Where's it gone?

ciderdrinker68 · 7 September 2012 at 7:50PM

Hi all.
Just paid a substantial amount of money from my HSBC current account into my Barclaycard Visa account to reduce monthly outgoings.
When I phoned to check the balance on the card the bloke on the other end said he could see it on my account but it would not clear the account until approximately a week after.
Where has the money gone? I cannot obviously see it in my HSBC account but it has not paid off the Barclaycard. Who's keeping hold of it and why?
Seems like I am accruing interest on the Visa bill when it should have been paid off. So much for internet banking. I thought the idea behind it was to make everything quick and efficient?
It's almost as bad as the old days waiting for 10 days for a cheque to clear. Before computers.
Any ideas? Thanks.

Ciderdrinker68.

abercrombie · 7 September 2012 at 8:53PM

I can't see why it would take a week to clear. Did you do it as a faster payments transfer or did you pay it off you barclay card via visa debit?

ciderdrinker68 · 7 September 2012 at 9:03PM

Did it as a direct payment from my HSBC current account into the account with Barclaycard. Used all the information on the Visa bill. Sort code etc.
The bloke on the phone said he could see it but HSBC wouldn't clear it for 7 days? !!!!!! is all that about?

Ciderdrinker68

abercrombie · 7 September 2012 at 9:09PM

That certainly doesn't sound right to me, even a BACS payment only takes 3 days to clear. I would consider putting it in writing to Barclaycard and and dispute the extra interest that you'll have accrued. You might not get any joy from it but if you don't ask you don't get - and to be fair in the modern day of Faster Payments you just wouldn't expect a simple bill payment to take so long

opinions4u · 7 September 2012 at 9:33PM

ciderdrinker68 wrote: »

Just paid a substantial amount of money from my HSBC current account into my Barclaycard Visa account to reduce monthly outgoings.
When I phoned to check the balance on the card the bloke on the other end said he could see it on my account but it would not clear the account until approximately a week after.

He's talking nonsense. End of the following working day is when it will show.

Where has the money gone? I cannot obviously see it in my HSBC account but it has not paid off the Barclaycard. Who's keeping hold of it and why?

It's in the ether. But it will get there.

ciderdrinker68 · 7 September 2012 at 9:35PM

opinions4u, I've no doubt it will get there. It just seems a week is a long time for an electronic transfer.

opinions4u · 7 September 2012 at 10:26PM

ciderdrinker68 wrote: »

opinions4u, I've no doubt it will get there. It just seems a week is a long time for an electronic transfer.

But it won't take a week. I told you that was nonsense.

Gromitt · 7 September 2012 at 10:46PM

I'd expect Monday night or Tuesday day when it shows on your statement.Certainly not a week.

Agricolae · 8 September 2012 at 12:58PM

The only times it could take that long (that I can think of) are:

1. The card number wasn't quoted as the payment reference (this causes long delays).

2. The faster payment went with a "qualifier code", which means the payment was accepted but the receiving bank is carrying out "additional processing".