Disappearing transfers of money

panamaniac

Where does our money go to when we make an electronic transfer, either from say the Nationwide to the Nationwide or even to another Bank. They tell us it will take four days, BUT IT IS ELECTRONIC, and we give all the transfer information?? It ought to be instantaneous.

Are the banks, al lof them, using our funds to make money for themselves on the Interbank Overnight Money Market, for if so, I want the interest received for myself.

Years ago I might have accepted this delay when the funds were "walked" round, but now, it is a joke and we all fall for it.

All the banks are the same, unless of course you live in Denmark, where it is instantaneous.....so I have been told.

The UK Banks are thieves and they need to be brought to account.

Thank you and I hope someone has some answers.

jambosans

It's called BACS, and if you have a search around MSE you will find numerous posts on the subject.

You are with Nationwide, who are a building society, and they have one the worst implementations of Faster Payments. If you're not happy with the time it takes to transfer, move. There are plenty of other institutions that offer partial (e.g. Lloyds Banking Group) and full (e.g. HSBC, Barclays & RBS Group) Faster Payments Service.

choc_mouse

Nationwide to Nationwide - the money shows up in the recipient's account instantly.

peachyprice

Google Faster Payments Service, you'll find it elightening