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Bishop 21-09-2004 10:41
Online Banking Woes
 
A mate desperately needed £1000 in their account - so on sunday I transferred (so I thought) this sum to their account

they ring me up just now - saying it is not there:mad:

I ring the bank - they say it takes 3 working days

"so I may aswell have issued a cheque then?", I retort

"no - that takes 4 working days now"

Great - just great!!!:mad:

Russ 21-09-2004 10:47
Re: Online Banking Woes
 
Which bank was that? I've transfered money to other accounts (I'm with HSBC) online before and it's been intantanious.

Bishop 21-09-2004 10:48
Re: Online Banking Woes
 
Quote:
Originally Posted by Russ D
Which bank was that? I've transfered money to other accounts online before and it's been intantanious.
I am with HSBC and I transferred to a NatWest account

needless to say the money exited my account at the press of a button

Nemesis 21-09-2004 10:48
Re: Online Banking Woes
 
It's only instantaneous if you transfer between your own accounts ... I believe ..

gazzae 21-09-2004 10:55
Re: Online Banking Woes
 
Yep, it takes a long time, its ridiculous, the money could be transferred a lot faster, but then the banks would lose out on the money they can make by keeping it longer.

Chris W 21-09-2004 11:03
Re: Online Banking Woes
 
I have found if you transfer to another account at the same bank (or between woolwich and barclays) it will be instantaneous, transferring to other banks will take between 3 and 5 days.

:mad:

nffc 21-09-2004 11:06
Re: Online Banking Woes
 
This (clearing) is the biggest con ever and the reason banks won't stop it, is they make a packet out of having it "in limbo" for a few days instead of in accounts where they have to pay interest out.

Different from when it was actually necessary physically (pre-computers) to transfer the money. Most of it IIRC nowadays is done on a computer and obviously the physical cheques need to be redistributed (or do they?) but the money is only "moved" from one PC to another, which in theory is instantaneous but the banks are con merchants.

They deserve a :rolleyes: for it all.

Chris 21-09-2004 11:11
Re: Online Banking Woes
 
Payments of this type are made using the BACS (Bankers' Automated Clearing System). This is rigged to ensure payments between banks spend several days in limbo where the banks can make money out of them instead of you. You can effect an instantaneous payment using CHAPS (Clearing House Automated Payment System), but you may have to phone your bank to arrange this rather than do it online. And, surprise, surprise, using CHAPS costs you money.

Bishop 21-09-2004 11:12
Re: Online Banking Woes
 
Quote:
Originally Posted by nffc
This (clearing) is the biggest con ever and the reason banks won't stop it, is they make a packet out of having it "in limbo" for a few days instead of in accounts where they have to pay interest out.

Different from when it was actually necessary physically (pre-computers) to transfer the money. Most of it IIRC nowadays is done on a computer and obviously the physical cheques need to be redistributed (or do they?) but the money is only "moved" from one PC to another, which in theory is instantaneous but the banks are con merchants.

They deserve a :rolleyes: for it all.
yes - I wrongly and naively thought that that 3 days business had gone with the advent of online banking

SMHarman 21-09-2004 11:19
Re: Online Banking Woes
 
Quote:
Originally Posted by Nemesis
It's only instantaneous if you transfer between your own accounts ... I believe ..
With HSBC its between HSBC (and First Direct) accounts, not just your own. If we transfer from the Business HSBC account to a personal FD account it is instantanious.

The only way to move funds between banks instantly is to go into bank 1 Branch withdraw it in Cash, walk to bank 2 deposit it in cash.

Well, you can also make a CHAPS or SWIFT payment (as they do when you buy a house etc), but these cost upwards of £25 to the customer (don't ask what the bank pays, the processing fee is pennies or parts of pennies - though there is the people time involved).

Bishop 21-09-2004 11:23
Re: Online Banking Woes
 
Quote:
Originally Posted by SMHarman
With HSBC its between HSBC (and First Direct) accounts, not just your own. If we transfer from the Business HSBC account to a personal FD account it is instantanious.

