Banks

[Blind]

Arghhh

<rant>

Why when you move money from one bank account to another does it take 4 working days? It's not like they have to move the money by van.

Even more annoying is the fact that the receiving bank can tell the money is coming in, but won't let you get at it.

Surley we are now in the 21st centuary we should be able to move money instantly, especially with secure encryption.

</rant>

[no friends]

If its a cheque, it will go from your bank to the bank of england or similiar and then it has to be processed, then it comes all the way back to the other bank by post. Where im from itr takes 1 week exactly. Or you get a debit card and pay in your money instantly.

[KingDaveRa]

I've transferred money between my acounts and mine and my parents accounts (all the same bank) and its been literally instant. When I've transferred to other accounts, its been mostly next day.

Probably just your bank, or the bank you're transferring to doesn't have arrangements with your own bank.

[Steadders]

they can do it instantly these days, they just dont.

i beleive you can pay a small fee at banks to make them to cheques instantly between banks.

back in the day they used to actually take a few days to process between banks - these days they just have an order to do things, if you put a cheque in, they just do it within 2 days

[Nivek]

i use smile, online banking its great, instant transfers to other smile accounts and upto 4 days for others, i froget who it was who i bought something from on here but that went through same day.

I cant recomend smile enough, and no afty i am not astroturfing!

[JeRkY]

it is common practice for UK banks, while the money is between accounts the bank makes interest on it, ok so you think the interest on £100 transfer over 7 days is samll, but if you think how many transfers go on a day, it is a big income for them.

In sweden they used to have the same system, but the government banned it, now an account transfer takes at most 2 hours over there.

as for those claiming their online banks dont do it, you may well find they actually do.

[Blind]

Good suggestions - but i'm not going to walk between banks with £9 grand in my pocket ;)

FYI banks involved are halifax and HSBC

[Zenith]

They are two worst ones for this.
Halifax have in fact INCREASED the clearance time for cheque payments to 6 working days. If you put a cheque on a Friday, it wouldn't clear until a week on Monday (10 days). HSBC (Midland) are historically bad at their cheque and payment clearing times.

It just sounds like you got a bad pair.

[tiSSue]

smile 0wn, very very very good service u get from them!

[AndyUK]

Originally posted by no friends
If its a cheque, it will go from your bank to the bank of england or similiar and then it has to be processed


Actually it goes the bank's cash centre, then back to your bank :)

[Tom]

I am with the HSBC.

I have no trouble with transferring money to any other bank. It takes at the most 2 days for me. Tranfers to other HSBC accounts are instant.

Just accept and move on.

[AndyUK]

oh no:/

HSBC, AKA Operation Devastation

[Elbonio]

which is why you should all use RBOS which just owns

[AndyUK]

:D

I work for HSBC and have business bank with RBOS, both are dodgy :/

IF.COM Owns U All :)

[Zenith]

IF.com == Halifax

I wouldn't go with most of the high street banks. Put your money in mattresses. You don't get interest, but neither do the banks get cash out of you. :)

[Baz]

/note to self - steal zeniths mattress

[Jez_Gafys]

talking about bank transfers how would I go about transfering money from my bank to someone elses account im with HSBC and its a process ive never done before.

[Tom]

If you have the Internet Banking, use the option called Make a Payment.

If you dont have that, give the HSBC a ring and they will do it over the phone for you. Make sure you have all the information about the bank account that its going to. Sort code, account number etc.