Transfering money from A&L to A&L...

SarahNeedle1872

Hi....
Does anyone know if transfers from one A&L current acc to another is an instant transfer? When I do it with two Halifax accs, the balances/cleared funds change straight away.....

Thanks

Sarah

Lady_Inversneckie

Hi Sarah,

Yes the transfers online with A & L are instant.

Cheers


Amanda

SarahNeedle1872

Thanks Amanda, appreciated

masonic

According to the T&Cs, transfers between A&L current accounts made online and via telephone banking take 3 working days. If you use telephone banking and speak to an adviser it takes 24 hours. It's instant, however, if you request the transfer in a branch.

http://www.alliance-leicester.co.uk/currentaccounts/ec03964.pdf
(See table in Section 26.10)

[Deleted User]

To and from current account and online saving account the transfers are instant, but transfer from current to current took 3 days (BACS) last time I did a transfer like that.

Milarky

Instant transfers only seem to be possible between 'linked' accounts - specifically a premier or premier direct account and the associated 'plussaver' they open for you. But if your have two current accounts you can't just move the cash across. If they at least linked the same plussaver to more than one current account that would get round the delay but this is A&L we're talking about - not a proper bank.

Anyway, once same day payments arrive A&L had better buck their ideas up. Currently, if you request a payment 'out' to a third party A&L holds the instruction overnight - and there is no reason for this apart their own inefficiency since until they release 'your' money it can't swim in the big sea of interbank payments.

Come 'FP Day' (or whatever they will call it) A&L could still hold your instructions for 24 hours if they chose - it's just that when they do deign to 'send' the money it will arrive instantly at the other end.

Now if looking to transfer money between an A&L 'account 1' and A&L 'account 2' on the same day (without giving A&L 24 hours notice, in effect) you'd be best advised to get an Egg internet savings account. This can currently be used to take cash 'instantly' from any current account with a debit card (The cash is available 'instantly' via this deposit - it just takes 1 to 2 working days to actuall 'leave' the source account - no matter) You could then just send this amount straight back to 'account 2' and it would arrive on the same day - with the money appearing to leave 'account 1' a day or so later. No how could A&L thwart this I ask myself? Maybe they just won't 'show' the deposit until the day after it hits the account? Fine if simply having the money moved into the account was all you were concerned about - but a bit naff if the whole point if having faster payments was to speed up the transfer mechanism only. (We will see in due course)

SarahNeedle1872

Thanks Milarky.... if I'd had realised before that A&L weren't 'proper', I wouldn't have bothered! I'm looking to do Current to Current (OH's to mine) so I will look into linking his acc with my Plus Saver (can his lik to an acc in my name?)..... Otherwise I'll just have to wait the 3 days......
Also, when does same day payments come into effect?

Sarah

Milarky

SarahNeedle1872 wrote: »

Thanks Milarky.... if I'd had realised before that A&L weren't 'proper', I wouldn't have bothered! I'm looking to do Current to Current (OH's to mine) so I will look into linking his acc with my Plus Saver (can his lik to an acc in my name?)..... Otherwise I'll just have to wait the 3 days......

I doubt they will (or can oblige) as plussavers are tied to a single account only. If this was for less than £250 (daily cash withdrawal limit) I'd say could go into an A&L branch or Post Office counter with your card, and with his, and it would be immediately transferred of course.

Also, when does same day payments come into effect?

Currently due to arrive 'by' May 2008 - which I am going to assume means '1st June 2008' in practice

masonic

Milarky wrote: »

I doubt they will (or can oblige) as plussavers are tied to a single account only. If this was for less than £250 (daily cash withdrawal limit) I'd say could go into an A&L branch or Post Office counter with your card, and with his, and it would be immediately transferred of course.

Even if it's above the ATM withdrawal limit, you should be able to do an instant transfer in branch.