The only way to move funds between banks instantly is to go into bank 1 Branch withdraw it in Cash, walk to bank 2 deposit it in cash.
yes - so I now understand - the whole thing has been turned into a farce as I only transferred the money so they could pay a bill as their wages were not paid in till today/tommorow - they gave me a cheque (which is in the process of being banked into my account) to pay the "transferred funds" back to me - they will probably end up being charged for going overdrawn paying me back the funds that never got there on time anyway:mad: :mad: :dunce:

SMHarman 21-09-2004 11:26
Re: Online Banking Woes
 
Quote:
Originally Posted by nffc
This (clearing) is the biggest con ever and the reason banks won't stop it, is they make a packet out of having it "in limbo" for a few days instead of in accounts where they have to pay interest out.

Different from when it was actually necessary physically (pre-computers) to transfer the money. Most of it IIRC nowadays is done on a computer and obviously the physical cheques need to be redistributed (or do they?) but the money is only "moved" from one PC to another, which in theory is instantaneous but the banks are con merchants.

They deserve a :rolleyes: for it all.
The clearing con, is the result of batch processing which still takes place for these transactions, end of day one batch file sent to BACS, day 2 BACS process all these batch files consolidate the transactions for each bank and create new files to give to the recieving bank, day 3 recieving bank recieves this file and applies it to the appropriate accounts.

AFAIK, physical cheques are no longer moved about, the location / bank / local clearing area they are deposited in retains the cheque, scans it and processes it as if it were a bacs type payment.

The conmerchants are the ones that intentionally extend these times, Abbey was one of the worst for this.

Bishop 21-09-2004 11:31
Re: Online Banking Woes
 
Quote:
Originally Posted by SMHarman
The conmerchants are the ones that intentionally extend these times, Abbey was one of the worst for this.
The Principality building society takes 10 working days to clear a cheque :Yikes:

Andy E 21-09-2004 11:47
Re: Online Banking Woes
 
Quote:
Originally Posted by SMHarman
Well, you can also make a CHAPS or SWIFT payment (as they do when you buy a house etc), but these cost upwards of £25 to the customer (don't ask what the bank pays, the processing fee is pennies or parts of pennies - though there is the people time involved).

i
I regularly use SWIFT transfers to move money from an account in spain to a nat west account .... takes three working days to clear , I move 700 euros once a month and it costs £3

Andy E
ntl pirate

Maggy 21-09-2004 11:51
Re: Online Banking Woes
 
Sadly the only way to transfer money instantly is to physically deposit CASH from one bank to another.This is the only way I can send my daughter money instantly without handing her the money.

Frankly online banking is useless to anyone but the banks.The only reason I use it is to check my account level because checking at the ATM is a waste of time as the mini statement is always seems to be inaccurate.

I so hate banks.They have convinced every institution to insist on paying wages through them and one just can't do any finances without them being involved in some way.This means that they have a virtual monopoly and I swear that they are operating a cartel.Just about every bank charges for use of ATM's now.

Dammit I used to be able to go into my bank on a Saturday but they found that an inconveniance to them(wasn't to me though).When I see how many queue up in the building societies on a Saturday I wonder how they arrived at that decision. :mad:

nffc 21-09-2004 11:54
Re: Online Banking Woes
 
Quote:
Originally Posted by SMHarman
The clearing con, is the result of batch processing which still takes place for these transactions, end of day one batch file sent to BACS, day 2 BACS process all these batch files consolidate the transactions for each bank and create new files to give to the recieving bank, day 3 recieving bank recieves this file and applies it to the appropriate accounts.
yes but surely this could be done instantaneously, with the bandwidth and technological advances we have now cf when that system was introduced.

or even cut out the "middle man" and send it branch-branch direct, obviously this could be done via sort code.

Quote:
AFAIK, physical cheques are no longer moved about, the location / bank / local clearing area they are deposited in retains the cheque, scans it and processes it as if it were a bacs type payment.

The conmerchants are the ones that intentionally extend these times, Abbey was one of the worst for this.
Oh right. Abbey = ****.

Still think it's a con though, they could do it an awful lot faster but don't as they make a packet out of it, imagine the amount of money transferred that will be "in limbo" for 3 days. For that, they don't have to pay interest and if it takes you out of your arranged limit, you have to pay interest.

nffc 21-09-2004 11:56
Re: Online Banking Woes
 
Quote:
Originally Posted by Incognitas
Just about every bank charges for use of ATM's now.
I don't use ATMs you have to pay for. Those ones that have started to appear in pubs etc are expensive, if you use one of your bank's group you don't have to pay, and they do tell you afaik if you're getting charged.

