Interbank transfer delays-Alliance Leicester

alampallam

From November 2008 many banks have begun this instant transfer if you do a electronic transfer of funds.(between different bank's accounts)

Today i found that Alliance Leicester is sitting on money transfers above 260pounds for 3 days before handing over to the other bank,
a clandestine way of holding on to your money,

I am sure this is not done by all other signatories to this faster transfer scheme.

I transferred 8K once from HSBC and it is was instantly in the other bank.

Y-day I transferred 5Kout from AL and it has gone to the black hole for 3 days,not appearing in the other bank's account.

I called AL and they explained they do it only if it is less than 260 pounds.

I asked them can i recall it, then i can walk to the bank take cash out and take it to the other bank.They said Recalling might take 10 days.

That is service for you.

Does anyone else have a similar bad experience?

D1zzy

There's a whole thread on this in the savings and invsetments forum - if you read throughy you should find who's doing what. where,when and how and with how much.

http://forums.moneysavingexpert.com/showthread.html?t=985463

robnye

i have alliance & Leicester bank and frequently send money to my nationwide savings account... both lie when questioned as to where the money is in the interim.... between it leaving my bank account and registering in my savings account....!

willo65

The blackhole you refer to is called BACS - the money isn't with either bank at the time it is missing and effectively it is only missing for one day. At the end of the day you send the payment it goes to BACS, the following day BACS send it to the receiving bank and overnight it is credited to receiving account.

However I do think A&L are making a joke of FP and really need to get themselves sorted.

artha

willo65 wrote: »

The blackhole you refer to is called BACS - the money isn't with either bank at the time it is missing and effectively it is only missing for one day. At the end of the day you send the payment it goes to BACS, the following day BACS send it to the receiving bank and overnight it is credited to receiving account.

However I do think A&L are making a joke of FP and really need to get themselves sorted.

Do the rest of the Santander GRoup fare any better?