How long does it take to transfer money between two banks savings accounts?

dealyboy

masonic said:

dealyboy said:

masonic said:

dealyboy said:

This is a problem of the banks' own making, they are responsible for our money in their hands and need to remember that.

It's a problem of the regulator's making, as that is who is forcing banks to be liable when customers transfer their money to scammers. So it is the bank's money that is lost when such transfers are waved through.

In my experience it doesn't take very long for banks to see such transfers as normal for the customer, after which they tend to leave them alone.

Thank you for your view, but I disagree.

Banks decide their account application process and the criteria needed to login and send a payment.

If, after all the checks, one bank cannot decide that the other bank account is a bona fide account such that the payer and payee match, then there is something seriously wrong with the process.

Yes, there is an argument that there would be no problem if scammers couldn't fraudulently open or gain control of bank accounts in the first place. I have wondered if things would be any better if the receiving bank was held liable to refund fraudulent transactions it has processed for a scammer instead of the victim's bank.

Confirmation of Payee was never designed to prove an account is bona fide. It is there primarily to protect against mistakes rather than deliberate fraud attempts.

I don't believe any bank has built in checks that the payer and payee account names match, only that the details provided match those held by the receiving bank.

dealyboy said:
In the case I mentioned with Halifax Bank, before the money was released, I had to say "yes" to accepting liability for any loss in the transaction.

You'll be pleased (or not) to learn that such a declaration does not in fact indemnify the bank against being held liable if it turned out you were the victim of a sophisticated advanced push payment scam.

Thank you for your dignified answer ...