Bradford and Bingley

Horasio

I transferred money to my account last Sunday

It is showing but not available

This is over a week now for clearance

They have not answered my email asking why I can't access my money

They are rubbish:mad:

and I am taking it straight out as soon as it is available

I am really upset as it is a large sum of money:mad:

I'm getting to the stage where I shall want to take all my money of these useless banks.

YorkshireBoy

Is it the eSavings account?...

Why can't I access my money for six days following receipt?

Under the Direct Debit scheme, organisations are able to recall payments that have been collected up to six working days after they have been collected. This means that as any money received by Bradford & Bingley can be reclaimed, we cannot allow you to withdraw against it until this period has elapsed.

http://www.bradford-bingley.co.uk/savingsandinvestments/faq.asp#esave_3_9

Horasio

It is the slowcoach esavings:yawn:

Thank you for pointing that out - I do look at T&Cs but must have missed that section

but SIX days clearing!!!:eek:

No wonder they can give higher interest rates

I am also annoyed they haven't answered my emails too

I have also had trouble with transfers in the past, they claim it never happened when I have the evidence I have done it.

hjb123

6 days clearing sounds a long time - the banks really rip their customers off with the times taken for clearing! In the meantime they are no doubt gaining lots of interest on the money!

YorkshireBoy

hjb123 wrote:

6 days clearing sounds a long time - the banks really rip their customers off with the times taken for clearing! In the meantime they are no doubt gaining lots of interest on the money!

Just because you can't 'get at' your money doesn't mean it isn't earning interest.

When is interest paid on investments and withdrawals?

Interest is paid from the day after we receive funds, right up to and including the day on which you make a withdrawal or close your account.

http://www.bradford-bingley.co.uk/savingsandinvestments/faq.asp#esave_5_5

Horasio

I have had heaps of trouble with transactions with them too and had to email them saying transactions not occuring. They say it hasn't happened when I have activated it. I can't trust them.

They don't send confirmation emails when you contact them and take forever to get back to you. Usually there are automated replies and the content of what was written and an approximate time of reply.

Then they accuse people of being abusive when you complain about inefficiency.

I have invested a large sum of money and I am poised to close it if I am treated this way again.

MarkyMarkD

Why in the world would you deposit money in an account like this and then want to withdraw it less than 6 working days later? If you are going to need to move it in and out in such a short time, don't bother moving it in. End of problem.

You will only lose interest by moving it around for no reason for times as short as "less than 6 working days".

Horasio

MarkyMarkD wrote:

Why in the world would you deposit money in an account like this and then want to withdraw it less than 6 working days later? If you are going to need to move it in and out in such a short time, don't bother moving it in. End of problem.

You will only lose interest by moving it around for no reason for times as short as "less than 6 working days".

It is up to me when and how often I wish to move my money and I am aware of the interest issue. So why ask me this question? What was the intention of that reply?

I am already angry and the reply has raised the blood pressure further!

I am complaining that it takes so long to clear and their email system/response is inefficient. I am in the right area on this forum to do this. Plenty of other people complain about organisations but I get aggro for stating how I feel.

I swear some people on this forum work for these inefficient organisations and use this forum to defend their slackness and are not terribly polite about it, thus raising anger levels further.

It is a vent board and it is a forum to complain about bad service about companies. Why is it taken so personally when people complain? It should be a place to look to improve services rather than be defensive about their precious organisation.

And yes it stinks OK!

mike_the_haggler

CCStar wrote:

It is up to me when and how often I wish to move my money and I am aware of the interest issue. So why ask me this question? What was the intention of that reply?

I am already angry and the reply has raised the blood pressure further!

I am complaining that it takes so long to clear and their email system/response is inefficient. I am in the right area on this forum to do this. Plenty of other people complain about organisations but I get aggro for stating how I feel.

I swear some people on this forum work for these inefficient organisations and use this forum to defend their slackness and are not terribly polite about it, thus raising anger levels further.

It is a vent board and it is a forum to complain about bad service about companies. Why is it taken so personally when people complain? It should be a place to look to improve services rather than be defensive about their precious organisation.

And yes it stinks OK!

I swear some people on this forum work for these inefficient organisations and use this forum to defend their slackness and are not terribly polite about it, thus raising anger levels further.

totally agree with you on that one.............

Xbigman

I have a B&B eISA and it does take ages to clear. There system is two phase and takes the money and only then actually transfers it internally.
So I lose a few extra days a year on 3K, its something I can't get too worked up about personally but I can see how others would.
Regards



X

IvanOpinion

There are 2 stages in clearing an amount .. many people especially eBayers are being caught out by this. It was once explained to me but I did not fully understand. Apparently after the first stage the funds will show up in your account however the original bank/party still has a means to cancel whereupon the money will be reversed out. This effects eBayers because they have a habit of shipping when they see the money in the account ... I know somebody who lost a £3500 motorbike this way .. money appeared, bike shipped, money disappeared.

I am led to believe there a plans afoot to tighten up on this but currently most banks seem to use 6 working days (which is probably designed to ensure it takes in a weekend guaranteeing them the money for 8 days .. or maybe (more likely?) the final clearing batch systems actually get run at the weekends hence why they must ensure the time period encompasses a weekend). Try lodging on a Thursday and see if it is cleared on Mon/Tue?

I know you are just venting but MaryMark did offer you sound advice.

Ivan