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Bank Automated Credit System
(redirected from BACS)

   Also found in: Dictionary/thesaurus, Medical, Acronyms, Wikipedia 0.01 sec.
Bank Automated Credit System
Also called BACS. An electronic system in the United Kingdom by which business-to-business transactions can be processed. That is, the BACS can transfer funds between banks in a more efficient fashion. Individual companies also use BACS to pay recurring bills. For example, they may use the system for large payments like dividends and wages/salaries for employees.


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Although you can load them for free from BACS or with cash at Phones 4U stores, you'll be charged 99p at Post Offices, 3% at Pay Point, 99p on debit cards and 4% on credit cards.
There was lots of techno talk of electronic transfers, BACS and fast-track cheques, but every option was either too slow, required application forms or incurred additional set-up charges.
The Benn Centre's manager, Gita Natarajan, denied the claims yesterday, saying it paid the money in August, through a series of BACS (Bankers Automated Clearing Services) transactions.
 
 
 
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