My wife banks with Intelligent Fianc which is a internet bank owned by the Halifax while I bank with the Halifax. If my wife electronically transfers funds to my account the money disappears for around 5 or 6 days before it turns up in my account. No prizes for guessing who gets the lost interest
same with abbey, apparently first direct would be immediate.
mrcheerful
Correct - I bank with FD and my son has an a/c at HSBC - any transfer to or from a 40-xx-xx sort code (ie both FD and HSBC) is immediate.
If you transfer outside of HSBC/FD, it usually takes 3 working days.
Not so, in my experience. I've transferred money from my Abbey National Bank Account to my mother's Abbey National Bank Account and the money went thru' on the same day.
Are the accounts linked? My wife's and mine are not linked but are both with abbey, the money disappears for days if transferred, using the internet. We have to go into a branch, withdraw cash and pay into the other account to get an immediate transfer (pain in the a**e, I reckon) I have asked and been told this is how it is and always will be.
mrcheerful
Don't get too downhearted. In May, the OFT publishes its recommendations on faster clearing to the industry - word on the retail banking street is that when New Labour get re-elected, there will be a major push to reduce the current 3+day clearing cycle.
On the other hand, go jump off a bridge as New Labour promises are "no warranty express or implied" !!!
wrote
Ouch! The ensuing bank charges for personal banking will be unwelcome to most people, won't they? [There is no such thing as "free banking" - they need to cover their costs somehow, either a 3-day clearing cycle or regular bank charges...]
we,, how did you think they can afford the 'extra, extra' interest on their current accounts?!
What about the interest they are earning on the account balance? I am sure that this is higher than the rate that is paid to account holders. Or maybe they will go back to the traditional way and not pay interest on current accounts.
Years ago I had a Williams and Glyns (where're they now?) account. Instead of just snaffling bank charge debts from the account, they used to send an invoice for them and I'd send them a cheque! Also they used to return cancelled cheques! Funny way to run a bank.
Actually, I think that's how all banks should be required to do things. The money held in an account in your name is yours, and the bank should not be allowed to touch any of it. If there are any charges due you should be billed separately for them.
Every other company you deal with has to send you a bill for their services, which you only pay if you are satisfied that its correct. Why should banks be any different?
Chris
"Chris Blunt" wrote
Would you be happy with setting up a Direct Debit for the bank to take its charges - and what's the difference between that and now??
They got bought out by the Royal Bank of Scotland.
I'd be quite happy with that. The difference is that the bank would have to tell me in advance what charges were going to debited, and I'd have an opportunity to challenge them and if necessary stop the debit from going through.
This isn't such a big step for the banks to take, after all, many people settle their credit cards in just this way. However, it does protect you from the surprise of having an unexpected charge of several Pounds appear on your account statement for the bank having done something like write you a letter.
Chris
"Chris Blunt" wrote
Then I suggest you simply change to a bank which *does* tell you in advance what charges they are going to take out of your account! AIUI, there are many...
Banks have to give 14 days' notice of any charges under the banking code. This should give you time to dispute the charges. I have never had to pay bank charges, but if I did I would certainly prefer to have them deducted automatically.
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