Incidentally, how does this work, do they add a fixed fee / % onto the money you withdraw?

Gareth 21-09-2004 12:05
Re: Online Banking Woes
 
Quote:
Originally Posted by nffc
I don't use ATMs you have to pay for. Those ones that have started to appear in pubs etc are expensive, if you use one of your bank's group you don't have to pay, and they do tell you afaik if you're getting charged.

Incidentally, how does this work, do they add a fixed fee / % onto the money you withdraw?
Yep, we have a cash machine near my office (I'm based on a business park too far to walk anywhere else :() - I think it's run by TravelEx iirc, anyway the machine is free to use for balance queries, but as soon as you try and withdraw any cash, they charge you a flat fee of £1.50. Needless to say, I never use it to withdraw cash ;)

Shaun 21-09-2004 12:05
Re: Online Banking Woes
 
Quote:
Originally Posted by Bishop
The Principality building society takes 10 working days to clear a cheque :Yikes:
Thats because they don't have their own clearing houses and use time at other banks to clear cheques deposited.

Its a ll a bit of a con really, I'd have thought we'd have moved on since then but they won't until they can make money from you another way, after all the banks are so poor. How they cope with their multi-billion pound profits each year I just don't know :rolleyes:

Gareth 21-09-2004 12:09
Re: Online Banking Woes
 
The whole 4 business-day clearing process seems to be largely a British thing ...I don't remember having this problem when I lived and banked in France. Everything just seemed to work. :rolleyes:

Chris 21-09-2004 12:11
Re: Online Banking Woes
 
Quote:
Originally Posted by Incognitas
.Just about every bank charges for use of ATM's now.
I'm not sure this is true, although my experience is a little limited. As a Barclays customer I've always had free use of ATMs operated by Lloyds/TSB, Bank of Scotland and Royal Bank of Scotland, so I've never had to look far to find a free ATM. It's also worth remembering which banks and building societies make a policy of not charging - Nationwide, for example.

I think what's created the illusion of ATMs no longer being free is that most new ones these days are being installed by finance companies that do charge for their use. This means that the oevrall percentage of free ATMs has dropped, but the reason for it is not more bank charges, just new suppliers in the market who charge.

IIRC when Barclays finally joined the Link ATM network a couple of years ago, they tried to use their muscle to introduce charging but it backfired on them so badly with negative publicity, they backed down.

SMHarman 21-09-2004 12:24
Re: Online Banking Woes
 
Quote:
Originally Posted by nffc
yes but surely this could be done instantaneously, with the bandwidth and technological advances we have now cf when that system was introduced.

or even cut out the "middle man" and send it branch-branch direct, obviously this could be done via sort code.

Oh right. Abbey = ****.

Still think it's a con though, they could do it an awful lot faster but don't as they make a packet out of it, imagine the amount of money transferred that will be "in limbo" for 3 days. For that, they don't have to pay interest and if it takes you out of your arranged limit, you have to pay interest.
Branch to Branch - Sort codes by branch are a throwback to when banking was done by paper and that paper really did have to travel to that branch to be entered into it's ledgers, basically nowdays (from the banks POV) you effectivly have a 14 digit account number. You can see this from the IBAN that is being printed on all bank statements now, your International Bank Account Number.

The thing is the public want instant transfer of deposits and 3 day clearing for withdrawals, if you remember when switch was first introduced they had to put an artificial 3 day delay into the process as people did not want to move from cheques as the money came out of their account faster. That seems to have dissapeared now (well HSBC/First Direct have gone 24 hr processing anyway. I remember a letter I got from them earlier this year about this and the fact that DDs and SOs could leave my account on the weekend (if that was the date they were set to go), so to ensure that funds were available (for scenarios when your pay arrives on Monday 21, but normally shows on the 20th and you have bills going out on the 20th).

Quote:
Originally Posted by dellwear
Thats because they don't have their own clearing houses and use time at other banks to clear cheques deposited.

Its a ll a bit of a con really, I'd have thought we'd have moved on since then but they won't until they can make money from you another way, after all the banks are so poor. How they cope with their multi-billion pound profits each year I just don't know :rolleyes:
But that should only add 2 days to the clearing process
Day 1 Principality to their clearer (e.g. Barclays)
Day 2 Barclays to BACS
Day 3 BACS
Day 4 Bacs to Barclays
Day 5 Barclays to Principality, not 7 days!

