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SpringHeeledJack
27th May 2008, 21:30
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4012646.ece

I have often wondered why and it seems that it's one of those ongoing mysteries of life, rather like why do you never see baby pigeons :hmm: , why does it take SO LOOOOOOONG to have money credited in one's account from a transfer :confused: :confused: :confused:

The IBAN and SWIFT systems have been in place for many years and i'm sure that internally (countrywide) and within the same banking chain it is even more simple to credit and debit monies forthwith, yet how many time have you or I waited and waited and waited for something to turn up rather like some forlorn racing pigeon enthusiast hoping that his prized birds will come home to roost.

I have over the years had several mortgage payments and others 'go astray' when abroad working because the fax (remember them ?) was 'unclear' (apparently and blah blah blah) much sweat and frustration later said payment(s) were found again and muggins (moi) then had to smooth over the p1ssed off creditors as to why i had missed payment through no fault of ones own...:*

In the old days of cheques, it took 4 days or so, but now ? In this day and age of computrickery it is an absolute absurdity that it should take more than a few minutes, assuming that there are sufficient funds to cover the transfer, yet in the UK it would seem that this 'new' system will need a while to work out it's bugs, so therefore the instant payment will still be a fantasy for a while yet. Why do we put up with this as a massive group of customers ? For me it's sadly laziness and a "oh it'll do so long as it's there" attitude :(


What sayeth the great and good prooners ?


Regards


SHJ

Beatriz Fontana
27th May 2008, 21:34
Unlike the banks to bow to customer pressure...! I thought it took so long because (publicly) the banks were checking for fraudulent transactions and (privately) they were busy making interest for themselves.

frostbite
27th May 2008, 22:44
It has been instant online for some time - provided it was within the same bank. The most you could stretch this was from HSBC - First Direct accounts but since the former owns the latter that's no real exception.

radeng
28th May 2008, 09:25
Over 30 years ago, I worked for Racal. I banked at what was then Midland Bank (they ended up in the HSBC group) in Dartford. Racal paid me on the 28th of each month by transfer from the Midland Bank in Bracknell. The credit usually got to my account about the 8th or 10th of the month - one month, they bounced a cheque on the 6th that would have put me 27p overdrawn! When I complained and asked about the Bankers Clearing House rules, they responded that said rules only applied for bank to bank transfers, and internally, they could take as long as they liked. If I didn't like it, they said, I could bank elsewhere. So I did, and I still won't touch them with a bargepole, or advise anyone else to do so.

It's all a ploy to hang on to the customers' money for as long as possible so they get the interest and not the poor punter.

groundhand
28th May 2008, 09:37
Radeng

"It's all a ploy to hang on to the customers' money for as long as possible so they get the interest and not the poor punter."

Exactly, the banks make a fortune on short term international loans (overnight). I worked for a company that had, for many years, huge cash flows and masses of cash in their accounts. They had an arrangement with their bankers for overnight loans and everynight at 2100 the account was emptied minus 1000 and at 0700 the following morning the balance, plus interest, was returned. When you are dealing in multi millions the revenue gained by this was not insubstantial. The banks just do it on a much larger scale.

GH

S'land
28th May 2008, 15:08
It's all a ploy to hang on to the customers' money for as long as possible so they get the interest and not the poor punter.

When I worked in Italy we had a customer in Sweden who paid by Telegraphic Transfer in advance. He would go to the bank and make the TT, a copy of which he would fax to us. The money left his account instantly, but was credited to our account about ten days later. However, if he was in a hurry for the goods he could pay an extra fee to his bank and the money would be credited to our account the next day. For an even larger fee it would be credited to us on the same day.

This applies to all bank as far as I can see. They keep the money in "limbo" as it means that they make interest on it.