PTSB:3 Days to electronically Transfer Funds?

My Wife sent money from her PTSB a/c on Monday at 10.55am to my Ulster Bank a/c,checked the a/c yesterday no funds,was a bit puzzled but had other things to worry about.

Checked my a/c this morning,still no sign of the money,rang wife and asked her to check to see if she sent it to the wrong a/c,she hadnt,she rang PTSB and was told that because "it was a Bank holiday in Europe that the ECB clearing houses were closed" and the money would not land in my a/c til tomorrow...Thursday!!

2 full days after it was supposed to be there.The reason given is perhaps one of the most bizarre I have ever heard...

Anyone explain what the problem is?

They wouldn't have able to process it value yesterday because it was a Target (Clearing system) holiday but not sure why it isn't there value today. Thursday seems poor in this day and age but I think the standard is 3 working days. I do transfers between BOI and Ulster and it is next working day.

Normally if its done on the morning between these accounts its there the next day without fail.

Knuttell said:

Normally if its done on the morning between these accounts its there the next day without fail.

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I would have expected that as well. Not sure to be honest.

And also bear in mind that they are willingly slowing down the flow of cash out of their bank. All cheques now take 5 days to clear regardless of what they are. Even their own cheques. There was a notice on their Open24 site saying that a clearing house would be closed for a few days recently.
PTSB and Ulster clearing houses are in Ireland. And they are both members of the Irish clearing system - The network of associated banks that have a well established exchange and clearing operation which was setup donkeys years ago.
Another poor excuse from PTSB

The Irish Clearing works on the following basis.
If you make an electronic payment from your account before the end of day cut-off (mid afternoon - depending on the Bank) the value of this payment must be in the account of the beneficiary on the next working day. This applies to both national and cross border electronic transactions.

This has been the case since 1st January 2012.

Regarding 1st May - this press notice was issued last week.

As 1st May 2012 is a bank holiday in most EU countries the TARGET2 settlement system will be closed on that day. Consequently, there will
be​

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26th April 2012.

In this age of 24hr online banking, it would seem that that computers take week ends and bank holidays off.

Actualy from Friday to late yesterday evening there was a big bright message on the entry page of open24 clearly advising about which delays are to be expected.

According to that if the OP's wife did the transfer on Monday it should have been cleared today (Wednesday) at Ulster and not tommorrow.

Here the message displayed:

She has PTSB OPEN 24 log in page saved to Favourites and goes straight to this page,there may have been some warning on the main site page but for most online customers,myself included,we bypass that in order to log in straight away...yes you are correct,it should be in my account now but I assume it will be tomorrow before it finally lands.

Curiously enough I got her to lodge a PTSB cheque to her account recently and it took the full 5 days to clear,just like a previous poster alluded to,they really do seem to be over holding on customers monies.

Ptsb

I do banking with PTSB and I have to say that they are reverting back to the 1980’s style of banking. I used to be able to lodge a cheque and it would clear that day. Now the same cheque takes 5 full days to clear. I have a bet365 account if I want to lodge into my PTSB a/c it used to be in the next day now it takes 3 days. It is a sure sign that a bank is in distress if it is holding onto funds that the counterparty has released. . As for the European Central Bank clearing system being closed I was amazed that they even mentioned it. What they were admitting was that they do not have the funds to clear items without the support of the E.C.B. If they had the funds it wouldn’t matter who was closed they could do it independently using another clearing system.

Declant said:

I do banking with PTSB and I have to say that they are reverting back to the 1980’s style of banking. I used to be able to lodge a cheque and it would clear that day. Now the same cheque takes 5 full days to clear. I have a bet365 account if I want to lodge into my PTSB a/c it used to be in the next day now it takes 3 days. It is a sure sign that a bank is in distress if it is holding onto funds that the counterparty has released.

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Banks cannot hold on to customer funds. They are legally obliged to credit a customer's account on the buisness day that they receive the funds.

