Delay in transferring money

Squire_Fulwood

I operate both my bank account (Alliance and Leicester) and my credit card account (MBNA Alliance and Leicester) on line. Obviously I have to pay one from the other. I used to instruct my bank to pay my credit card and incur the (statutory) four day delay while they did that.

Next I tried a different method. I went to my credit card account and gave it my debit card number and instructed it to take the money. This works instantaneously in Tesco’s when I am doing my weekly shopping so I thought it might be quicker. Here is the log of events.

27/6/08 Made payment to my credit card account by telling it my debit card number. The available balance of my bank account was reduced to reflect this.

3/7/08 Bank statement updated to show that the money left the account on 1/7/08.

3/7/08 Credit card statement updated to show that the money was received on 2/7/08.

There was a Sunday in the middle of all this so one days delay is understandable.

Does this sort of thing go on when a credit card is not issued by the same bank that runs the current account? Would Tesco’s supermarket accept this arrangement when I buy groceries?

DestroyingAngel_2

Looks to me like you just made an online payment, it would be 2 working days for online payments, compared to 4 for paying thru your bank. You can pay off a credit card using ANY debit card, as long as the debit card is valid, of course. In fact, ANYONE can pay your credit card for you with their debit card, it doesn't even have to be your own debit card.