Who's got my money

sparks15

I needed some building work done on my property to make it disabled friendly so i paid the builder with a credit card £13,000
Been to bank 'Halifax' to borrow on equity to pay off credit card which has been excepted and the funds went in to my account
I transfered the funds on the 20th of april, but credit card company still have not recieved them although they have on my account that £13,000 is pending. The money left my account on the 20th the halifax have said that it can take up to 3 working days and because of the bank hollidays it will not be untill the 26th.
So to sum up £13,000 has left my savings account so i will loose 6 days interest on that and the money will not get to the credit card company untill the 26th which means i will be charged an extra 6 days interest, SO WHO'S GOT MY MONEY? !!!!

ironlady2022

Weekends and bank holidays are not counted as working days. BACS transfers which you have used takes a couple of working days and it will leave your account on 20th straight away. The money will just be working its way through the system. This is very standard practice. And users have been warned about the bank holidays. Let this be a lesson, it's ONLY 6 days worth of interest.

Fruit_and_Nut_Case

sparks15 wrote: »

SO WHO'S GOT MY MONEY? !!!!

The easter bunny? :EasterBun

sharpy2010

sparks15 wrote: »

SO WHO'S GOT MY MONEY? !!!!

It's in the process of being moved from one establishment to another.

Imagine it like this: You post a letter to your friend "Dave" who lives in Australia. Once you've posted the letter to Dave, it will take a few days to get there. Meanwhile, neither yourself, nor Dave, have the letter. It is inbetween the two of you.

The same for your transferred funds!

sparks15

Thanks for the reply the nice lady at the Halifax said that it was on it's way to the credit card company my reply to her was "what by foot" i can understand if I posted a cheque to them this would be the case but we live in a modern world if I send a text or email within seconds it's with you this should be the same with money some one is loosing out and I am sure it's not the banks

SnowTiger

sharpy2010 wrote: »

It's in the process of being moved from one establishment to another.

Imagine it like this: You post a letter to your friend "Dave" who lives in Australia. Once you've posted the letter to Dave, it will take a few days to get there. Meanwhile, neither yourself, nor Dave, have the letter. It is inbetween the two of you.

The same for your transferred funds!

Bank transfers are handled electronically, just like email.

So, using email as an example:

You email your friend "Dave" who lives in Australia. Once you've sent the email to Dave, it will take a few seconds to get there. Meanwhile, neither yourself, nor Dave, have the email. It is inbetween the two of you.

pjread

13k is above the faster payments threshold I believe, so would go via BACS unless you arranged a CHAPS payment or similar. A CHAPS generally incurs a 10-15 GBP fee which probably is more than any interest you might have saved I would guess?

patman99

The money leaves your account and goes into Halifax's clearance account. They then wait for the receiver's bank to confirm the details of the account holder receiving the money. Once confirmed, the 'money' is then transfered across. Meanwhile, Halifax will be using your cash to buy/sell shares and currencies to boost it's profits.

Next time, transfer the cash in amounts less than £10k, that way it gets there in hours not days.

antrobus

patman99 wrote: »

The money leaves your account and goes into Halifax's clearance account. They then wait for the receiver's bank to confirm the details of the account holder receiving the money. Once confirmed, the 'money' is then transfered across.

That's not how banking works. As far as BACS is concerned, the bank will send the money on the basis of the account details supplied by the customer. As long as the sort code exists and the account number is arithmetically valid they will send the money. They do not wait for confirmation.

Depending on what stage of the process you are talking about, the money will either be:-

- with Halifax awaiting transmission to BACS
- with BACS being processed
- with the recipent bank awaiting credit to the customers accounts

patman99 wrote: »

Meanwhile, Halifax will be using your cash to buy/sell shares and currencies to boost it's profits.

That's not how banking works either.

chexum

It's not the first question about this - see YorkshireBoy's comment #6 in there:

who gets the money when it's in bank cyberspace?
https://forums.moneysavingexpert.com/discussion/3093228