Charter Bank transfer times

VXman

Just out of interest. Does anyone know why it takes so long to do a transfer from Charter to your linked bank account.

You have to request the transfer before 3pm for it to arrive by the end of the following day.

Bank holidays and weekends don't count so could be 4 days on a bank holiday weekend.

Are they doing this manually!!?

jak22

There's a quite a spread of timings amongst all the various banks/BS you'll see mentioned, from true instant for in/out, through end of current working day, to next working day. In some cases it might be where transactions are batched if they use another bank to manage the accounts - obv. it's not done manually. Generally timings such as cut-off for in/out can be found somewhere in each bank/BS help pages or on the web page when making a transaction. Another thing to look out for is when the balance shown gets reduced and whether interest is paid up to the actual transfer day.

Albermarle

They will have their bank account with one of the big clearing banks, like Barclays etc. All payments in and out will come from that bank account, and there will be a process for doing that - it sounds like maybe only happens once a day.

Most of these smaller banks used to be similar, but in recent years some at least have speeded up, and payments in or out may only take a couple of hours with them. eg Aldermore and Ford Money and others.

VXman

Ah, thanks for those repsonses. I hadn't realised Charter bank were using other banks.