I Am Fuming!!!!!!

moanymoany

Thank you MagsyB. The attitude of it's going to be paid soon, so what's the problem' is difficult for me to understand. The banks are having to deal with other issues where the public have been cheated e.g. bank charges, but here the issue of so much money out of circulation for up to a week and lots of people losing little bits of interest don't seem to be an issue of concern.

Fairdo, the reason there is enough money to pay the mortgage is because we got compensation and we have spent several years paying off the shortfall rather than wait and have thousands and thousands of pounds left to pay. Surely dealing with money and financial issues rather than burying one's head in the sand is what this site is all about!

I didn't know about CHAPS or, given the circumstances, I would have paid the extra to make our little dream of paying it before DH goes away come true.

I am surprised to see so much support for the banks.

dunstonh

but here the issue of so much money out of circulation for up to a week and lots of people losing little bits of interest don't seem to be an issue of concern.

Who is making a loss?

How much have you been charged for the clearing cycle being used? With all this whinging about unfair bank charges and clearing cycle losing interest for people then it just accelerates the end of free banking.

Every time you write a cheque to your savings acccount at a different bank you get double interest. That isnt fair. You should pay some of that back. There are other ways of using the clearing cycle to your advantage as well.

I am surprised to see so much support for the banks.

Its not a case of support but understanding commercial reality and the consequences of change. When free banking ends (which is inevitable) are you going to complain about your new £10pm fee because the new clearing cycle costs have to be paid for or the people who cannot manage their money now need to be subsidised by you?

Sometimes people dont realise a good thing until it is gone.

BigBouncyBall

its not only the effort of transfer, else it could be done in seconds. There are checks that have to be done - money laundering, fraud, criminal activity etc. You wouldn't be happy if money was moved out of your account fraudulently in seconds and spent in minutes would you?

moanymoany

dunstonh wrote: »

Who is making a loss?

How much have you been charged for the clearing cycle being used? With all this whinging about unfair bank charges and clearing cycle losing interest for people then it just accelerates the end of free banking.

Every time you write a cheque to your savings acccount at a different bank you get double interest. That isnt fair. You should pay some of that back. There are other ways of using the clearing cycle to your advantage as well.



Its not a case of support but understanding commercial reality and the consequences of change. When free banking ends (which is inevitable) are you going to complain about your new £10pm fee because the new clearing cycle costs have to be paid for or the people who cannot manage their money now need to be subsidised by you?

Sometimes people dont realise a good thing until it is gone.

1. Free banking is going anyway. I've watched the pundit on Working Lunch say this. He said the banks repayment of illegal bank charges would be part of the reason given, but the banks want to follow The rest of Europe and the USA and make people pay. So don't try to lay the loss of free banking on me. I am always very careful with banking and spending and I have not had an overdraft for many, many years.

2. I have not whinged about unfair bank charges. I have whinged because I wanted my money paid into my bank before today so that we could pay the mortgage before my DH goes away! I would have been happy to pay CHAPS but wasn't aware of it.

3. I still don't see why, in these days of high tech, money can't be transferred more quickly. I remember back in 1970 a cheque taking 5 days to clear. Are you still living with 1970's technology in your life as a financial adviser? I bet not.

4. We all pay for the huge debt load that people have burdened themselves with and will never pay. I can't see that transferring my money on the same day will make a huge difference to this.

BritBrat

How many years have you had the endowment?

I would guess quite a few, what is a few more days going to matter.

The worst thing is if the transfer goes to the wrong account that's nothing to do with you then you can get angry.

dunstonh

3. I still don't see why, in these days of high tech, money can't be transferred more quickly. I remember back in 1970 a cheque taking 5 days to clear. Are you still living with 1970's technology in your life as a financial adviser? I bet not.

Yes. I still have to put up with 70s tech and issues. Indeed, many of companies I deal with have legacy business going back to the 1940s. You cannot just magic up a computer system to cater for all this. Norwich Union are spending billions on a system which still doesnt do everything they want but to do that would be cost prohibitive. A lot of the systems are in place because of law and not technology and the costs of change are too prohibitive.

The clearing cycle is changing. That has been in progress for someone time now. However, you cannot change it overnight. Technology for same day clearing securely and the ability for all the banks to do it overnight hasnt been round as long as you seem to think.


You have a policy that was running for 25 years (assuming its 25 as that is the most common period). That is over 9000 days and you are fuming about 3 more days. Why not worry about something important and not something you or nobody else has any control over?

moanymoany

Clearly I’m on my own here, the general consensus being it is nothing serious. I will say to those who wonder how I deal with ‘really’ serious things that happen to me that I deal with them reasonably well. My little bubble of excitement at being able to go and pay off the mortgage before the end of July was burst and I was disappointed.

I am a chief carer for two demented parent so a bit of excitement is very welcomed and all the more disappointing when it doesn’t happen.

In November, the new system to enable same day electronic transactions to take place will start, as said this lunchtime on Working Lunch.

KTF

moanymoany wrote: »

In November, the new system to enable same day electronic transactions to take place will start, as said this lunchtime on Working Lunch.

Not any more... http://forums.moneysavingexpert.com/showthread.html?t=501199

Debt_Free_Chick

Can you not both sign a letter today, instructing the BS to pay the money direct to the mortgage account as soon as the funds have cleared?

Phone the BS and ask them.

BTW - payments to BS accounts often take longer than 3 days to get into the individual account. The payment is firstly made to the BS "group" account. Once there, it then needs to be transferred to your particular savings account - they rarely go directly into an individual account.

runmartin

moanymoany wrote: »

Clearly I’m on my own here, the general consensus being it is nothing serious. I will say to those who wonder how I deal with ‘really’ serious things that happen to me that I deal with them reasonably well. My little bubble of excitement at being able to go and pay off the mortgage before the end of July was burst and I was disappointed.

I am a chief carer for two demented parent so a bit of excitement is very welcomed and all the more disappointing when it doesn’t happen.

In November, the new system to enable same day electronic transactions to take place will start, as said this lunchtime on Working Lunch.

I can really identify with what you are saying. I eventually paid off my mortgage at the end on May but it took weeks from cashing in a bond I had to the mortgage being finally paid off. Most of the time taken was in transferring money. When the money finally arrived in my current account, I had to transfer it to my mortgage account (same bank). It took a week for it to clear as there was a bank holiday in the way. For me it spoilt that feeling of being finally free after 20 years which I had been really looking forward to. It was a real anticlimax.

Martin