If Principality pulled their finger out and got their file to Barclays in time it could probably roll day 1 and 2 together also.

gary_580 21-09-2004 12:26
Re: Online Banking Woes
 
has to be to an account at the same branch to be instant

Shaun 21-09-2004 12:27
Re: Online Banking Woes
 
Quote:
Originally Posted by nffc
I don't use ATMs you have to pay for. Those ones that have started to appear in pubs etc are expensive, if you use one of your bank's group you don't have to pay, and they do tell you afaik if you're getting charged.
If you use ANY normal bank ATM its free, if you use a convenience one (ie in a shop, or pub) then you'll have to pay. After all your paying for the convenience of not having to go and find a bank ATM.

If there is going to be a charge (normally a flat fee) then you will be told how much it is before you receive your money, giving you the opportunity to cancel. :)

SMHarman 21-09-2004 12:29
Re: Online Banking Woes
 
Quote:
Originally Posted by gary_580
has to be to an account at the same branch to be instant
Depends on the Bank, as I commented earlier any transaction within the HSBC UK account ranges is instant.

HSBC cheque clearing of HSBC written cheques is also quicker than 3 days.

Shaun 21-09-2004 12:30
Re: Online Banking Woes
 
Quote:
Originally Posted by SMHarman
But that should only add 2 days to the clearing process
Day 1 Principality to their clearer (e.g. Barclays)
Day 2 Barclays to BACS
Day 3 BACS
Day 4 Bacs to Barclays
Day 5 Barclays to Principality, not 7 days!

If Principality pulled their finger out and got their file to Barclays in time it could probably roll day 1 and 2 together also.

When I worked at Natwest it was explained that the building soc's rent time from the clearing houses on a rota, i.e. they get several hours every 10 days. Why they cant be put through with all the other cheques these days I couldn't tell you!

Maggy 21-09-2004 12:32
Re: Online Banking Woes
 
This may interest you

SMHarman 21-09-2004 12:37
Re: Online Banking Woes
 
Quote:
Originally Posted by dellwear
When I worked at Natwest it was explained that the building soc's rent time from the clearing houses on a rota, i.e. they get several hours every 10 days. Why they cant be put through with all the other cheques these days I couldn't tell you!
Being as many BS are in name only as they have been taken over by the big clearers it is even less clear (sic).
These BS dropping out of the time rental system should introduce more slack anyway, additionally BACS has moved to being web based the timeslot system of a big mainframe and dial up will have disappeared (I guess).

Chris 21-09-2004 12:37
Re: Online Banking Woes
 
Quote:
Originally Posted by Incognitas
This may interest you
As I said above, the statistic at the top of that report is misleading. Fee charging is on the increase because most new ATMs are installed by companies that charge for their use, not because more banks are beginning to charge for use of ATMs that were previously free.

Where I agree with Nationwide's concerns is that if there are too many fee-charging ATMs, the public will get used to paying to use them, and next time Barclays or another major bank tries to muscle in with charges, they may be harder to resist.

gary_580 21-09-2004 12:40
Re: Online Banking Woes
 
I believe all ATM's charge in the states

Paul 21-09-2004 12:41
Re: Online Banking Woes
 
Quote:
Originally Posted by Incognitas
Frankly online banking is useless to anyone but the banks.The only reason I use it is to check my account level because checking at the ATM is a waste of time as the mini statement is always seems to be inaccurate.

I so hate banks.They have convinced every institution to insist on paying wages through them and one just can't do any finances without them being involved in some way.This means that they have a virtual monopoly and I swear that they are operating a cartel.Just about every bank charges for use of ATM's now.
Online banking is fantastic, I use it all the while, do anything I want, whenever I want. The number of bills I have paid at 2am in the morning is getting bigger every month.

As for ATM's, hardly ever use one - I get all my cash from shops as cashback.

Chris 21-09-2004 12:52
Re: Online Banking Woes
 
Quote:
Originally Posted by Paul M
Online banking is fantastic, I use it all the while, do anything I want, whenever I want. The number of bills I have paid at 2am in the morning is getting bigger every month.

