Why doesn't internet banking work over bank holidays?

bohomiz

Hello Everyone

I am new here so this is my first posting, but I have been reading a lot of people's posts/threads before writing this one, and I feel sure that someone will be able to answer my question.

This is a curiosity question more than anything.

As the title of my thread says, ''Why doesn't internet banking work over bank holidays?''

My rent is due on 21 of each month, but unfortunately I had internet connection problems since Monday and only managed to get online last night. The first thing I did was to transfer my rent payment from my online bank account to my letting agent's bank account. This is how I do this each month; I have no standing order or direct debit set up with them.

However, when I went to pay my rent last night it stated that the earliest it would pay it is on Tuesday 22 April, a day after it is due. I've written to my letting agency and apologised for this one day lateness, but I am curious as to why it wouldn't do it. I mean, it is over a computer - there aren't any people involved, so why the 5 day delay? This to me is ludicrous, but there must be some red tape/job's worth explanation as to why it is like this, and I am hoping that someone will know and be able to tell me so I will know for the future.

Thanking you in advance.

BohoMiz

le_loup

Why doesn't internet banking work over bank holidays
You appear to have answered your own question.

prowla

Why don't automated systems work over bank holidays?

(But in reply to the OP's actual issue, why not set up a standing order?)

Vortigern

It's ludicrous, anachronistic, traditional, laughable. Why is it that a bank that prides itself on service 24/7/365 can't transfer money internally from its 0% current account to its 6% regular saver on a weekend? This must cost me pennies every year in lost interest.

A corporate apologist will be along soon to say that the computers need to be maintained on Bank Holidays, so they never crash on working days

Some clever !!!!!! will suggest that you buy a calendar.

Welcome to the forum. :beer:

bohomiz

No - I don't think I have answered my own question. *Why* don't they work over bank holiday? It's a computer. Not a person. That is my question.

And I don't like standing orders and direct debits. Although I have 3 set up because I have to (1 with power company (payment protection plan) and 2 with charities). Other than that I pay via my online checking account.

cifpower

Who do you bank with that they can't send a payment until the next banking day?

grumbler

bohomiz wrote: »

However, when I went to pay my rent last night it stated that the earliest it would pay it is on Tuesday 22 April, a day after it is due.

Today I can make a payment "To be paid on 18/04/2014" (I checked Nationwide, but I am pretty sure it's the same for all other banks I have accounts with).

Uxb

Maybe the banks do the reconciliations over the weekends with their accounts at the Bank of England.

Maybe at then end of the week all individual Barclays transactions to Lloyds for example are netted off and the resulting balances of their holding accounts at the BoE are adjusted by the overall sum being transferred between Barclays and Lloyds at the BofE.

Makes sense not to have other transactions going though while this is being done maybe?

PS most people with busy lives love DD as it means they don't have to remember to pay this and that. One day when you are crashed into by another motorist you will also love the fact that his insurance was renewed by DD and not that he forgot about it, did not pay it and you have just been hit by an uninsured driver.......

Hominu

bohomiz wrote: »

No - I don't think I have answered my own question. *Why* don't they work over bank holiday? It's a computer. Not a person. That is my question.

There's 2 things here.

If I make a payment today from my LLoyds TSB account to my Santander account it'll leave today and it'll arrive today BUT, it'll be dated Tuesday 22nd - the banks next working day.

However, if I use my Monmouthshire BS account and request a withdrawal I will not get it until Wednesday next week - a 5 day delay, because they only process requests on working days and in working hours. I doubt staff view every withdrawal request, but it may flag some requests, I remember withdrawing 24K from them once and they rang me up to verify it was me that was actually requesting it.

stclair

Even thought it says the next payment date is the 22nd April the funds will still leave and credit the destination account immediately in most instances.

System

Standing order and Direct Debits only work on non-bank holidays.

One off Faster Payments initiated by you work 24/7 for most banks; some smaller providers place further restrictions but this their own restriction