Icesave - Processed vs. Cleared Balance?

rathernot

I understand the difference, what I don't quite understand is how/why it seems to take so long to move from processed to cleared?

For example I transferred £35k to Icesave which arrived on Sept 10th.

It shows on my Icesave statement and in my Icesave balance, yet the "Cleared Balance as at 15/09/07" only shows the initial £250 I opened the account with.

I know they had some issues with the online customer system not being in sync with their own systems, and their Help makes it pretty clear I'll be earning interest on the Processed Balance, I don't get why it should take to long to clear though?

sav4it

Something to do with the fact that banks can recall the money apparently. It takes 7 days to show as cleared.

noh

Its part of their T+Cs. They don't allow withdrawal of electronically transferred funds until 7 days after the date of deposit. At that time they will become cleared on their system.
Paragraph 5b of their T+ Cs http://www.icesave.co.uk/media/terms_and_conditions.pdf

Nigel

rathernot

noh wrote: »

Its part of their T+Cs. They don't allow withdrawal of electronically transferred funds until 7 days after the date of deposit. At that time they will become cleared on their system.
Paragraph 5b of their T+ Cs http://www.icesave.co.uk/media/terms_and_conditions.pdf

Nigel

That'll teach me to read them Thanks for clarifying.