Why dont banks process things on Saturdays/Sundays?

opinions4u

londonTiger wrote: »

we normally dont have this issue but you do realise that [STRIKE]BACS[/STRIKE] Faster Payments is completely unsecure. I don't think they even bother to check if the account name matches they just match the account number and sort code.

I've amended part of your post. I hope you don't mind.

The word "unsecure" is also misleading. The bank will send the money to the account and sort code combination prescribed by the customer. It moves, usually instantly, from account A to account B.

If I make a mistake in the numbers submitted there is a risk that I send my money to the wrong place. But I can test the selected path by sending a nominal £1 and checking with the recipient that funds have been received.

The bank will act on the customer's instructions. I am not aware of any fraud that involves diverting funds elsewhere once those instructions have been submitted.

So, for me, Faster Payments is a safe and secure way to send funds. As long as you submit the correct details.

With a cheque at least you can guarantee that only the payee will be cashing in the cheque.

Cheque fraud is not uncommon. A written instruction is easily amended and wide open to fraud. Much more so than an accurate electronic instruction.

If you post the cheque you can also verify the address as well.

Or give a series of post office employees and clerical staff at the receiving address to be less than honest and intercept the cheque.

The risks associated with Faster Payments are limited to your ability to type and verify 14 digits. The fraud risks with cheques are much higher.

Gromitt

Well it seems that the OP got there wish, as you as you are prepared to send a photographic version of the cheque via smartphone, cheque clearing time can be reduced from T+6 to "2 days". It's unclear whether "2 days" means T+1, or T+2.

I'd also imagine that this will bring new fraud opportunities, as its much easier to alter a digital photograph than a piece of paper, but considering the US has been doing it for the last 8 years, I'd imagine its low enough to be maintainable. Faster Payments remains the most secure and fastest method of sending money to someone however.

TurnUpForTheBooks_2

Moby_Tide wrote: »

So a c.50 hour A check every 500-800 hours flying time, up to 150 hours for a B check maybe twice a year (and this all assumes that nothing goes wrong at any point during that time). We won't even go for the heavy maintenance which is a few months strip down every half decade or so. My rough calculations puts an aircraft downtime at a minimum of 34 days (thats for maintenance only and not any pre-flight checks that need to be conducted that also sap time before every single flight). Add in the longer term maintenance and over time the aircraft are probably out of service and not flying for > 1 month per year, each and every year.

Trust you to find one of the few bank IT people who also used to organise the maintenance schedule for the BA fleet at Heathrow. What are the chances.

The chances are you have no idea how many others have a skill set as broad as yours. You totally miss the point. You think I don't know the aviation business? Sorry, you thought you had some inside track on that one. I have news for you. There are thousands of us with inside tracks on what you think is your specialty.

You've just informed us that you think average downtime for one aircraft is 34 days a year i.e. less than 10%. Do you care to tell us what period of the year on average the whole airline fails to process customers interests and solely promotes its own interests instead? I know BA has had its problems, but it must surely only be a single figure percentage? But 2 days every week and more at bank holidays is a rather greater percentage for an entire business than the airline example, isn't it?

One aircraft is not an airline in the same way as one bank branch or one banking system or one computer is not a banking business. Trust you to fall right into my example and pick it up all offended because you think you know far more than me about banks, IT, and aircraft. You seem to have conveniently forgotten how BA works 24/7 for a start.

You are clearly biased totally on the suggestion of 24/7 for banks, and even your suggestion of pre-flight checks taking any significant time is laughable in the wake of recent incidents involving your old colleagues at BA. They don't even check the Jeppesen plates before they career round airport taxiways anymore, never mind whether the engine doors are closed!

As a jack of all trades you might be surprised at how your mastery of your three declared favorite subjects does or does not measure up to the accumulated knowledge through study and experience in the same three subjects (and a few more) that can be demonstrated by those you attempt to put down so carelessly. I'll be kind. You are not the only clever clogs in town. There are many of us - and some of us seem to be diametrically opposed with our conclusions.

Banks don't offer weekend processing in retail accounts because people like you are paid to propound the status quo on that subject rather than developing the obvious alternative. Whether you realise it or not, you do the bidding of members of massive cartels who will resist clearing on Saturdays and Sundays and "bank holidays" for as long as possible purely because removing the outdated oddity of it removes another of their rinky-dink creaming off the top activities which they can't get their snout out of.

There is no excuse for continued 5 day a week retail bank processing. The banks will process amazingly complicated stuff on the weekends to achieve all manner of other steals.

*Kat*

I guess the banks DO realise there's a need for change, at least when it comes to cheques...

http://www.moneysavingexpert.com/news/banking/2013/12/cheques-set-to-become-payable-via-smartphone-photos

Gromitt

*Kat* wrote: »

I guess the banks DO realise there's a need for change, at least when it comes to cheques...

That's 3 times its been mentioned in the last 5 posts alone...

No, it's not the banks that are pushing it, it's the government.

EarthBoy

The BBC report says that the government is to "is to launch a consultation on the idea, with a view to making the necessary legal changes". In other words, nothing will happen any time soon.

BillJones

TurnUpForTheBooks wrote: »

Step aside Moby. Let your rocket scientists fix it for customers for a change, and not for your greedy bankster gang-leaders.

...

You insult us with your whining.

Was the hypocrisy intentional?

BillJones

Southend1 wrote: »

No, that's corporate greed - why on earth in one of the richest countries in the world can't ordinary people earn enough by working 40 hours a week to make ends meet plus a little extra

They can. It just takes a little effort, and forethought, and diligence.

If you can't get by on forty hours a week, it's probably worth having a long look at yourself, and thinking what you are doing wrong.

nilrem_2

The OP asks a reasonable question as to why banks don't process cheques over the weekend and is seemingly bombarded with comments almost verging on insults and ridicule for having the temerity to question the banks way of doing things!

Some criticise cheque users of using and outdated system (cheques) in a hi-tech age but have you considered that sometimes they are forced on us by financial institutions and that many of us prefer direct payment systems?

For example I prefer to do as much of my banking/saving etc online but recently I decided to withdraw one of my maturing fixed rate savings accounts (Nationwide FWIW) but the only options available were either reinvesting (low rate) transfer to a Nationwide access account which I don't have or a cheque being posted to me.

I would much prefer a bank transfer but none was available. being sceptical I assume they do this so that they can hang on to my money a little longer, firstly the several days from maturity when it was in the post and the time for me to travel to my nearest bank and pay it in!

It's not always the fault of the person with the cheque who is wanting to use an outdated system, it's sometimes the very people who say they don't want cheques, the banks themselves!

Money-Saving-King

*Kat* wrote: »

I mean, it's almost 2014...everywhere else is still open!!!

If everything were to change who do you think ultimately will foot the bill? The answer is us!

Seeing we currently manage fine do you really want to pay for this to happen?