Ripoff banks

RogerS_2

I have a particular complaint which must affect everyone else who manages their savings online. I have several savings accounts and I move money to whichever bank account is giving the best interest rates.
I have to use my Lloyds current account as a distribution point, so savings have to be moved into this account and then out to the receiving account.
The problem is that the banks are holding on to my cash before moving it. The account shows a debit immediately but the receiving account does not show a credit for three working days. Therefore to move my money between accounts can take up to 6 days. During this time I have lost interest and the banks have gained.
I do not believe that this time is justified and I believe the banks are making a tidy sum out of deliberate delays.
Perhaps Martin could start a campaign to improve this situation?

oldandgrumpy

It's called "bunce", and has been going on forever! The worst experience I had was with Abbey, who were using BACS to transfer money from our Abbey e-saver to our Abbeycurrent account! On one occasion £8000 took 8 days from one to the other.

Jonbvn

Everyone (on here) is fully aware of the situation, which has been going on since before Martin was even a glint in his father's eye. Hopefully, the Fast Payment system will go some way to addressing this issue eventually.

bigbloke45

The "Fast Payment" scheme is c**p. it's just another "spin" from this useless government. It's a bit like asking a drugs dealer to wait a few days before payment on a "voluntary" basis!

Milarky

Jonbvn wrote: »

Everyone (on here) is fully aware of the situation, which has been going on since before Martin was even a glint in his father's eye. Hopefully, the Fast Payment system will go some way to addressing this issue eventually.

Mark my words - I predict that within two years we will either have a new government, or! they will have got the Faster Payments system to work...

(Don't why they didn't call it 'Nimrod'?). :rolleyes:

steady__eddie

"Mark my words - I predict that within two years we will either have a new government, or! they will have got the Faster Payments system to work..."

Why does there always have to be a choice ? Why not both ?

If I could only have only one of the above options, I'm really hard pressed to decide which one I'd rather have

Aegis

bigbloke45 wrote: »

The "Fast Payment" scheme is c**p. it's just another "spin" from this useless government. It's a bit like asking a drugs dealer to wait a few days before payment on a "voluntary" basis!

Faster Payments has worked really well for me so far. I really don't see what's so crap about it. At the moment, if I want to transfer from HSBC to one of my other banks, I input the payment, hit "submit" and usually within a couple of hours the amount is transferred across. Compared to BACS this system is frankly amazing.

MILLWALLFC

Anyone know when HSBC will be offering Fasttrack payment to icesave, this takes about 4 days to clear everytime i make a transfer.

YorkshireBoy

Aegis wrote: »

At the moment, if I want to transfer from HSBC to one of my other banks, I input the payment, hit "submit" and usually within a couple of hours the amount is transferred across.

How quick is it coming back the other way?

Aegis

YorkshireBoy wrote: »

How quick is it coming back the other way?

Not tried it the other way yet. I know that Halifax have put in a horrible delay system to their external transfers (one reason I'm glad I don't bank with them any more!), but otherwise I haven't had any need to transfer money between banks. All I know is that the Faster Payments system itself is pretty damn nice if the bank in question is using it to its full ability.

YorkshireBoy

Aegis wrote: »

Not tried it the other way yet.

That's my point Aegis (and, I suspect, that of bigbloke45 also). I too can send FP's to lots of other (mainly current) accounts from my FD current account, but to bring money back from the bulk (95%+) of them still takes 3-4 days...3 months after the FP launch date (and a full 9 months after the original planned FP launch date).

I know that Halifax have put in a horrible delay system to their external transfers...

I don't think they have. Transfers out always took a day longer than 'real' banks. It's just that since they changed the way they operate they now leave the money in the account for a day before sending it. Previously they removed it and then held on to it for 24 hours before sending it.

In short, same delay as before for 'on the spot' requests.