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bank clearing times
homersimpson_3
Posts: 1,249 Forumite
in middle of week friend transfered some money on line from one bank account to another - the money has gone from the first bank but is not as yet showing in second bank. it is true it takes 4 days? 4 week days or 4 working days? why does it take so long?
thanks
thanks
0
Comments
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It takes about 4 working days to clear. The reason it takes so long is because banks make a fortune in interest by doing this. Apparently in some countries it takes a couple of hours! Some banks here take even longer than 4 days.0
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If the 2 accounts are with the same bank, ie current a/c and savings a/c, it should be instant, otherwise, yup 4 working days is about right!!0
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I've found that money appears in the account that it was transferred to the 3rd working day, with the 1st being the day it was transferred (however cahoot for some reason takes 4 days!!!)
If you friend did the transfer after a certain time, usually around 6.30pm then the 1st working day will be considered to be the next working day (if that makes sense)
If your friend has internet access to both accounts I would recommend that he looks today as many banks update their records over the weekend to show whats going to be paid in /withdrawn on monday.2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
It should get better sometime over the next two years............
Recent article on the subject from scotsman.com
More details (horrible site design but useful info)0
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