Banking rant!!!!

mummybrook

Hi.

I am currently not happy with my bank. Last week, as we were very skint, we arranged to transfer money from our savings account into our current account. The savings were being moved from one institution to another.

Last week we received a letter from the savings institution to say that the money had been deposited with our bank last wednesday.

It is now Monday and despite several phonecalls to our bank there is no sign of the money going into our account.

They are saying that the money is with a clearing bank and that they have no way of knowing when the money will hit our account. In teh meantime we have bills to pay.

I find it outrageous that they have had our money for so long and that it still isn't in my account.

DH's attitude is that its the way banks work. I however find it very concerning that they can't tell me where my money is or when we can have it.

Is this normal for banks? I thought that the money would have cleared in a couple of days?

Advice or thoughts on this would be much appreciated!!!

RayWolfe

It isn't the way banks work. The normal time for transfers via BACS - which it looks like this is - is 3 bank working days. If the money WAS sent by the savings institution, then it will be in your account .... unless ... you gave the wrong instructions, or they used the wrong instructions! It does happen. The wrong sort code or wrong account number ... get the sender of the funds to double check ... they are the ones in control of a money transmission.