Brussels said:

Banks cannot hold on to customer funds. They are legally obliged to credit a customer's account on the buisness day that they receive the funds.

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Yet they effectively do that when they take 5 full days to process a cheque thats drawn on their own Bank,a cheque like that should clear in no more than a few days at most.

i have transferred from BOi to AIB on line - it has taken up to 5 days!
however if i lodge and aib chq to boi it clears the same day........ hard to make sense of it all

Declant said:

I do banking with PTSB and I have to say that they are reverting back to the 1980’s style of banking. I used to be able to lodge a cheque and it would clear that day. Now the same cheque takes 5 full days to clear. I have a bet365 account if I want to lodge into my PTSB a/c it used to be in the next day now it takes 3 days. It is a sure sign that a bank is in distress if it is holding onto funds that the counterparty has released. . As for the European Central Bank clearing system being closed I was amazed that they even mentioned it. What they were admitting was that they do not have the funds to clear items without the support of the E.C.B. If they had the funds it wouldn’t matter who was closed they could do it independently using another clearing system.

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Are you sure this is PTSB's fault and not bet365?

I have never had any problems with PTSB crediting me the funds in the required cycle since the new 1 day rule has come into place and neither did any of the people I send money too. In fact even transfering money between my PTSB and DKB account is 1 day max.

They require the ECB clearing house for payments and if Ireland has different holiday schedule because of historical reasons that that is one of the drawbacks of EU integration. Someone from the continent making a payment to Ireland on Friday this week expects the money to be in Ireland on Monday but because of our bank holiday its there on Tuesday. Now is that a sign that the european bank is having problems or because there is a bank holiday in ireland?

You better get used that banks work according to european holiday schedules as long as the Euro still exists.

And also note that PTSB was not the only bank informing the customers about this, so did Ulster.

And as to cheque, they cause a security and credit risk. Who guarantees that the drawers account still exists or has the funds in? And who guarantees PTSB that if the they give you same day value and the cheque bounces you have the money to refund the early value date if you for example already have withdrawn the funds?

I don't accept cheques anymore, it's too much hassle. If you can't provide me with EFT than I won't do business with you.

DublinTexas: What is EFT?
Looks like you are going to loose a lot of business refusing cheques.

Thanks for all your inputs folks,very helpful.

Rubbish, I did an experiment on Wednesday morning; withdrawal from bet365,09.35 - 500 euros to boi, arrived Thursday
09.36- 500 euros to ptsb, still waiting Sunday night
09.37- 500 euros to aib, arrived Thursday evening
09.38- 500 euros to ulster, arrived Thursday


As it is a bank holiday Monday would expect it Tuesday , but I will let you know.... Update..... payment arrived in ptsb a/c today (Tuesday). Rang up Ptsb to get an answer for the delay. He seemed non-plus, as stated in the terms and cond'; please allow 3 working days but can take up to 5 waiting to clear, all in the course of banking with ptsb

Declant said:

Rubbish, I did an experiment on Wednesday morning; withdrawal from bet365,09.35 - 500 euros to boi, arrived Thursday
09.36- 500 euros to ptsb, still waiting Sunday night
09.37- 500 euros to aib, arrived Thursday evening
09.38- 500 euros to ulster, arrived Thursday


As it is a bank holiday Monday would expect it Tuesday , but I will let you know

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In that case PTSB is in breach of regulation, so you should complaint to the relevant authority.

Apologies for reviving this thread.

I have just been informed by KBC that funds transferred from another Irish bank before lunch yesterday will take three to five days to reach my account in KBC.

I said to them that since 1st January this year all EFTs should be in the receiving account on the next working day, but could not quote the relevant legislation or where it came from.

Would anyone have a link to exactly where this "next day" issue was decided?

I would like to take this up with KBC as I believe they were wrong in what they said.

Thanks

KBC will receive the money the next day. It then takes them time to apply it to your account.