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Post Office Online Saver - Unhappy!

I transferred £5,000 into my Post Office Online Saver by debit card this past Tuesday 2nd October. Yesterday Thursday the money was taken from my bank's current account.

This morning Friday I checked my Post Office Online Saver and although the £5,000 is included in my balance, the "cleared funds" do NOT include it?

I called the PO and the advisor told me that "they have my £5,000" but it's not cleared and (that being the case) probably won't be cleared now UNTIL MONDAY.

I told him that I wasn't comfortable with the fact that they took £5,000 from my bank yesterday, they admit they have it but I CAN'T touch it until Monday at least (4 days later).

Am I unreasonable to be uncomfortable with this? Somehow think I'll be closing this account.
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Comments

  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    The best way to put money into your PO saver is by Faster Payment. It gets there (cleared) within hours. All other methods seem to take ages (as you found out).
  • Gromitt
    Gromitt Posts: 5,063 Forumite
    ian912 wrote: »
    Am I unreasonable to be uncomfortable with this?

    Yes, you are being unreasonable. The terms and conditions state exactly what you have noticed. 2 (working) days from the time the money was taken from your account is normal.

    I always pay via faster payments, but the same can happen: If pay on a Friday night, it won't show up until Tuesday (along with any payments made Monday morning), and if you pay on a Tuesday morning, it'll show up that night. Not that it matters, as for interest calculation purposes, it's backdated to when they received the cash.
  • sorcerer
    sorcerer Posts: 878 Forumite
    I think you'll find the post office don't do Faster payments, as they are the Bank of Ireland, and apprently the rules don't apply to them, they still take three working days to do everything.
  • lisyloo
    lisyloo Posts: 29,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you don't like the way the account operates then vote with your feet and get another one.
    Might be worth checking they take faster payments first.
    I am with the Derbyshire and money goes in and out of there pretty quickly by faster payments.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    edited 5 October 2012 at 3:45PM
    sorcerer wrote: »
    I think you'll find the post office don't do Faster payments, as they are the Bank of Ireland, and apprently the rules don't apply to them, they still take three working days to do everything.

    I always use Faster Payments with my PO Saver.
    EDIT: must be from your 'nominated account'

    The Faster Payments rules the UK has implemented are based on the EU Payments Services Directive.
  • Gromitt
    Gromitt Posts: 5,063 Forumite
    sorcerer wrote: »
    I think you'll find the post office don't do Faster payments, as they are the Bank of Ireland, and apprently the rules don't apply to them, they still take three working days to do everything.

    Wrong, a faster payment made on a Wednesday morning will show in your account on Wednesday evening.

    Debit card payments will never be quick, regardless of who you save with, same with DDs.
  • Colin297
    Colin297 Posts: 111 Forumite
    Not seeing the big deal here at all..
  • ian912
    ian912 Posts: 37 Forumite
    If the interest is payable from the date they received the funds, then that's OK.

    Checked this morning (Sat) and it's still not in cleared funds so it WILL be Monday.

    The PO Online Saver can only be topped up by debit card or dd from linked current a/c so don't think I can do faster payments????
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    ian912 wrote: »
    The PO Online Saver can only be topped up by debit card or dd from linked current a/c so don't think I can do faster payments????
    You can 'push' money from your bank to the PO.
  • Gromitt
    Gromitt Posts: 5,063 Forumite
    ian912 wrote: »
    The PO Online Saver can only be topped up by debit card or dd from linked current a/c so don't think I can do faster payments????

    Strange, as each month, the day I get paid, I move any excess cash straight to the PO and its usually there that night. Its setup as a payee in my online banking.
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