekend (even though they show up as happening on a mini statement).
  4. If mac's colleagues are getting the money on the Friday then it's probably down to mac not using a bank but the banking facilities of a current or former Building Society.
  5. That will teach me to do my good deed on a Good Friday after having a few...ahem lots of drinkies last night and still feeling the woolly head today. Mac move your account to a Bank. Note to self: must engage brain before opening laptop.
  6. Hi

    Having been a payroll clerk in a previous life I can tell you that a lot depends on the type of arrangement the employer has with the bank. If it is a big co which outsources it's payroll to a third party then there will be a delay, if they use the BACS system then you have to submit the info two full WORKING days before the payment date. Good Friday and Easter Monday are not bank processing days so some types or transactions will only ever take place on actual working days.

    If it is a small co and they do their own direct online banking then it could have been processed to be paid today. Seems a bit mean not to process for payment on the actual pay day. I alway made sure the payment went in on a day the co was open in case of error, I didn't want colleagues losing out or phoning me when on leave to get things sorted.

  7. Thanks rear, I'm_the_mummy and the vicious little psychotic midget

    It's Santander I'm with, well I started the account with the Abbey but they've changed now. It's a very small company I work for, there are only about 5 or 6 of us weekly paid and I'm the only one with Santander I think