Alliance Leicester directsaver slowness

Graham_Devon

Nor mine. Transfered on 7th. 15th and if I wanted to, couldnt access my money.

This is very poor.

Basically they taken 23k off me for 8 days and I have no access to my own money! If it's not available, I can't access it.

Anyone know the rough timescales of when this does become available. Set up another transfer on Friday for another 3k. Not going to even leave my current account until this wednesday. Thats madness. I'm loosing interest.

YorkshireBoy

Graham_Devon wrote:

Anyone know the rough timescales of when this does become available. Set up another transfer on Friday for another 3k. Not going to even leave my current account until this wednesday. Thats madness. I'm loosing interest.

How long will it take for payments to be received into my account?

If your linked current account is with Alliance & Leicester, the transfer will take place within 24 hours. If your linked current account is with another Bank, it will take three working days following the day of transfer for the money to be received.

However, to allow time for the funds to clear they will not be available to transfer out until the eighth working day.

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Graham_Devon

YorkshireBoy wrote:

...........

Thanks for that. Can't really understand why it takes 8 working days though.

Do you know if were recieving interest in those 8 working days at all?

YorkshireBoy

Graham_Devon wrote:

Thanks for that. Can't really understand why it takes 8 working days though.

As I understand it (and I don't have this account, but I do have an A&L Online Saver 2), the 8 working days includes the 3 days for the DD to land, ie

• Day 1 - initiate DD transfer at A&L online area
• Day 3/4 - money leaves external nominated current account, and is credited to Direct Saver (and starts earning interest) on same day
• Day 8 - money showing as 'available' (for withdrawal)

  Do you know if were recieving interest in those 8 working days at all?

  From day 3/4 onwards (as detailed above).

Disclaimer: All the above is based on my understanding of the T&C's, the user guide, and the FAQ section on the A&L website. You should check them yourself before making any decisions based on the above.