are transfers between A&L accounts instant?

Dagobert

Recently, I transferred an amount from my A&L current account to another A&L personal account holder via phoneline. I was told that internal transfers are immediate. However, the money did not show in the other person's account until the day after albeit that the transaction date was the day of the payment instruction.

Can internal transfers be initialted via the web interface? I once made a payment to one of my own A&L accounts using the payments dialog and the transfer went through BACS and took 3 working days.

SalsaDanca

I regularly use the A&L website to transfer money between my A&L current account and online savings accounts. According to the figures shown on the account summary page, the transfers are instant, but the transaction doesn't appear on the statement pages until the next working day.

If you were transferring money between two accounts shown on your internet banking, I don't know why they sent the money by BACS. Did you pick the accounts from the list on the transfer page, or did you enter the sort code and account number?

Dagobert

At the time I transferred money to my own account, the account had not yet been linked to my online account. Using the payment dialog, I specified sort code and a/c no, which then resulted in a BACS transfer.

What I want to know is whether and how I can arrange an internal transfer to somebody else's A&L account via the online interface.

HSBC, FirstDirect, and BoS/Halifax recognize internal transfers and they go through and show in the other person's account immediately.

Afahmaep

I posted my observations on this subject in this thread



http://forums.moneysavingexpert.com/showthread.html?t=213273


FWIW I have FD, HSBC and Halifax current accounts as well and know about the instant transfers between FD and HSBC which reinforces why I avoid A&L if I can help it.

---

I have got 2 identical A&L current accounts. I did apply a few years ago for an upgrade to thier Premier but was given a 2nd current account but I kept it because I then had 2 Online Savers which were market leaders at the time with the doubling of SAVINGS limits.
Transferring BETWEEN Current Accounts though was the problem.
ACCOUNT 2 was CREDITED on Day 2 of the Transfer
ACCOUNT 1 was DEBITTED on Day 3 of the Transfer
Although I couldn't access the money from either account on Day 2
I appeared to have doubled my money.
The first time it happened I went O/D on ACCOUNT 1 because I thought the money was still there but was refunded the O/D charge when I explained they had the money the whole time
'Why can I transfer immediately from Online Savers to linked Current Account but it takes 48 HOURS to transfer to and from current accounts WITHIN THE SAME organisation.'
Never got a satisfactory answer and have since opened much better current acounts (to me anyway)

Sillychuckie

yes, they are instant. money is immediately available.
BUT, it takes 24 hrs to show this fact on your statement.
internal transfers are instant, in my experience.

Dagobert

Can an internal transfer be initiated online though? In other words: is the A&L payments interface smart enough to distinguish between external and A&L sort codes?

YorkshireBoy

Dagobert wrote:

Can an internal transfer be initiated online though? In other words: is the A&L payments interface smart enough to distinguish between external and A&L sort codes?

You must have referred dozens of people for the A&L current accounts Dagobert. Why not contact them (if they're still on the boards), and compare statements and payment dates? Assuming of course, you used the online interface to give them their 'kick-back'?

Dagobert

YorkshireBoy wrote:

You must have referred dozens of people for the A&L current accounts Dagobert. Why not contact them?

I didn't pay anyone via the cr*p A&L interface, which doesn't allow deletion of previously set-up payments. Can you imagine how long my drop-down would be?

MarkyMarkD

The simple answer to the original question is "yes, and no". :S

It also depends on the method of the transfer, and the reason you want the money to be in the destination account.

I'll try to make it simple, from my experience and understanding, but apologies if your head hurts after you read this.

Online transfers between A&L accounts which are included on your own account list in online banking, will be made instantly (unless they are made very late in the day, I think). But the money won't be available in the destination account for the purpose of direct debits, or cheque clearance, unless the transfer is made before the close of the normal banking day, and that (by definition) excludes weekends. In other words, if you need the money there to meet a DD or cheque due out on Monday, it has to be there by FRIDAY close of business. It will show as available instantly - but the available balance is the ATM available balance, not the balance available for cheques/DDs.

If you make a transfer by online banking to any other A&L account (other than one which is linked to your own) it will go via BACS, even if it's your own account. The online banking interface doesn't identify A&L sort codes and transfer these internally. So it will still take 3 working days NOT including the day you instruct the transfer.

If you make a transfer on the telephone to another A&L account, and quote the 9 digit account number, it will happen straight away. And the money will be available straight away in the recipient's accounts for ATM withdrawals, but NOT for DDs and cheques (as above) which have to wait until the next banking day.

HTH

YorkshireBoy

Dagobert wrote:

Can you imagine how long my drop-down would be?

Yes, sorry - I forgot about that! (although I do believe you can ask them to manually tidy up your list - whether I'd trust them is a different matter though!).

Anyway, in the interest of research, I've just initiated a couple of back to back transfers on mine and my wife's accounts to check the timing for you.

In doing so, I thought I'd try and input a 9 digit account number to see if their systems picked this up as an internal transfer. However, the account number field is restricted to 8 digits. So, hopefully it will detect the sort code(s) and see them as the 'internal' transfers they are.

I've also read through the online help files and the closest answer to your question relates to moving money around YOUR current accounts (I assume if YOU have more than one with A&L). It says that transfers initiated 'early enough in the day' will be completed the next day!!!! Anything requested 'later' will be completed the day after!!!! If this relates to 2 A&L accounts in YOUR OWN name, it's not very good is it?

YorkshireBoy

MarkyMarkD wrote:

If you make a transfer by online banking to any other A&L account (other than one which is linked to your own) it will go via BACS, even if it's your own account. The online banking interface doesn't identify A&L sort codes and transfer these internally. So it will still take 3 working days NOT including the day you instruct the transfer.

Hmmm, very strange. The online help file says...

How long it takes to process payment From your registered Alliance & Leicester current account

If you're moving money between your Alliance & Leicester current accounts, provided you instruct us early enough in the day, the funds will be in your destination account by the next working day, otherwise it'll be the day after.

If you moving money between your Alliance & Leicester current account and your registered Alliance & Leicester savings account today the transfer should take place the same day. If you set it up for a future date, it may take up to 3 working days.

If you're moving money elsewhere, then it could take up to 3 working days for your money to reach its destination.

...but you say the example in the first paragraph is sent by BACS - unless requested by phone?