Unreliable Umbrella- Not being paid on time- Furious

[XOnline]

Do your payslips both have the same processing date? Have you addressed this with your umbrella company and what did they say?

I will check this today, we just know through various communication with our agencies that it's the same day. But I'll check again.

[LisaContractorUmbrella]

You asked whom I bank with. I replied it's NatWest.

I didn't mention it was the fault of the agency. They process it on a Wednesday via BACS. They're reliable. I think it's the Umbrella Company. Doesn't seem to add up! Should I contact my agency to inform them, will they be able to liaise on my behalf?

If the agency process the payment on Wednesday via BACs it will arrive in the bank account of the umbrella company on Friday; if they process payment to you on Friday via BACs it will arrive in your account on Tuesday unless they pay by FastPay or you request a CHAPs payment.

BACs stands for Bank Automated Clearing System and payments take 2 to 3 days to go from the remitter's account to the beneficiary's account

FastPay is a new payment method - funds will leave the remitter's account on day 1 and arrive in the beneficiary's account on day 2

CHAPs stands for Clearing House Automated Payments - this will carry an additional charge from your umbrella company as they will have to pay increased bank charges for this transaction but it guarantees that the money will leave the remitter's account and arrive in the beneficiary's account on the same day.

[alluvial]

If the agency process the payment on Wednesday via BACs it will arrive in the bank account of the umbrella company on Friday; if they process payment to you on Friday via BACs it will arrive in your account on Tuesday unless they pay by FastPay or you request a CHAPs payment.

BACs stands for Bank Automated Clearing System and payments take 2 to 3 days to go from the remitter's account to the beneficiary's account

FastPay is a new payment method - funds will leave the remitter's account on day 1 and arrive in the beneficiary's account on day 2

CHAPs stands for Clearing House Automated Payments - this will carry an additional charge from your umbrella company as they will have to pay increased bank charges for this transaction but it guarantees that the money will leave the remitter's account and arrive in the beneficiary's account on the same day.

I don't think that is quite true. Fastpay can send realtime payments that reach the recipient's account within two hours. Fastpay can be used to go overnight as you state above but there is also the same day Fastpay service that an umbrella I was with tried to convince me was CHAPS and so justify the fee. (Although of course to be fair, they could have truly believed that the payment was being made via CHAPS).

[SueEllen]

I don't think that is quite true. Fastpay can send realtime payments that reach the recipient's account within two hours. Fastpay can be used to go overnight as you state above but there is also the same day Fastpay service that an umbrella I was with tried to convince me was CHAPS and so justify the fee. (Although of course to be fair, they could have truly believed that the payment was being made via CHAPS).

Fastpay depends on where the current accounts of the recipient and receivers are as some banks/building societies don't do their own payment processing.

[LisaContractorUmbrella]

I don't think that is quite true. Fastpay can send realtime payments that reach the recipient's account within two hours. Fastpay can be used to go overnight as you state above but there is also the same day Fastpay service that an umbrella I was with tried to convince me was CHAPS and so justify the fee. (Although of course to be fair, they could have truly believed that the payment was being made via CHAPS).

Fastpay can arrive more quickly but the promise is that it will arrive the following day - the only guaranteed same day payment is CHAPs

[CoolCat]

If its really a big deal to you the hidden trick the banking system doesn't like to publicise is simply open an account at the same branch of the same bank that the payments to your account are originating from.

Its the same with permie payroll, if you bank at the same branch as the payment is coming from you will find the money hit your account on the same day as the payroll is run and everyone else will be waiting 3 days.

[GazCol]

You asked whom I bank with. I replied it's NatWest.

I didn't mention it was the fault of the agency. They process it on a Wednesday via BACS. They're reliable. I think it's the Umbrella Company. Doesn't seem to add up! Should I contact my agency to inform them, will they be able to liaise on my behalf?

I didn't ask twice - you replied to my original post twice.

The agency will just tell you the same as what you've seen here already; that's the nature of BACS, it can take up to 3 working days before it hits your account following the umbrella transfer.

[alluvial]

Fastpay depends on where the current accounts of the recipient and receivers are as some banks/building societies don't do their own payment processing.

This is true but the organisations signed up to it represent something like 95% of all transactions so if your bank doesn't support it then time to move accounts.

[alluvial]

Fastpay can arrive more quickly but the promise is that it will arrive the following day - the only guaranteed same day payment is CHAPs

I've never seen this next day promise. As far as I understand it, there isn't a "We'll try but it might not be until tomorrow" service. Single payments should go through within a couple of hours or a reason for the failure provided, is it different for Corporate Bulk Payments perhaps?

[LisaContractorUmbrella]

I've never seen this next day promise. As far as I understand it, there isn't a "We'll try but it might not be until tomorrow" service. Single payments should go through within a couple of hours or a reason for the failure provided, is it different for Corporate Bulk Payments perhaps?

Yes, perhaps