I'm a made redundant resting salesman and someday I'll enter an opinion on the fact that kids mothe...
I'm a made redundant resting salesman and someday I'll enter an opinion on the fact that kids mothers are nanny goats or should that be the other way round.I think I better add that I live in Co Londonderry, N. Ireland
Member since:31.07.2000
Reviews:31
Members who trust:48
Hi
Don't panic it's only a fleeting appearance.:-)
I hope we have some bank or ex-bank employees among our members who might happen to read this and explain it to me in the comments or in my Guest Book.
For over a year now I’ve been using my online bank to transfer a sum of money monthly to the account of the company I’m buying certain goods from. Let’s say I transfer money on a Monday well this company says this payment is not cleared by their bank until Thursday at the earliest. This I can understand if I’d paid by cheque, their bank wanting to make sure my bank would honour my cheque. Surely online bank transfers/payments are different?
My bank wouldn’t have transferred the payment if it wasn’t going to honour it. This means that company’s bank has x amount of pounds to play about with for 3 days. If that company has 100 branches and each branch does 50 deals like mine a day it will have at any one time approx 1 million pounds, that is not theirs, well it’s not in anyone’s account and for bank transfers it should be, to play about with on the money market. So without taking any serious risks with it they are making thousands of pounds of money daily from money that should have been lodged in payee’s accounts immediately they received it.
If this isn’t daylight robbery what is? They cheat each account. holder out of your few pence of interest but they cheat so many account holders at once that they make thousands of pounds on the money market.
It’s time our Bank Ombudsman kicked a few asses so that they fall into line with most Scandanavian countries and reduce or remove payment clearing time. Our banks have the technical equipment installed to be able to do it tomorrow but financial greed outweighs their desire to modernise their habits.
Now you know how banks can afford to give you a glass of cheap plonk should you visit them just prior to Xmas.
Peter
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I'm sure this kind of thing is under investigation, there is increasing pressure for this to be stopped, but the bamks would lose millions so they're not going to volunteer now are they? qax
anonymili 25.02.2006 16:25
HAH lots of comments but no one's answered your question LOL. I've been wondering the same thing myself for a while, like when I pay my credit card bill online (the card is with the same bank) why does that not show straight away? Bizarre and damn cheeky too!! x
Feb 16th, 2006
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