Bank Holidays - why does this affect your online account view

Feral_Moon

Dobbibill wrote: »

Have another look at your TSB account - look at the transaction details rather than just the statement date, this would normally show as XXXX30APR so they can clearly see that you have paid it in on time.

Finger's crossed, you'll get your interest.

Thanks, I'll check online on a computer later. I've only got access via mobile app at the moment.

SuperAllyB

Dobbibill wrote: »

Have another look at your TSB account - look at the transaction details rather than just the statement date, this would normally show as XXXX30APR so they can clearly see that you have paid it in on time.

Finger's crossed, you'll get your interest.

Feral_Moon wrote: »

Thanks, I'll check online on a computer later. I've only got access via mobile app at the moment.

Regardless of what it says in the transaction details you won't get interest unless you can get a goodwill gesture by phoning them up. In the t&cs somewhere it tells you how they treat payments on non-working days.

Yes, in this day and age, when you can see transactions instantly it seems irrational and unfair but they will stick to the t&cs and the FOS will back them up as I said in my earlier post.

realaledrinker

Fundamentally the reason why payments and receipts are not dealt with 'same day' over a bank holiday is down to cost.


Most banking systems are made up of many dozens, if not hundreds, of applications, many of which date back to the 70s or even 60s. The sheer cost of making each one of these compliant with real time processing would be simply prohibitive. The banks are having to put aside billions to shore up their balance sheets in expectation of the next crash, so don't expect much to happen in this space anytime soon.


I worked on the Co-op banking platform transformation a few years ago which was an attempt to replace their banking system with real time functionality. It cost the best part of a billion pounds before the project was canned and almost broke the bank. They are now spending a few hundred million more to try & remediate those same old systems to make them last a few more years. Most of the other UK banks are in a not dissimilar situation.

gunsandbanjos

realaledrinker wrote: »

Fundamentally the reason why payments and receipts are not dealt with 'same day' over a bank holiday is down to cost.


Most banking systems are made up of many dozens, if not hundreds, of applications, many of which date back to the 70s or even 60s. The sheer cost of making each one of these compliant with real time processing would be simply prohibitive. The banks are having to put aside billions to shore up their balance sheets in expectation of the next crash, so don't expect much to happen in this space anytime soon.


I worked on the Co-op banking platform transformation a few years ago which was an attempt to replace their banking system with real time functionality. It cost the best part of a billion pounds before the project was canned and almost broke the bank. They are now spending a few hundred million more to try & remediate those same old systems to make them last a few more years. Most of the other UK banks are in a not dissimilar situation.

Totally agree, I think a lot of people would be amazed at what systems banks use.

Good old mainframe :eek: the cost as you say would prohibitive, it would be a monumental undertaking to move off these systems.

PeacefulWaters

When Lloyds merged with HBOS I heard a figure of £4bn quoted to build a new IT platform from scratch.

What benefit would shareholders get from such an investment?

gunsandbanjos

PeacefulWaters wrote: »

When Lloyds merged with HBOS I heard a figure of £4bn quoted to build a new IT platform from scratch.

What benefit would shareholders get from such an investment?

Not surprised they never went ahead with that!! £4bn, ouch...

Ballard

As a former Cobol74 programmer for a bank I do have a reasonable idea of what might be needed but there will presumably have been program changes to produce an FP file rather than BACS so I'm not convinced that there would be such a huge change from this point. I'm definitely not saying that it'd be easy but it's not comparable to a complete overhaul of the core banking system.

Madglover

The other option is rather than being constantly surprised when things don't happen immediately is to have some sort of self awareness to actually organise a gap between your payments.

I transfer money to our joint account on the 4th of the month even though rent and bills etc are not scheduled until the 8th plus with every provider. Yes this means for 4 days I don't quite get the interest I might have on the amount but shockingly I'm never left alarmed or worried about my account being in credit. Nor do I have to make angry/embarrassing phone calls to anybody

Expecting the system to be miraculously better than we all know it to be is crazy

bigadaj

Madglover wrote: »

The other option is rather than being constantly surprised when things don't happen immediately is to have some sort of self awareness to actually organise a gap between your payments.

I transfer money to our joint account on the 4th of the month even though rent and bills etc are not scheduled until the 8th plus with every provider. Yes this means for 4 days I don't quite get the interest I might have on the amount but shockingly I'm never left alarmed or worried about my account being in credit. Nor do I have to make angry/embarrassing phone calls to anybody

Expecting the system to be miraculously better than we all know it to be is crazy

That's very silly, when things go wrong you only have, well yourself to blame, and no one is going to do that!

skyranger

Madglover wrote: »

The other option is rather than being constantly surprised when things don't happen immediately is to have some sort of self awareness to actually organise a gap between your payments.

I transfer money to our joint account on the 4th of the month even though rent and bills etc are not scheduled until the 8th plus with every provider. Yes this means for 4 days I don't quite get the interest I might have on the amount but shockingly I'm never left alarmed or worried about my account being in credit. Nor do I have to make angry/embarrassing phone calls to anybody

Expecting the system to be miraculously better than we all know it to be is crazy

True but then the same thing could be said for the banks and bankers - if they had just planned better but for some reason the excuse of "Oh it would cost 5 trillion to replace our systems when we should have been doing these upgrades and changes throughout the time" is acceptable but joe public saying similar is met with "Should have planned better then"