Umbrella Companies - bank charges for same day payments

[Wanderer]

Parasol charge £30 for same day payment! can anyone beat that?...

Even after 20 odd years living in this country the desperately antiquated retail banking system still shocks me.

[wim121]

Parasol charge £30 for same day payment! can anyone beat that?...

Yes ....

I was speaking to gfk or excellium (i think? Have to check my notes) a couple months back and they said £5 for CHAPS/same day. Said it cost them £4 to do. Very honest and open ...


Parasol when I was ringing around had some of the most hideous rates I saw, rather unhelpful/matter of fact and wont give clients a geographic number, which is essential if you're a mobile engineer.

[AmieNasa]

Hi I saw this and at the risk of incurring the mods' Olympian wrath, I just can't help myself.

I work for a brolly, Nasa Consulting. And we charge... absolutely diddly squat extra for same day payments.

[Mod] I'll let this one pass as it's relevant to the thread and you didn't post a link, but don't make a habit of it [/Mod]

[Tanya@SC Lee Accountant Ltd]

It proves time is money. Same day transfer can cost 20-25 pound

I notice that several big umbrella firms charge anything from £12 to £30 to process a same day payment for contractors. Since the vast majority of the major banks now operate the Faster Payments Payments service for same day payments, and generally charge less than a pound for each transaction, how can they justify such a huge fee?

[PayMatters]

Also worth remembering is a £5 deduction from your gross pay only costs you £3 in your net pay.