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Bank account transfer times

Discussion in 'The Lounge - Off Topic' started by Enigma101, Jul 29, 2010.

  1. Enigma101

    Enigma101 Bit Poster

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    I have an online account with a well known uk Building society, and have a number of accounts with them.
    When transfering money to pay off my credit card (both accoounts with the same society) they tell me it can take upto two days to transfer...Why??

    I cant get my head around this as it is just numbers on a screen....do they still still think we are under the illusion that someone is moving gold ingots from one place to the other? :x
     
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  2. greenbrucelee
    Highly Decorated Member Award

    greenbrucelee Zettabyte Poster

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    Some banks have a policy on this, it's not that they can't it just their policy.

    If I do a transfer with my bank (lloyds TSB) it is straight away.
     
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  3. reverb

    reverb Byte Poster

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    It's because so banks/building society can make more money (when transferring from one bank to another for example)

    But if it's just transferring money between two accounts with the same bank/building society it should be instant. I thought all banks were like that.
     
    Last edited: Jul 29, 2010
  4. westernkings

    westernkings Gigabyte Poster

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    Indeed, they would rather your money sat in THEIR account for 4-5 working days for instance, making them a nice bit of interest.
     
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