From: john boyle 
Newsgroups: uk.finance
Subject: Re: Stopping a BACS payment
Date: Thu, 25 Sep 2003 00:09:04 +0100

In message , Nicholas F 
Hodder  writes
>I set up online a large BACS payment from my Barclays account to pay a
>credit card and forgetting that I'd already set it up, I set up another
>payment.
>
>Barclays are saying they can't stop the payment, even though it's 10:30pm on
>day 1 of the 3 days that BACS payments take.  The money won't reach the
>credit card company's account until day 3.
>
>Who has the money on an overnight balance (and earns interest) for two
>nights between day 1 and day 3?  I'm sure Barclays could stop the payment if
>they wanted to because I think the money is sitting in a Barclays account
>somewhere before it is sent to the credit card company on day 3.
>
>Can anyone shed any light on this subject?

Yes. BACS is free to you 'cos they get the interest. Barclays dont have 
it any more 'cos they have already sent the dosh to BACS and now BACS 
have it. Tomorrow the recipient bank will have it.

I cant see how 10.30pm has anything to do with it. The banking day ended 
hours ago.

You sent it, so you cant stop it.

Its a bit like a letter. Once you've posted it your knackered.
-- 
john boyle