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BACS/EMTS payroll payment

  • 27-01-2014 12:35pm
    #1
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭


    Hello,

    I've recently started with a new company who currently bank with BOI.

    The monthly payroll currently has nearly 300 Irish based employees, and this goes up during the summer.

    At present the company cannot batch pay the monthly payroll through the payroll system because we do not have that credit facility with Bank of Ireland.

    It's a hefty monthly payroll and bank of Ireland are looking for a personal guarantee from the owners. I completely understand BOI's position, but I also understand the owners' lack of desire to give personal guarantees.

    Now, the money is always in the account when the payroll is being made.

    So, the question is... is there a bank that will pay BACS/EMTS payments out of cleared funds and not have it set up as a credit facility?

    At present employees are paid manually :eek: each month, which I've huge issues. with.

    To help my cause, how much does BOI charge for each individual credit transfer?

    Separately, I've asked an insurance company I know if a Personal Guarantee can be insured.

    Thanks


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