Ripoff banks

DocProc

On Saturday morning, 23rd August, I tried to transfer some funds from my Lloyds TSB Online Saver over into the current account.

The result?

Well, the transfer will happen, but not until Tuesday, 26th August.

I have done this kind of transaction many times before. Transfers from the online saver account into the current account, and vice-versa, have always happened instantaneously. There is no reason why they cannot be instantaneous. These are totally cleared funds!

Now that the new so called 'instant transfers' can take place, I fear we are being cheated in some quite new ways. Some of the old types of 'instant transfers' have now been converted over to 'delayed transfers'.

Lloyds TSB are communicating to me, that they are just a bunch of advantage taking cheats.

MILLWALLFC

YorkshireBoy wrote: »

How quick is it coming back the other way?

Don't know not tried that yet.

When i transfer from HSBC into either Icesave or Birmingham Midshires you have to allow 3 working days before they take the payment, then when it hit other accounts it takes a further couple of days to clear. Not sure how it affects interest and when it calculates it from.

However i wish they would all accept fast payemnts. Im sure others must have the same issue.

Limes

I would be willing to compile information on who offers faster payments in and out as a handy reference guide/table for any and all who would care to contribute with info from your own bank.

This way, in theory it should be easy for people to see if they are likely to get a same-day transfer and hence no loss of interest on sums of money transferred. E.g. If you have an account with say Lloyds TSB and wish to transfer to your Kaupthing account can it be done using Faster Payments or if you need to move money back from your Kaupthing account to your LTSB account?

What might also be useful is whether or not this only applies to current accounts or savings accounts as well.

If this is of interest to anybody, all I need is for you to reply to this message and complete the following:

Name of bank:
Type of account held: Current/Savings
Faster payments in? Y/N
Faster payments out? Y/N

- PLEASE DON'T SEND ME YOUR ACCOUNT NUMBER AND SORT CODE!!!!:

Assuming there is some interest in this and it hasn't been done somewhere on MSE already (I can't find it if it has), I'll keep you posted as the information comes in.