What is it with electronic transfers?

  Sapins 08:39 13 Sep 2006
Locked

Why, when you transfer money it is taken from your account immediately, but,it takes 3 days to receive money into an account?

  lisa02 09:00 13 Sep 2006

Interest-ing question for the banks.

  Diodorus Siculus 09:09 13 Sep 2006

This has long been a source of debate but change is coming:

Guardian Unlimited Technology | Technology | Clearing times to be slashed
"It currently takes three days to transfer money between accounts, or to pay a bill following a transaction made by telephone or internet. But that is all to change. The Office of Fair Trading payments systems task force has announced an agreement between the big banks - who control the clearing system - which will allow direct debits and standing orders to be transferred overnight. It is hoped this will be in place by November 2007"
click here

  Sapins 09:12 13 Sep 2006

Thanks for the link, that's good news, I wonder how the banks will compensate for the loss of interest!

  De Marcus™ 09:41 13 Sep 2006

My Bank (Barclays) transfers immediately unless it's a first time payment in which case it does take 3 days. At least in terms of online banking anyway.

  oresome 13:35 13 Sep 2006

It does get worse!

Many on-line savings accounts are tied to your current account due to money laundering rules.

If you wish to transfer from one savings account to another to take advantage of a rate rise, the transfer has to pass through the current account, doubling the 3 days and then of course a weekend comes into play.

  spuds 14:01 13 Sep 2006

"...I wonder how the banks will compensate for the loss of interest!".

According to the warnings going out, especially in the light of recent 'forced' penalty fee reductions. The bank's are debating whether to close all their 'free' services, and make all transaction fee payable.

  Colin 22:55 13 Sep 2006

This is similar to credit card balance transfers. It can take up to 10 working days, i.e. 2 weeks.

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