Clearing times and "Floating monies" RBoS

JoeDGaffa

I have a Royal bank of Scotland Credit Card and all my accounts are with RBoS. I use internet banking for the majority of my transactions. I Recently made a payment to the credit card using the internet, April 7th. The money was removed from my current account straight away. It appeared on my credit card statement (online) on the 11th April. and the funds available seemed to be adjusted accordingly. I Tried to use my credit card on 18th April and was told there was insufficient funds. when i contacted the bank i was told that this money was floating and takes 6 banking days to clear once recieved by the credit card company. It had already being "clearing" for 4 days before it was recieved by them. I Contacted both the bank and the CC Call Centres. The bank was actually helpful and called back to say this was due to security checks having to be passed. The RBoS website seems quite secure to perform payments already. Is this simply another scam run by the banking institutions and has it happened to anyone else. 10 working days for funds to clear withtin the same banking group?????

grumbler

Never happened to me.
When transferring money online to CC it is usually takes less time when you do this from the CC side - something like 'pay bill online with debit card'.

jonesMUFCforever

When I pay online card and bank the same, the payment is done same day. (up to about 3.30pm)
Eric

virgin_moneysaver

a lot of this is down to 'clearing' days & 'non-clearing' days - even though you initiated the transaction on the 7th(Saturday) your on-line details will update so you can see that the payment has been accepted but the payment wouldn't have been sent until the Monday(9th) - BACS is 3 working days so your credit card will receive the credit on the 11th - as for the 2nd part of your statement about the funds available on your credit card I wouldn't know - each company have there own T & C

basically anything that you do from Friday evening onwards won't actually go through your account until the next working day at the earliest, which would be the Monday (or as in this week for example Tuesday as Monday is a Bank Holiday) - items may show on-line & at the ATM at the weekend but won't go thru your a/c until the next WORKING day

zx2011

What a load of nonsence. For HSBC and first direct customers it only takes 1 working day for their payments to reach their credit card account.

frepol

Ulster Bank (RBOS) a/c to credit card - 1 clear day only. Sometimes on next day.

Walletwatch

My Citibank current account to Citicard transfers take 2-3 working days... but then, that's because of the arms length policy they follow, with the Citicards business being owned by Citifinancial, which banks with HSBC.

JoeDGaffa

Ta for the replies folks!!

The credit card company seem to be adamant that it takes 6 working days for the monies to clear from the day that money is presented to the credit card. I have used this online facility to pay amounts of egg-cards and ulsterbank CC's and never encountered this problem before. RBos bank seem to agree, having spoken to the CC department, that "additional security checks" must be carried out. Hence from leaving my current account it appatrently takes 10 working days for that money to be actually available on my credit card. I have asked both the bank and credit card company to confirm the situation in writing. I Believe that clearing period is excessive given the security checks in place already on RBoS Website, also both CC and Current account is same banking group, and given the money should be cleared from the current account, hence there should be no clearing time when money is presented to CC.