withdrawal verification held money with interest loss

hkfhk

I withdrew money on Saturday but it was held for verification until I passed the verification process on Monday. I later found that the 2days holding period have no interest paid to me although the money was still in the Bank, can I claim back the 2 days interest? thanks.

eskbanker

I doubt it, unless there are any (unusual) provisions in the Ts & Cs that offer this....

hkfhk

it's a good business for the bank to earn customer's interest by holding fund.

eskbanker

hkfhk said:

it's a good business for the bank to earn customer's interest by holding fund.

If you really believe that they deliberately hold transactions, as a cunning plan to generate profit, then I doubt that anything rational said on here will dissuade you from that view!

boingy

hkfhk said:

I withdrew money on Saturday but it was held for verification until I passed the verification process on Monday. I later found that the 2days holding period have no interest paid to me although the money was still in the Bank, can I claim back the 2 days interest? thanks.

Calculate the lost interest then make a complaint and insist you will take it to the ombudsman if they don't compensate you for the loss.. 

jimjames

hkfhk said:

it's a good business for the bank to earn customer's interest by holding fund.

Maybe it's good business to draw money out during the working week to avoid it being held up

Bigwheels1111

I made 3 transfers on a Friday, Bank held them until Monday.

On the Friday, Saturday and Sunday to ask why it had not arrived.

Please put me through to the fraud department. They would not.

On the Monday while on hold to the bank I got a text from the fraud department, we have been trying to contact you.

Nice little lie.

Anyway, on the Monday money was moved.

I asked for the lost interest  £135 ish, was in my account within minutes, plus £50 good will.

Then I got another £100 to resolve the complaint.

Ps I love to complain, I'm like a dog with a bone.

Never give up.

singhini

@Bigwheels1111 £135 loss of interest in such a short time, how much did you transfer and who was the bank?

hkfhk

@Bigwheels1111 @eskbanker
I don't think it's a cunning plan to hold customer money too, as the bank will suffer a huge loss when dealing with someone like@Bigwheels1111.

hkfhk

But seldom people like @Bigwheels1111 to calculate the interest they deserve, they even don't know their intrinsic loss , so the bank benefits the most ultimately 

eskbanker

It's hardly rocket science to calculate a figure for the 'lost' interest, but that doesn't in itself mean that you're actually entitled to recompense, in that the Payment Systems Regulations only require that (non-CHAPS) transfers are completed by the end of the next working day following the working day they're initiated, i.e. a payment started on a Saturday needs to arrive by the end of the Tuesday.

Having said that, I'm not denying that in some circumstances it may be possible to complain in such a way that the bank is prepared to cough up a gesture of goodwill....