bank holidays

highet

most transactions on current and other bank accounts are now automated eg direct debits, bacs etc - as far as i know computers don't need to be turned off on bank holidays - why then do banks find it necessary to delay all payments for a day when a bank holiday occurs - the cynic in me would suspect that its just another excuse for them to hang onto your money in the ''transfer ether'' so they can make more money but i could be wrong!!!

Night-owl_6

highet wrote: »

most transactions on current and other bank accounts are now automated eg direct debits, bacs etc - as far as i know computers don't need to be turned off on bank holidays - why then do banks find it necessary to delay all payments for a day when a bank holiday occurs - the cynic in me would suspect that its just another excuse for them to hang onto your money in the ''transfer ether'' so they can make more money but i could be wrong!!!

This is because, dont quoto me on this, that all BACS and Direct Debits must be manually reviewed in SOME cases, so in order to protect the customer they delay payments till the next working day.
Sorry I dont have anymore light to put on this subject but im sure someone will be along soon to answer in more detail for you :j

Mikeyorks

highet wrote: »

why then do banks find it necessary to delay all payments for a day when a bank holiday occurs

Might the clue be in the title? That it's a Bank Holiday. Computers don't entirely run themselves .... they need support staff in. And they decide, as most others, that a periodic day off is a good idea. It's in your T&Cs - and they equally delay outbound as well as inbound payments .... so 'your money' is being impacted both ways. They stop credits as well as debits ... except most salaries are credited earlier if they're due on a weekend / holiday. It's all well signalled in advance - so you shouldn't have problems organising around it?