Is it true that a BACS payment made between two UK bank accounts can be recalled even if it is visible in the receipients bank account?
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This is the claim made by Natwest when preventing their customer making a withdrawal of newly deposited funds
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Answer:
Yes, its true. The UK Bacs payment system and its governing law (as approved by FSA) is such, that there isn't a time-period after which a payment cannot be claimed. As with US ACH, the time-frame is 180 days (I believe). Its 90 days in Canada, and parts of Europe. But UK still does not have a term-expiring limit on this.
Faisal Khan at Quora Visit the source
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