internet banking

[neilyweely]

I have had a helluva day. I have a client who owes me a chunk of money, and today he promised to make an internet payment to me, which he assured me would be instantly available to me from my account (ie cleared straight away).
Muggins here was happy with this, and left. An hour later, after checking the account, I rang them. I was told that the payment had been 'actioned' and should be in my account within a couple of hours.
This was at approx 1pm. It was not in my account as of 6pm.
I was heavily relying on this money being clear today. The fact that has not been will prove to be expensive to me.
Does anyone know anything about this sort of thing? Is there any way it could stil go in today?

I should not allow my day to be screwed up to such a massive extent by other peoples shortcomings.

Any help appreciated.

Neil

 

[bjm]

I'm not sure the internet balance is updated in real-time so the money may be available but not showing. If you can, phone the bank for a live balance?

Brian

 

[RogerM]

Neil, the only way it would go into your account immediately would be if he paid a fee for an electronic transfer through his bank. If he just arranged a transfer online from his current account it's likely to take 3 working days, so not likely to be showing in your account before Friday.
Not an expert, but from a retired bank employee that DOES have a banking qualification - but not a consultancy fee of £60,000 per month!

 

[Steve Maskery]

Sorry, I can't help you. But i do think that we take the banks on far too much trust. I don't just mean with our savings and all the recent palaver. But more generally. We expect to have internet systems working perfectly 24/7 (and why shouldn't we?), we expect to have a 24/7 helpline (even if the help is inadequate) and we expect to have our money when we want it. That a lot of expectation, and I'm not sure I still trust the banks to deliver even that, let alone things like sound investment advice.

The shoe-box under the best is looking an increasingly attractive option.

Cheers
Steve

 

[BradNaylor]

Normal internet banking transfers still take a couple of days to reach the recipient.

There was talk last year of making them all same day but it hasn't happened yet. I asked my bank (the Co-op) about it the other day and they said it was imminent but they were sorting out a few teething troubles.

I look forward to the day when I can sit in a clients house while they transfer me money on their laptop and by the time I get home its in my account.

Dan

 

[motownmartin]

Neil, I have made internet transfers before and if you are paying into an account for the first time it can take 3 to 5 days to clear, if you were to pay into that account a second time it would be cleared the next day, I may not be that accurate with the times but I would imagine it varies from bank to bank.

 

[jasonB]

Don't know what the amount was but some banks will only let you pay a max of £10,000 a day, I've had clients have to pay me in two or three installments one day after the next.

So you may not even get all you were expecting

Jason

 

[opener]

My business a/c is with RBoS and any payments I make arrive immediately at the recipients bank. I can see this when I transfer to my personal a/c at Lloyds and when my daughter bought a car. She phoned me from the seller's house and gave me the bank details. I paid for the car with my RBos a/c (MUG) and it showed up on the seller's a/c while she was still on the phone.
Cheers
Malcolm

 

[Karl]

Some banks have initiated the automatic transfer of funds.

I have received/sent payments instantaneously. But I don't think all banks are up to speed, and it may take 3 days to appear.

Cheers

Karl

 

[neilyweely]

Malcolm - This is what I was led to believe. It just didn't happen. The bank told me there were different methods of internet payment which took varying amounts of time, mine will be the slowest.

Dan, MM,Jason B, I was expecting a payment of about 5k, which was to allow payment of some wages and for materials to complete other work. This has thrown a bad spanner into it all. As said, it'll cost me.

Two things bother me. I know how these banks work, if they wanted things to clear immediately they would. The longer the money takes to 'transfer' the longer it is in their hands. And this is obviously in their favour. Back when cheques were the norm they used to take the pish by 'clearing' in 7 days when they could have done it in one or two.
The banking system is a big con, and we should all remember it is OUR money they are dealing with, OUR money they get to invest and make fortunes (or not). And yet it takes me an age to get MY money. It is disgraceful. Just my opinion. Good job the banks/ debtor is closed now. I am capable of violence in this sort of mood. I just hate being lied to, i would rather be told to f**K off.

Sorry, rant over, for now.

Thanks for your help guys, am only angry cos have now got no money and had to deliver excuses myself. Kids have gone without, Mrs has had to deal with me all day.......

I was happier when I was a rich bailiff, doing a job I hated., on principle.

Neil

 

[Shultzy]

There was talk last year of making them all same day but it hasn't happened yet. I asked my bank (the Co-op) about it the other day and they said it was imminent but they were sorting out a few teething troubles.Dan

"A few teething troubles" that's a cop-out, I believe either Norway or Denmark already have this in operation.

 

[RogerS]

Normal internet banking transfers still take a couple of days to reach the recipient.

There was talk last year of making them all same day but it hasn't happened yet. I asked my bank (the Co-op) about it the other day and they said it was imminent but they were sorting out a few teething troubles.

I look forward to the day when I can sit in a clients house while they transfer me money on their laptop and by the time I get home its in my account.

Dan

Some do same day, can't remember which ones but do know that stuff has gone in the same day.

 

[yo_chuci]

might depend who your bank is...
i can transfer from hsbc to northern rock and its done in 2hrs...
it shows on the hsbc account that it has been paid but says it might not show in the other account for 24hrs...

you could still try and spend it, if its in the system then it might let you.

 

[dickm]

I's surprised RBS did transfers that quickly. Using our a/c, I noticed that although it showed the transfer on screen, if you look carefully there is some small print that says something to the effect that "although this transaction is recorded, it may take up to (I can't remember what) to take effect"
If they can't make it awkward one way, they'll find another

 

[smithrdn]

Better ask the branch of the bank where transaction has been issued to