Who's bagging my Interst Payments during transfer delays?

B

Bcommercial

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Like many others I've been moving savings between different accounts a lot, and each time somebody's grabbing circa 3 days of my interest on my money! Surely if emails can arrive instantly why can't the numbers on my bank transfers do likewise, and if there has to be some delay due to "safeguards", whether they be client deposit safety or money laundering considerations or whatever, then let the interest be credited to our accounts afterwards. Just where is our money being kept during these 3 day transfer periods and who is getting our interest payments? Could it really be that a cosy banking cartel agree to divide the spoils up between the transferring and receiving banks?... and where's the F Regulator?...and why would all this not surprise me!
 
Cheques have to clear, I notice that can take up to 6 days for PTSB to show cleared funds online after you lodge a cheque or draft which is ridiculous and I note that UB shows cleared funds available online after just two days after lodging a cheque or draft, the Banks system when making a lodgment do not distinguish between a cheque and a bank draft.

I get around this by arranging online same day payments, no charge applies and once you provide instructions as early in the day as possible and certainly before 12 midday then the funds travel that day, the longest I waited was one day.

Know the system and then work it....:)
 
What? No extra charge for stipulating same day transfers?...first I heard of that! Any time I wanted to transfer from NR or Rabo or wherever, they wanted an extra charge for same day transfers, can't remember how much ...has this changed recently? I also just transferred some money from one eu bank to another, and the funds disappeared IMMEDIATELY from my a/c, and only arrived EXACTLY @ midnight after exactly 72 hours. I will certainly inquire in future how much if anything same day transfers cost, but the Q still remains, who holds the funds and cashes in on the interest during non same day transfer times.
 
Hi, I did same day transfers and saw the money on the other side during the same day. They costed quite a bit, something like 24 Euro via PTSB and 30 via Ulster Bank. But I was so anxious about my money leaving that I decided to do this way
 
Hi Godfather

Yeah, I guessed same day transfers would have to cost something extra all right, I just hate the thoughts of those banks getting their grubby hands on even more of my cash if I can help it. I suppose we'll just have to grin and bear it while they share out our interest payments during transfer delays amongst themselves. Hopefully the Financial regulator will do something about it ...there's been already enough collusion between them in the past to last us a lifetime! Maybe I should write the nice Mr Elderfield a letter! :)
 
Bcommercial said:
Yeah, I guessed same day transfers would have to cost something extra all right, I just hate the thoughts of those banks getting their grubby hands on even more of my cash if I can help it. I suppose we'll just have to grin and bear it while they share out our interest payments during transfer delays amongst themselves. Hopefully the Financial regulator will do something about it ...there's been already enough collusion between them in the past to last us a lifetime! Maybe I should write the nice Mr Elderfield a letter! :)
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In Italy banks play around this all the time... It's quite a common problem in Italy, and the 2 banks (sender and receiver) keep blaming each other for not seeing the money on the receiver's account until the money is there in the last possible day indicated by law. :mad:

It's just disgusting but unfortunately banks still rule quite a lot...:(
 
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