Faster banking transfers underway

[Sweetpea]

A banking scheme for one-day cash transfers over the telephone or on the internet has started.
The scheme will speed up the process which previously saw money transferred between banks disappearing into a black hole for up to four days.
Banks made an estimated £30m a year in interest from the delay last year. The £300m Faster Payments Service, developed by 13 banks, starts on 27 May although only a fraction of payments will be quicker from day one.

Customers can make one-off payments up to a maximum value of £10,000 over the telephone or via the internet, which will leave their account and arrive at the destination account on the same day.

BBC NEWS | Business | Faster banking transfers underway


About time.

Originally Posted by Sweetpea

About time.

Not half, less 'developed' countries than Britain have been doing this for decades.

[Sweetpea]

They are only doing it because now we know they have been milking interest from our money over four or five days while it was clearing.

[Hekna]

This is absolutely about time. I've lost count of the number of arguements I have had with my bank for taking up to 8 days to transfer funds from one bank to the next. I'm glad to see that steps are being taken to protect the customer for once!

My ex Wife worked in Midland bank. They could clear a cheque by hand in two to three days. They got this super new computer system in, and THEN it took 5 to 8 days to clear the same cheques.

It is all bollocks. The banks do not WANT to clear money through instantly. They can not claim the interest acquired for them whilst still in THEIR account if they do.

[Hekna]

Originally Posted by von Clausewitz

It is all bollocks. The banks do not WANT to clear money through instantly. They can not claim the interest acquired for them whilst still in THEIR account if they do.

You know that. I know that. The government knows that. Still, why would anybody want to step in and help out the average person by making banks process cheques/transfers etc. any faster than the REALLY WANT to? It has made me sick for years. We can add it to the list of all the ways we have been ripped off over the years.

[ambriel]

Basically what people are saying is true. This is a con, designed to make money out of people for a service which has, effectively, been possible for some years.

As part of my work I have had the pleasure of visiting the main BACS computer centre on the old De Havilland Aircraft Factory site in Edgeware, London. After serious upgrading of their systems some years ago they have been processing their entire 'take' of bank transactions overnight, instead of taking the published 3 days.

The banks get the data the next day but choose to sit on it for a further two days before crediting accounts, thus earning interest on it during that time.

Originally Posted by ambriel

The banks get the data the next day but choose to sit on it for a further two days before crediting accounts, thus earning interest on it during that time.

Much of it is put on overnight money-market accounts to make bigger profits from small currency movements.

[poppy]

other countries have been doing this for at least ten years, so that is how long we have been getting ripped of in the UK.
The fat cats will be weeping in their Porches

[Sweetpea]

We should be able to get rebate back.