How long for funds to clear over easter?

jojo1973

My ex partner transfers funds from his barclays account into my barclays account on the last day of the month and it usually clears on 2nd of the month. I've just looked at online banking and its showing 6/4/10 its going in which is tuesday.

Its all computerised so why is it taking 7 days to clear funds from one barclays to another which means I'll be skint over easter now :mad:

anna42hmr

jojo1973 wrote: »

My ex partner transfers funds from his barclays account into my barclays account on the last day of the month and it usually clears on 2nd of the month. I've just looked at online banking and its showing 6/4/10 its going in which is tuesday.

Its all computerised so why is it taking 7 days to clear funds from one barclays to another which means I'll be skint over easter now :mad:

its probably because 4 of those days are bank holiday/weekend so are non working days, so therefore is taking the same number of working days as it would do normally (ie 31st, 1st 2nd) but instead the working days are 31st, 1st and 6th (as 2nd to 5th are bank hols/weekend)

jojo1973

Yes I'm aware of that, my question is why are they taking so long as its not done by a human number cruncher its all automatic. Its going from the same branch too. If I spend on my bank card it shows straight on my online banking as it debits my "cleared funds" immediately, weekend, bank holiday whatever yet they cant clear money from the same branch the same day???

rb10

Are internal transfers between different Barclays accounts not instant then, like with other banks?

opinions4u

jojo1973 wrote: »

Yes I'm aware of that

If you are aware of that, then you knew exactly what was going to happen.

In other words your assertion that "I'll be skint over easter now" was something you always expected.

my question is why are they taking so long as its not done by a human number cruncher its all automatic.

Have you considered asking them if there's a better way for your ex-partner to transfer the money to you?

It could be that using Faster Payments is an option for part or all of the money (I have no idea how well advanced Barclays are for this).

If I spend on my bank card it shows straight on my online banking as it debits my "cleared funds" immediately, weekend, bank holiday whatever yet they cant clear money from the same branch the same day???

They use different systems for different things.

While I am sympathetic with your point (actually I totally agree with your point), there is little doubt in my mind that you're skint over the Easter weekend because your budgeting is poor, not because Barclays are slow at moving funds from one account to another.

I'd suggest you get over to the Debt-free Wannabe part of the forum to find ways of reducing your spending and increasing your income a little.

Milarky

jojo1973 wrote: »

Yes I'm aware of that, my question is why are they taking so long as its not done by a human number cruncher its all automatic. Its going from the same branch too. If I spend on my bank card it shows straight on my online banking as it debits my "cleared funds" immediately, weekend, bank holiday whatever yet they cant clear money from the same branch the same day???

Fair point. As anna42hmr explains, banks do not have to 'settle' any payments on specified 'bank holidays' - it's a legal privilege going back to 1871. I would guess if that 'Spanish practice' is ever to end there will have to be a change in the law because they would all have to be singing from the same hymn-sheet before it can happen. On the other hand, your bank's dealings with you (i.e. when you draw cash at at ATM to spend on a non banking day) is technically outside the banking system so they are able to debit your account immediately and stop paying/start charging interest on a non banking day.

jamespir

my money got paid in today even though i was suppoosedto get it on tuesday

zx2011

Next Tuesday for Barclays started at 18.30 yesterday(Thursday)!

Everything that happens from 18.30 last(Thursday) night right through to 18.30 on Tuesday will have Tuesday's date on it.

Check your available balance see if the funds have actually arrived yet?

Joe_Bloggs

This is an aside but it may solve a few problems if the answers are favourable. Does anybody know if the faster payments system is working over Easter ? The only way to find out is to either send money to another account via faster payments. Clearly you will need feedback from the receiving account to see if the transfer took place.

I was assured that I could contribute my cash ISA allowance to Halifax over the Easter Holiday period. I chickened out and did the deed on Thursday.

J_B.

PS (Halifax to Nationwide works instantly as of 19:30)

rb10

Joe_Bloggs wrote: »

This is an aside but it may solve a few problems if the answers are favourable. Does anybody know if the faster payments system is working over Easter ?

The Faster Payments system works 24/7, including overnight, bank holidays etc.

The only (potential) difficulty is those banks (e.g. Natwest, Barclays) which do not recognise weekends and bank holidays properly, and so post-date any transactions to the following working day.

Olipro

jamespir wrote: »

my money got paid in today even though i was suppoosedto get it on tuesday

you must be with NatWest then, they've credited Tuesday's BACS payments today.