Credit card balance transfer delay - money showing in both accounts?

orangeplasticspoon

I have recently transfered £300 from an MBNA credit card to my Sainsburys credit card. When I log into the Sainsburys card I now owe them £300, (which is what I wanted to happen), but when I log into the MBNA card it still shows that I owe them the £300. Is there a delay on MBNA updating the account status online? It's either a delay, or could I somehow have transferred someone else's £300 into the Sainsburys card?

The dates on the Sainsburys site are: Date of transaction 6th April, date entered 8th April. It's now the 11th April and the MBNA account remains unchanged with £300 still sitting there.

Is it possible there is a delay - am I panicking for no reason, or have I made an error? Please help!!

YorkshireBoy

You made the request on Tuesday 6th
They actioned the request on Thursday 8th
BACS takes 3 working days
BACS doesn't work on weekends
Expect to see the transaction on MBNA Tuesday 13th, backdated to Monday 12th

orangeplasticspoon

Thanks YorkshireBoy, but I still don't understand how it can show in both accounts - either it has transferred or it hasn't?

YorkshireBoy

See point #3 above.

The money leaves Sainsburys on day 1, spends day 2 in the BACS ether, and arrives on day 3. Usually, and especially where collection accounts are used (as is the case with credit cards and some savings accounts), the transaction isn't posted to your account until day 4 as stated in point #5 above.

Google BACS for more details.

pjread

short answer: if it's still showing Weds, worry then. Don't for now. Think of it a bit like cheque clearing...

soul619

if you have balance transferred it an not bacs'd it it could take up to 7 working days to show on the receiving card and will show as a debit straight away so you cant spend it again

twist-and-shout

If you are that worried about it why don't you call sainsburys and ask them how long there transfers take to go through. Most bank's transfer times range between 4-7 working days.

orangeplasticspoon

Hi everyone, just to let you know the £300 is now no longer showing on the MBNA account. Thanks for all your help and re-assurance.