BACS payments

Firefly777

I am really mad. I transferred by ISA to one paying more interest and my funds were sent via BACs this lost me 3 days interest. Why, it is electronic. My money does not go into a black hole for 3 days - Who is getting MY interest?? Now I wish to transfer my savings account and have been told yet again it will be transferred via BACS and will not arrive in the account for up to 4 days. THIS IS DAYLIGHT ROBBERY OF MY MONEY. what is going on?!?!?!:j

Timmne

You realise this is standard practice? Have you ever sent/received money before - if you have, there's a fair chance you've done this before.

Tozer

Agree with Timmne. That's just the way it is. Some banks are now putting in place the quicker payment scheme but it is a slow roll out.

~Chameleon~

If you transferred your ISA this way then the chances are you have lost your ISA status now. Your new ISA provider needs to make the transfer request to your old ISA provider and they will then send a cheque directly to them within 30 days.

JCS1

Alternative is to pay via CHAPS which is same day, but the banks charge approx £15 for the pleasure, so will be cheaper to lose 3 days interest instead