Banks hanging on to cash for few days during t/fer

G

gearoid

Registered User
Messages
391
Hi,
I'm using the Rabo money mover to move a sum from BOI to Rabo. This is quite a regular occurrence. The cash is debited from my BOI a/c well before it reaches Rabo. Who is keeping the money in the interim as Rabo say in this particular instance it should have gone through by the 12th, was actually debited from BOI current a/c on 13th and still no money in my Rabo a/c? I sense it's BOI as they used to take 5 DAYS(!!!!!) to perform an electronic transfer that should take max 1 day. This to me is a major rip-off but I wouldn't know how to start querying what is going on. Are they're stashing cash to make profit in the short term??
If so this practice should stop.
Regards,
Gearoid
 
I have the same problem with BoI with payments inwards. In case you didn't realise the Banks are using this cash to maintain liquidity.
 
I had the same experience with AIB a number of years ago. I was only transferring between my 2 accounts in the same branch, and the money would sit in a branch holding account for anything up to 3 days.
 
When you initiate a transfer out of a clearing bank (like BoI), the money will leave that bank that (working) day, or possible the next (working) day, depending on the cut-off.

After that, they no longer have the funds. RABO are not a clearing bank so there may be additional delays in them receiving the money.

If you initiated the transfer on 13 Sep (Sat), then it would be Monday evening before that money left BoI, so today would be the earliest that RABO could receive it.
 
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