Alliance and Leicester snag?

Steve_xx

The problem here is that these banks try to inhibit you from shifting your cash. I get really angry about this.

There was supposed to be a new system starting last November whereby cash moved online/electronically between organisations was received and credited within hours. Thereby preventing the banks from benefiting from this thing they call the 'overnight rate', ie what they make on your cash while they fiddle around transferring it for you.

This new system, a bit like CHAPS without the hefty payment from the customer, has been delayed because the banks obviously don't like this idea very much. Though they don't say that,; instead they say that their systems aren't ready yet. No real impetus to make them ready as I see it.

KTF

Steve_xx wrote: »

Also, I reckon that A&L will only let you shift cash out of the account in portions of 10k per day.

From memory there is an online limit of around 25k a day. If you want to transfer more than this in one go you have to phone them up to prove that its you and you have not had your account hijacked or something.

Edit: Even if I could move it directly from the Direct Saver to the e-Saver I would still move it to a non-A&L account as to remove it from the e-Saver would involve going round this loop again...

charlieboycat

Steve_xx wrote: »

The problem here is that these banks try to inhibit you from shifting your cash. I get really angry about this.

There was supposed to be a new system starting last November whereby cash moved online/electronically between organisations was received and credited within hours. Thereby preventing the banks from benefiting from this thing they call the 'overnight rate', ie what they make on your cash while they fiddle around transferring it for you.

This new system, a bit like CHAPS without the hefty payment from the customer, has been delayed because the banks obviously don't like this idea very much. Though they don't say that,; instead they say that their systems aren't ready yet. No real impetus to make them ready as I see it.

And even more galling - under the proposed new system there will be a £10k transaction maximum (although a bank can choose a lower maximum if it wishes). For full details see http://www.fastpayments.co.uk/faq.asp

noh

Steve_xx wrote: »

I see what you mean. I transferred cash on 2 Feb out of Direct Saver to linked account and although it showed it as being present immediately in the linked account, on the statement detail it shows:

Description column: transfer on 02 Feb
Date column: 04 Feb 08

I was worried about doing anything with it until it appeared on the statement roll. I think I once did something like this before and although it appeared to be in the linked account I seem to incur a charge for something.

Also, I reckon that A&L will only let you shift cash out of the account in
portions of 10k per day.

The 2nd was a Saturday, it looks like the statement is only updated on working days but the aavailable balance amount is updated instantly
My experience has been that the amount shown in the available balance is the amount that can be transferred without incurring overdraft charges.
I don't know about maximum transfer limits as my balance isn't that large.

Nigel

Steve_xx

charlieboycat wrote: »

And even more galling - under the proposed new system there will be a £10k transaction maximum (although a bank can choose a lower maximum if it wishes). For full details see http://www.fastpayments.co.uk/faq.asp

I don't mind a 10k transaction limit, as long as it's not per day!

Steve_xx

noh wrote: »

The 2nd was a Saturday, it looks like the statement is only updated on working days but the aavailable balance amount is updated instantly
My experience has been that the amount shown in the available balance is the amount that can be transferred without incurring overdraft charges.
I don't know about maximum transfer limits as my balance isn't that large.

Nigel

Yes A&L are tardy with moving money between accounts. I don't like that. With HBOS it happens immediately.

Point taken about the dates. I'm sure I incurred a charge for doing something like this before. Can't remember what it was all about now.

oldfella

2 solutions - move it on the 1st April - its a Tuesday

ring up A&L on 1st March - tell them to move it directly to the new e-saver otherwise you will have to withdraw all your money - usually works

KTF

Is that from experience?

oldfella

Is that from experience?

---

yes - with A&L and others - be polite and apologetic, but insistent

mars_2

I also have a Direct Saver and opened the new E saver account with A&L.

It says on the site it takes 24 Hrs for money to transfer from your Direct Saver to your Premier Direct Current Acc and on the drop down menu you can only transfer it to your current acc not directly into your new E Saver.
So you will have to wait a day then transfer it again.