Description of the BACS payment system
BACS (The Bankers Automated Clearing Services) is the UK payment system that performs electronic credit and debit posting according to the order of the system participants with direct crediting of money on the account or writing them off from accounts without using checks or other paper carriers. At the moment, Bacs Direct Credit Salary Service is used by more than 90% of the working British.
The most common operation in this system is the direct transfer of wages to the recipient’s bank accounts. In the UK, about 2/3 of all monthly salaries for employees of private companies and government employees go through BACS. Information in the system comes in the form of records on magnetic tapes and cassettes or is transmitted through terminals that are directly connected to the computer centre.
BACS also performs a significant amount of payments in the form of “permanent powers of attorney”, which are instructions of customers about the regular transfer from their accounts of funds for payment of various kinds of contributions, insurance premiums and regular payments on loans, mortgages, etc. By performing this type of service, participating banks daily activate the “master file”, where the instructions of the customers are recorded. Information processing and payment in the BACS system is carried out within 3 days.
There is another form of service, which is performed through BACS – “direct debiting” of the account. This operation is similar to the operation of “simple instruction”, but here the amount and the time of enrolment are not financed in advance, but can be changed. The owner of the account authorizes the bank to accept a payment order from certain persons or companies and write off any amounts that are specified in these requirements. Such requirements can come from associations, clubs, and insurance companies.
What should I look for, using the BACS system?
The first thing you need to pay attention to is the commission for withdrawing the winnings. It is worth considering the thing that for transferring your money to a bankcard, the bank charges a commission from the sender. In addition, it is worth paying attention to the limit on withdrawals. However, it should be borne in mind that some transactions take time. Most often, money comes in 24 hours, but sometimes it may take a little longer.
BACS is a reliable method of withdrawing and depositing funds in a casino. This system is already trusted and actively used by hundreds of players.