Bank transfers

HalifaxBob

Can anyone confirm a suspicion that banks might be delaying bank transfers? Possibly to make overnight interest gains higher. Keep a check please. Even 1 nights interest can gain them loads of money.

ceredigion

The banks don't want your money. The faster they can give it away the better

mwarby

I'd think a more likely explanation for delays is fraud or money laundering checks at each end.

ERICS_MUM

OP, do you have evidence that bank transfers are taking longer than overnight (one night) to get to the credit account ? Is this widespread ?

agrinnall

I've just transferred money from Nationwide to TSB and back again, both transfers took less than 3 minutes to complete. Not much interest to be made by either bank there.

Mulder00

One night's interest is nothing compared to one night's unarranged overdraft fees. If this was an official bank policy, then it would be stupid.

If it was indeed official policy, then it would be public knowledge by now (banks are large, large businesses, you can't keep employees quiet); if it was just some middle manager trying to make the bank more money, what would be in it for them, they don't make anything from it?

Westie983

Bank transfers take till the end of the following working day, although most of the time its processed within a few minutes but can take up to the end of the next working day subject to fraud and other checks.

Nothing to do with interest.

mapk

HalifaxBob wrote: »

Can anyone confirm a suspicion that banks might be delaying bank transfers? Possibly to make overnight interest gains higher. Keep a check please. Even 1 nights interest can gain them loads of money.

Halifax Bob, are you any relation to Ginger Bob? I thinks he also regards the banks with suspicion

Kim_13

I've found that payments tend to take longer if initiated at the weekend (as in they take longer to land once it's a working day, not just the fact that most banks won't show incoming payments on a non-working day.)