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What happened to the news tha banks would transfer your funds straight away and not have large chunks of money lost in the ether for 3 days or more?

(6 Posts)
jasper Wed 17-Sep-08 13:39:32

I heard on the news some weeks ago banks were to make all money transfers with immediate effect. Say you were moving money from one account to another, it used to take 3-4 working days.Under the new system money would whoosh straight from one bank account to another.

Well guess what? It still bloomin takes 3 days and I am pissed off.

What happens to your money in the in between period and who gets the intersst?

If the bank you move it from collapses in the "ether " period" whay happens to your hard earned dosh?

SaintGeorge Wed 17-Sep-08 14:10:04

Mine does it instantly.

NatWest & RBS, have transferred money into HSBC and that appeared straight away too.

It was my mum's account and we were both using online banking and watched the transaction appear on our accounts.

Was very good smile

avenanap Wed 17-Sep-08 14:13:04

Mine still takes 3 days, from Lloyds to Twatwest. hmm
Your hard earned dosh is in their system along with everyone elses money. Whilst you can't get hold of it, the banks are getting the interest. It may not be alot from your money, they are doing this to millions of customers so this must generate alot of money for them.

RambleOn Wed 17-Sep-08 16:16:16

I'd love to know this as well.

When I completed the sale of my house, there was 170K lost in the ether for days. The money had left the sender, but didn't appear in my account for ages.

I was advised by my sols not to hand over the keys until the funds had cleared. Had to leave the poor purchasers sitting in a removal van in the street with two whinging children and a pukey dog blush

Who got to collect the interest and benefit from the misery of us all?

AbricotsSecs Wed 17-Sep-08 16:19:05

Message withdrawn

whoops Wed 17-Sep-08 16:23:02

yews it depends which banks you are transfering between
HSBC to Bank of scotland are instant but reverse is still 3 days
Lloyds to HSBC can be instant but took a couple of days the last time we transfered

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