I would like to know how and why banks can have the use of our money for between 3 and 10 days while they "clear" a transaction? If I go to an ATM I can draw cash immediately - provided, of course, that I'm entitled to it. Why, then, is there a delay of between 3 and 10 days when I use internet banking to transfer funds from my current account to my credit card - especially when both are with the same bank?
They need the use of your money for that time, in order to cover their costs and make a profit on providing you with the service.
Does that mean they don't need to cover their costs and make a profit next year, when the system changes?
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It means that the "costs" were not reflective of the true cost of the service.
In message , John E wrote
They are all going to charge between £100 and £200 per annum for a current account.
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Where can I find out more detail about the proposed changes?
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