How quick is your bank?

Tim892746

Hello everyone

Im thinking of leaving my Smile internet bank because I feel transactions take too long to show up on my internet account.

I am used to my last bank (in Australia) allowing me to instantly see all my transactions, including transfers, credit/debit card transactions and ATM withdrawals.

I find it hard to manage my money when i cant see all the pending items on my account and take this into account when I spend. I get confused and then overspend!

Which banks are the quickest for updating their information online? Are any instant?

Thanks for your help with this

Cheers
Tim

MPH80

I am used to my last bank (in Australia) allowing me to instantly see all my transactions, including transfers, credit/debit card transactions and ATM withdrawals.

You'll find most banks won't show you stuff instantly.

At best - you'll get your ATM withdrawls showing immediately.

But I've never yet seen a credit card transaction show instantly. Sure - it might affect the available balance - but not the actual transaction.

Remember - all interbank transfers in the UK currently take 3 days (although this should change next year).

So - to answer your question - in my experience:

A&L - ATM - 24hours - transfers - 24 hours. Available balances immediately. Debit card transactions affect available balance immediately - transaction doesn't show for days.

Natwest - ATM & transfers - instant. Debit card affects available balance. All other transactions - delayed.

Cahoot - same as Natwest

realaledrinker

smile are as quick as any other bank & quicker than some (e.g. Cahoot). Transfers between smile/co-op accounts are immediate, as are ATM withdrawals. Most other stuff appears as quick as the UK banking system allows.

Tim892746

So do any banks provide internet banking with a "Pending" transaction list? Again, my bank in Oz did this no problem so you could see the things that had cleared your account, but also the list of things that were pending like card authorisations and the like...

anniecave

tconibear wrote:

So do any banks provide internet banking with a "Pending" transaction list? Again, my bank in Oz did this no problem so you could see the things that had cleared your account, but also the list of things that were pending like card authorisations and the like...

I think the system is different over here. I've never seen this. Card transactions just go through as and when the card company processes their transaction, and that will vary depending on them. Once they've requested it, I think it goes through immediately. I don't think there is a "pending" time if you see what I mean.

The only thing I used to find is that if I phoned up my bank on the day before I was due to be paid, they could tell that my pay was due to be paid in tomorrow. I don't know how that works, but is something to do with the way the computers update information.

CopperPlate_2

I've contacted smile before to query something and during the conversation asked them what my balance was - or they told me anyway, can't remember which. They also explained that there were pending amounts for x, y and z which would debit from the account the next day or day after. They could specify the amounts individually but not the payee. As far as I imagine, they would know the next day once the bank systems update which items are to be debited from the account, and thereafter once it 'clears' the individual debits come off and the payees are 'revealed' so to speak. I've always found smile to be one of the better ones where I can readily keep track of what's going out. The ATM withdrawals, as has been said, are immediate, and EFT transactions only seem to day two or three days at the maximum to appear. Can't think that I'd ever need to know sooner than that as I spend virutally everything on my credit card anyway and only use the current account to take out cash and pay off the CC bill at the end of the month.