Over the past few weeks we've had several people ask us about BISL BACS account insurance, as it had been cropping up on a number of bank statements rather unexpectedly, and eventually our interest was piqued to such an extent that we simply had to do a little investigating.
Well after a little digging we're fairly sure we've figured it all out. If you've had a charge to your bank statement in the form of a Direct Debit from "BISL BACS account insurance" or something along similar lines, as many people seem to have had, we're willing to wager that you've recently switched your car or home insurance to a new insurance company.
The likelihood is that this was most possibly a company who sell "rebadged" coverage, that is to say insurance under their own name, but which is created and underwritten by a third party. Both Marks & Spencer and The Post Office are good examples of this.
Does it sound like we're on the right track? Good!
BISL actually stands for Budget Insurance Services Limited, the company who underwrite and arrange many of these insurance services for other companies to rebrand and sell on to their customers.
Now, on to the BACS. This is an acronym for Bankers Automated Clearing System, an common method in the UK for helping with the smooth processing of money electronically between financial institutions. These payments can take up to three working days to clear, so they may crop up on your account statement when you were least expecting it, leading to the confusion.
We hope that this has cleared things up for you, but if you have any more questions don't hesitate to get in touch with your bank immediately!