Lloyds TSB holding my money over weekend

canddsmum

Bit of advice please. Had a phone call from Lloyds TSB at 4.15 this afternoon (Friday) stating that they had noticed that a decent amount of money was going into our account. We had some money released from some unit trusts to pay for a car. When we asked when the money would be in our account, the lady said it would be 0.01 Monday morning. If Lloyds TSB can see the money has come to them, why are they holding onto it over the weekend? It's our money! I've checked on the CAB website and it clearly states that if a bank gets money for your bank account, they MUST transfer it that day. Is there any legitimate reason that this money is being held by Lloyds TSB over this weekend other than to gain interest?? Thank you.:mad:

jonesMUFCforever

No the bank gets advance NOTIFICATION of monies coming electronically by BACS.
It does not have the funds today so sorry you need to amend the title of your post as it is 100% incorrect.

If you wanted the funds today (what was the settlement date and conditions of sale of the units?) then you should have asked for a faster payment or CHAPS. They would have charged you for the CHAPS.

The bank were probably trying to help you by advising you about the funds and probably asking whether you wanted to move some to a savings account - is this correct.
If you had not answered the phone you would have been none the wiser and this thread would not have started.
They try to help - they get slated - you think they are holding on to your money when they are not they get slated - can't win can they?

innovate

Realistically, what would you have done with the money if it had been credited to you tomorrow (which is most likely the very earliest it could have been credited) instead of Monday?

grumbler

jonesMUFCforever wrote: »

No the bank gets advance NOTIFICATION of monies coming electronically by BACS.
It does not have the funds today so sorry you need to amend the title of your post as it is 100% incorrect.

How do you know it was BACS, not FP?

Yes, I know, theoretically it's the end of the next business day for FP regardless.

JuicyJesus

Unit trust payments will almost universally go by BACS. BACS is still far easier to do batch payments for.

Were it an FP, this discussion wouldn't be happening because the funds would either have already credited or because they'd only have been received at all on the Monday.

jonesMUFCforever

grumbler wrote: »

How do you know it was BACS, not FP?

Yes, I know, theoretically it's the end of the next business day for FP regardless.

Banks normally do not get advance warning of FP's as they are in reality real time payments.
+ a Faster payment sent today would have credited the account today.

I recently sold shares and the broker's terms were settlement day +3 to credit my account - the 3 meaning 3 day BACS.

baggers02

Bank with Natwest - Payments due to hit monday become available on Saturday - happened to me today, the payments are dated with Mondays date but they are available.

MoneySaverLog

jonesMUFCforever wrote: »

The bank were probably trying to help you by advising you about the funds and probably asking whether you wanted to move some to a savings account - is this correct.

More likely their eyes lit up when they saw a higher than normal payment coming in and thought we will target this customer for a "financial review" to see what we can sell them to meet our targets.

opinions4u

MoneySaverLog wrote: »

More likely their eyes lit up when they saw a higher than normal payment coming in and thought we will target this customer for a "financial review" to see what we can sell them to meet our targets.

An absolute certainty.

But if that customer ends up with a Vantage account and a suitable savings account they will be better off than doing nothing.