Who's got my money!!

Hadrian

When I transfer money between my accounts it takes 4(?) days minimum to get electronically from A to B. I am incandescent with anger that, in these days of instantaneous electronic transfering of information etc, it takes so long to do this simple task. The banks are making £billions (i wish we'd go back to the old fashioned millions, a billion is a thousand million!) out of us mugs. Is there anyone who can stand up for us and get this time lag down to seconds, no less.
Who actually has my money after I start the ball rolling?, the bank it is sent from, or the recipient? With 4.5% less 20% tax and inflation at 3.5% I feel like saying b****r you Jack it's under the mattress from now on. (End of rant)

Gorgeous_George

How much are the nasty banks making out of you personally?

Even the banks have to make money. In return for free travel insurance and a great rate of return on my current account, A&L are welcome to make a few bob out of me in the way that you describe.

Perhaps you'd swap instant electronic transfers for a monthly fee.



GG

mdb99jh

Gorgeous_George wrote:

How much are the nasty banks making out of you personally?

Even the banks have to make money. In return for free travel insurance and a great rate of return on my current account, A&L are welcome to make a few bob out of me in the way that you describe.

Perhaps you'd swap instant electronic transfers for a monthly fee.

The banks make plenty of money by lending the money you keep in you account to other people/businessess and charging them interest. They make pretty hefty profits each year, so 4 days for an electronic transfer does take the p*ss a little bit

Chrismaths

It's largely because the infrastructure for payments was until very recently (last year!) based on technology from 1968. Between next year and 2008, it is intended that electronic transfers will be either same day or next day. See here for more info.

Gorgeous_George

I estimate that my average balance is £300 and the banks could make £15 per year on this money.

In return, I get free travel insurance, the facility to withdraw cash from loads of places at home and abroad and Internet banking.

I think that I get a good deal.



GG