moving money online

[glenis]

why is it that if you pay a bill online the money is taken out of your account immeadiatley , but when a refund is due it takes 3-5 working days ?

[Ethel]

This is a real bug bear for me - especially if I am moving money from one account to another. My money can disappear for up to 10 days.

Who gets the benefit? Not me, that's for sure/

It is a way of banks and building societies earning interest on OUR money and keeping it.

[Silvabod]

If you pay a bill on-line via your current account facility, you are sending the money (same as handing cash over) and thus debiting your account - recipient wilolo get it 2 - 3 days later.
Same process in reverse for refund - donor's account debited but you will receive refund some 2 - 3 days later.

Seem to recall some while ago that the bank transfer time was to be overhauled, to become something less than 24 hours, but, don't hold your breath!

In certain circumstances you can get this delay to work FOR you - some credit card accounts (on line) will allow you to pay online, by entering your bank account detail and amount. This is credited as a payment same day, but may take 2 - 3 days to get taken from your current account. Applies to some other types of on-line account, too. Useful IF you've nearly over-run payment date, or need a couple of days grace when there's more month than money.

[glenis]

thanks -still infuriating though isn't it?

[dzug]

Who gets the benefit? Not me, that's for sure

Well yes you get the benefit of the transaction being carried out for free rather than being charged a fee for doing it.

Whether that's a fair procedure is another matter.

[WendyS]

This is one of the reasons why banks are awash with cash and profits at our expense. Unless some government legislation forces them to change their ways (and I doubt this will happen and they'll alway try and go the "voluntary self-policing route) ) the only way you can indirectly gain any benefit from this unfortunate state of affairs is to buy some shares in profitable bank. Then at least you will get get a small element of benefit back in the form of reliable dividends. Capitalism is a funny old concept but I think I'd still much prefer to live in a capitalist society than a communist one where the State controls and regulates everything.

[Markandshez]

It will happen one day - you will get your money within 24 Hrs. It will start about 12 months after the banks start charging for current accounts. You watch this space:





Can you see it? - Thats the banks working out how they can screw more money out of you.