Where's my Money? (Bank transfer)

Gordon_the_Moron

I wouldn't expect same day BACS but 5 days is a bit much.

YorkshireBoy

Gordon_the_Moron wrote:

I wouldn't expect same day BACS...

That's what we're going to get though Gordon, according to my OFT quote above.

...but 5 days is a bit much.

I don't have any accounts that take 5 days to transfer funds, thankfully!

I agree it does vary significantly though. I think Dagobert and Milarky have done some research into transfers between various institutions, and there are a couple of threads on the board somewhere.

In my own experience, all my transfers take 2 days (action Monday, arrive Wednesday) with the exception of A&L who seem to (but not always!) add a day both leaving and entering the account.

I've had one strange experience only this week. I transferred a sum from Yorkshire Bank to my Yorkshire Building Society Internet Saver account on Thursday, and YBS credited it to my account on Saturday! - so presumably I'll start to incur interest from Saturday as well?

realaledrinker

Cahoot always add an extra day - I think I was fed the line in the past that this was because the money had to go via their parent, Abbey!

regularsaver1

I've seen customers that prefer to pay their mortgage by BACS instead of DD - I warn them that it will take 3-5 working

most often it in the mortgage by 3 working days

They said they prefer to do a BACS/ Standing oder as they are in control of when the money is sent, rather than DD collecting it when the bank wants to --- suppose people have their reasons