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Saga clearing funds on online account
juicyjude
Posts: 670 Forumite
I have found that my internet account with Saga is taking about a week to clear my deposits. Does anyone else have this problem? Still waiting for a deposit from 31st August to clear into my account, or is it because the deposit is quite a large amount. Would appreciate any replies thanks
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Comments
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If it was a cheque that you sent and you know it reached them on that date, today is only the 4th working day after that.
Second thoughts - is it that it has not cleared the source account yet or not been entered onto your Saga account?0 -
It is showing on my saga account as being transferred on the 31st August, but not showing yet on the available balance. It was an online transaction through BACS from my linked account to the Saga internet account. Any thoughts? Many thanks0
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Not sure. Best give Saga a phone call if it isn't there as available balance by tomorrow. If it was BACS from your bank to Saga and it shows as being credited, then it ought to show as available. That sort of thing only happens when cheques are send until they clear your account.0
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BACS push or DD pull (the latter being the case looking at their website)?It was an online transaction through BACS from my linked account to the Saga internet account.
Can't see anything on their website/T&Cs, but many accounts operating with DD pull 'quarantine' the funds for 3-4 working days because DDs can be reversed so easily.Any thoughts?0 -
I've noticed the same on my SAGA account, it takes a full week between me requesting a transfer and the money becoming "available" in my SAGA account.
BUT, I guess the more relevant question (for me at least) is when do they start paying interest on it?
I think that will be as soon as it appears in my account.
BTW, I'm talking about a DD "pull" from the SAGA end.0 -
juicyjude - see condition 4.1
alanwsg - see condition 5.2
http://www.saga.co.uk/money-shop/pdfs/Saga-general-investment-conditions.pdf0 -
Thanks to everyone who replied to my thread. Have been worried about this, thought the funds had disappeared into a black "cyber" hole!. Just logged on now and they have cleared, thanks for the useful link yorkshireboy. It is a long time though, interesting point about when the interest is earned from. Anyway worries over, thanks0
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