Daylight Bank Robbery

chexum

NightStar wrote: »

Hmmm so let me get this straight - it is not actually carried out but it is reflected in my current cleared balance? And how did that help exactly with the funds not being there?

Yes - the trouble with those transactions is that although they're future dated, over the weekend no posting would be possible, so they won't let you do any more transactions that would then be posted on Monday.

As Olipro said, this is a two-edged sword - you see the transactions that will be debited on Monday, but also those that would be credited, because they already received and completed them. It really depends on each bank how exactly they do this.

And it's in times like this when you can see how much "grafted-on" faster payments are.

NightStar wrote: »

I think the truth is that the electronic systems behind standing orders, direct debits, cheques and automated salary credits are stuck in the dark ages doing batch runs at the end of working days while slowly other banking processes are dragged into the 21st century.

I, personally, would agree with that

fozmcfc

Why on earth, would someone expecting a large DD come out on Monday, leave it till the Monday to put money in.

I just don't understand why people have to sail so close to the wind, when it comes to things like this.

If a large DD is due out on Monday, then I would at least make sure the money is in their Friday at the latest. The DD can come out at anytime on the Monday, so even putting in the money on Monday would not ensure that an account is always in credit, even if it is only in the red by a matter of hours.

It the same when people leave Credit Card payments to the absolute last minute.

With Natwest as soon as I make a transcation on my card my balance is reduced accordingly, even if the transcation doesn't appear for 2 or 3 days.

Also any DD's due out on Monday are shown when I check my account on Saturday morning and my balance is reduced accordingly.

AnonymousForObviousReason

NightStar wrote: »

Via a transfer from another (high interest) account with the same bank. This is instant. My god - and even faster than faster payments and 24x7x365.

Okay, I wondered if you'd had a new super fast payment option for between banks, I'd have been interested in that.

Bank computer systems are in a shocking state, they can't even do the bare minimum you'd expect, like provide a total balance for all their accounts. This is why it takes so long for any investigation when institutions fail.

fozmcfc

I just don't understand why people have to sail so close to the wind

It's their/our choice. You make a judgement that the risk/added stress is worth the pay-off. Why would people want to leave your money in a banks low interest account when you can get much more in the high interest one?

A few years ago I spent a year living £100 from the edge of my agreed overdraft limit, it was free to do so and putting (the substantial) amount a linked savings rate account earned me quite a bit. Would I do that now? No, I don't have enough time to micro manage my account and even if I did the return would not be enough (gone are the days of high interest and massive overdrafts just because you ask, I understand they even check to see if you would have a chance at paying them back).

NightStar

fozmcfc wrote: »

With Natwest as soon as I make a transcation on my card my balance is reduced accordingly, even if the transcation doesn't appear for 2 or 3 days.

Don't even get me started on the 3 day shenanigans.

fozmcfc

NightStar wrote: »

Don't even get me started on the 3 day shenanigans.

Personally I like it, it tells me that the money is in the pipeline to come out and lets me budget correctly. It doesn't effect me now, but it used to help me make sure I didn't go overdrawn.

I do remember in the old days, when you could buy something a few days before payday and still withdraw the money and by the time the Switch payment reached your account, the wages were already in the bank.

iblametheparents

NightStar wrote: »

As long as everything is done by the end of play on the same day this is normally fine.

No, cleared funds have to be in the account by 1:30am the day they are due out, this has been the cut-off time since August 2008. Prior to this it was 6:30pm the working day before.

I do not see what your problem is, Saturdays and Sundays are non working days and do not exist on Barclays' systems at all. Barclays does its BACS run on Saturday morning, in effect going to Monday on the Saturday. Some banks do this on a Saturday morning, some on a Monday morning, either way you still have to make sure your money is in the account on Monday morning! With Barclays you're still given two days to get your account back in order if a direct debit or standing order takes you overdrawn.

agsnu

AnonymousForObviousReason wrote: »

Why would people want to leave your money in a banks low interest account when you can get much more in the high interest one?

£1600 * 0.03 * (3 / 365) * 0.8 = 31p

Yeah, sooooo much more interest.

gazfocus

My account is with Barclays and Direct Debits always leave my account between midnight and 1AM on the day they are due to leave my account (or a Saturday if the direct debit is due on a Monday), so I've always had to make sure the money has been in my account the night before. Don't know how you've ever managed to pay money in your bank to cover a direct debit leaving the same day.

iblametheparents

gazfocus wrote: »

Don't know how you've ever managed to pay money in your bank to cover a direct debit leaving the same day.

I don't believe he has.

AnonymousForObviousReason

agsnu wrote: »

£1600 * 0.03 * (3 / 365) * 0.8 = 31p

Yeah, sooooo much more interest.

It is 32p