Standing orders and weekends

agrinnall

Clifford_Pope wrote: »

Why do banks still have the concept of "working days"?

It's all done electronically - why do the computers need weekends and holidays?

Because the banks fear that passing on to customers the huge costs associated with changing decades old systems and procedures would alienate them even more - and do you want to pay higher charges?

typistretired

I do mine manually too.

You have to watch bank cut off times as well. I tried to move £10k out of HSBC at 9pm and the message came up that it would not go until the next day even though that amount is covered by their faster payments.

Goldiegirl

NowRetired wrote: »

Then I would lose 4 days interest.


.

Do they charge for standing orders that don't get paid on the due date? If they do, what's more important, avoiding an unpaid item charge, or losing 4 days interest?

Also if 4 days interest is THAT important to you, perhaps you'd be better off doing the manual transfers.

Hominu

Clifford_Pope wrote: »

It's all done electronically - why do the computers need weekends and holidays?

For the same reason as the rest of us, they need a rest after a busy week!

Or it could be that in the days of olde, banking transactions were done in batches at the end of the day and someone had to stay behind to kick the machine, so transactions were only done when someone was available.

Standing orders are still done in batches, but I think the kicking is automatic now, but changing the system is expensive, and some people may depend on the system.

NowRetired

Also if 4 days interest is THAT important to you,

Sorry but there was no sarcastic smile.


I think some people take what posters post to literal.

Goldiegirl

NowRetired wrote: »

Sorry but there was no sarcastic smile.


I think some people take what posters post to literal.

I would like to think the people are joking when they fret about losing a few pence ........ But I think that in a lot of cases they are serious

mgdavid

NowRetired wrote: »

.......

I think some people take what posters post to literal.

unless there's a clue in a smiley, what other way should the people that are taking the trouble to reply take it? None of us are psychic !

NowRetired

what other way should the people that are taking the trouble to reply take it

Are people really that obsessed with the loss of 4 days interest a month at 5% a year on £2500?

Goldiegirl

NowRetired wrote: »

Are people really that obsessed with the loss of 4 days interest a month at 5% a year on £2500?

Sadly, some are

pqrdef

It's the principle. The bean-counters at the banks don't miss a trick, and they figure on making money out of these pointless transactions.

We're all being gamed, but some of us like to contest the game instead of just accepting the role of loser.

This is what a lot of MSE is about. All those deals and offers and giveaways, they aren't chartitable donations, they're all designed to be profitable for the businesses offering them.