Bank account transfer times

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

  1. Enigma101

    Enigma101 Bit Poster

    47
    0
    17
    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
     
    Certifications: 70-270 70-290
    WIP: MCSE
  2. greenbrucelee
    Highly Decorated Member Award

    greenbrucelee Zettabyte Poster

    14,292
    265
    329
    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.
     
    Certifications: A+, N+, MCDST, Security+, 70-270
    WIP: 70-620 or 70-680?
  3. reverb

    reverb Byte Poster

    153
    2
    10
    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

    1,432
    60
    107
    Indeed, they would rather your money sat in THEIR account for 4-5 working days for instance, making them a nice bit of interest.
     
    Certifications: MCITP:VA, MCITP:EA, MCDST, MCTS, MCITP:EST7, MCITP:SA, PRINCE2, ITILv3

Share This Page

Loading...
  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.