Money in the ether

macthemole

I would like to know why it takes four days or more to tranfer money from my TSB current accout to my TSB credit card done over the phone or on PC? Where does the money go for that four days? Does the TSB use it? If so why don't we get a share of the profits?

Years ago it was because it took three days to process a cheque, with all this hi-tech stuff and it still take this long, why?

If you can answer this question I would be very grateful.

Macthemole

anniecave

On the LTSB online banking it says it will take 4 days to transfer, but that is because they have a very weird way of counting their days. If you request a transfer, they don't actually process it until the next day, so it remains in your account for an extra day anyway. After that it only takes 2 days, but they count it as three in the way they explain it. So if you request it on monday, it leaves tuesday and arrives on thursday. I think you get interest on some of the days while it is transferring too, subject to certain limits.

If you are transferring between certain accounts, it sometimes goes immediately or only takes a day anyway. If I transfer money between my current account and my monthly saver, that goes immediately for example. I would guess that the credit card would follow the 4 day that is only actually three day rule above, but that's just a guess.