LloydsTSB is withholding my money

pmduk

It's as if he was used to his giro arriving the day before it was due. (which used to happen to me.) If it starts to arrive on the actual day due, there'd be no cause for complaint. It's possibly inconvenient, but no more than that.

pqrdef

Presumably there are no inter-bank transfers on Saturday or Sunday nights, so money credited to accounts on Monday morning was received on the Friday night and the bank has been sitting on it all weekend. This money could be in accounts on Saturday morning, let alone Sunday lunchtime. The banks make a lot of money out of this sort of thing.

d.ross_2

pqrdef wrote: »

Presumably there are no inter-bank transfers on Saturday or Sunday nights, so money credited to accounts on Monday morning was received on the Friday night and the bank has been sitting on it all weekend. This money could be in accounts on Saturday morning, let alone Sunday lunchtime. The banks make a lot of money out of this sort of thing.

I don't work for any financial institution, so I don't know for sure, but I don't think the bank would make a penny on money held over a weekend. This is because the financial markets are closed (except for time differences), therefore the money can't be invested.

Anyway, even if they did invest it, that's how banks make money. I'd rather they make money that way than putting my charges up.

iereboy

Your money was due in on a Monday. Lloyds were kind enough to give it to you on a Sunday. Are you for real?

Things have changed now due to people who ring every Sunday -"Why has my DD's gone out on a Sunday dated with Monday's date on it? It's not fair!"

These were the same people who were not complaining with their JSA, salaries, general credits were showing up early.

Well to stem the complaint numbers- no early DD's, SO's, credits on Sunday, make them wait! Its a winner for both Lloyds and customers. Less complaints numbers and less redress payments to idiots and better complaint stats for Lloyds.


OP - try to budget, lots of people on JSA actually do so. Its not easy but they do.

pqrdef

So why does the DWP time payments to arrive on Monday, of all days? It means they have to send them 4 days earlier on Thursday.

Clearly it's a stitch-up between the Treasury and their mates in the City, to drop some money into the pockets of the banks at the expense of the public purse. Don't think they wouldn't.

pmduk

I enjoy a conspiracy theory like the next man. But you're talking tommyrot.

YorkshireBoy

pqrdef wrote: »

So why does the DWP time payments to arrive on Monday, of all days? It means they have to send them 4 days earlier on Thursday.

BACS Direct Credit operates differently from BACS Transfers (ie those available to you and I when we transfer money between our own accounts).

With BACS Direct Credit the payee only submits a 'payment file' to BACS on Thursday. The cash moves on Monday in a simultaneous debit/credit operation (similar to Direct Debit).

http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/PayingBy/Pages/GettingStarted.aspx (scroll down to "BACS processing cycle")

robpw2

move to barclays they process Mondays payments on saturday - annoying for dd but good for credis lol

pmduk

pqrdef wrote: »

So why does the DWP time payments to arrive on Monday, of all days? It means they have to send them 4 days earlier on Thursday.

Presumably, it's because the payment is due on a Monday.

Wallhart

Think of it this way. It depends whether the bank had taken float out of it but you still don't have any grounds. You expect it on Monday and were getting it on Sunday. If anything there is an o/n interest charge to you.

But them I'm not sure if your trolling.

Funny how everyone blames banks but most people don't understand simple cashflows.