As for ATM's, hardly ever use one - I get all my cash from shops as cashback.
Hooray for online banking from me too. While this discussion has been ongoing, Mrs T has had her debit card refused at B&Q ... she came home to find a letter from Barclays warning of unusual transactions and advising that the card is suspended. I was able to check immediately and see where and when the amounts debited had been spent. Indeed they were dodgy - so Mrs T just phoned Barclays and a very nice lady explained what we had to do to get the money back.

She sends us a form, we detail the fraudulent transactions, we sign (in blood!), we get reimbursed. And because we can do that by referring to our balance online, instead of having to wait for a statement, we hopefully get our money back rather quicker.

She told us that the card has been 'used' (unsuccessfully, thank goodness) half a dozen times since it was suspended, in the West Herts/Northwest London area. Apparently what's likely to have happened is when Mrs T paid for something in a shop, some unscrupulous shop assistant took a second swipe of the card. How they managed to then use that without actually having the card in their hands is beyond me.

We're going to get it back, but I didn't need £200-odd to go missing from my current account right now!

gazzae 21-09-2004 13:02
Re: Online Banking Woes
 
Quote:
Originally Posted by gary_580
I believe all ATM's charge in the states
Only if its not your banks ATM. If you use an ATM belonging to your bank then its usually free.

Debit card use is very common in American, the majority of shops are fitted with card readers where you insert your debit card and enter your pin.

Gareth 21-09-2004 13:05
Re: Online Banking Woes
 
Quote:
Originally Posted by Chris T
<snip>Apparently what's likely to have happened is when Mrs T paid for something in a shop, some unscrupulous shop assistant took a second swipe of the card. How they managed to then use that without actually having the card in their hands is beyond me. </snip>
The usual method is that the fraudulant swipe is used to record the data by means of a handheld card reader, and then this copied data is physically written to another card which is usually a stolen credit card that has been maxxed-out and itself then been cancelled. This means that the thief can re-use the stolen credit card until it's cancelled as the magnetic strip now contains details of an active account. Once the fraudulent activities are identified, the account becomes frozen and the thieves will then overwrite the card data on the magnetic strip with somebody else's data that they've also skimmed illegally.

This whole process could fall down if shop assistants took the time to verify that the details physically printed on the card match those printed on the receipt, but this doesn't always happen. Also, the use of Chip & Pin will dramatically reduce the amount of skimming that is possible.

SMHarman 21-09-2004 13:13
Re: Online Banking Woes
 
Quote:
Originally Posted by GDW1975
The usual method is that the fraudulant swipe is used to record the data by means of a handheld card reader, and then this copied data is physically written to another card which is usually a stolen credit card that has been maxxed-out and itself then been cancelled. This means that the thief can re-use the stolen credit card until it's cancelled as the magnetic strip now contains details of an active account. Once the fraudulent activities are identified, the account becomes frozen and the thieves will then overwrite the card data on the magnetic strip with somebody else's data that they've also skimmed illegally.

This whole process could fall down if shop assistants took the time to verify that the details physically printed on the card match those printed on the receipt, but this doesn't always happen. Also, the use of Chip & Pin will dramatically reduce the amount of skimming that is possible.
This is why you see competent shop assistants circle the last 4 digits printed on the paper ticket and check they match those embossed on the card. If the data track is rewritten, it is highly unlikly 10000/1 that they will match.

bob_builder 21-09-2004 13:34
Re: Online Banking Woes
 
Quote:
Originally Posted by Incognitas
Frankly online banking is useless to anyone but the banks.The only reason I use it is to check my account level because checking at the ATM is a waste of time as the mini statement is always seems to be inaccurate.
I disagree, I find online banking very useful. It lets me do anything that I could do in the branch without having to be there (very useful as my nearest branch is 2.5 miles from where I live and work).

However, online banking does not let you do anything that you could not already do in the branch so I guess its usefulness depends on how close your branch is.

SMHarman 21-09-2004 13:50
Re: Online Banking Woes
 
Quote:
Originally Posted by bob_builder
However, online banking does not let you do anything that you could not already do in the branch.
Except you can do it any time, not just when they feel like opening a branch. Anyway whats a branch? I bank with First Direct, their only branch is a telephone call away 24/7.

Bishop 21-09-2004 13:59
Re: Online Banking Woes
 
every time I go into a branch to do something at the counter I always manage to get behind someone who has decided to bring in a massive sack of notes and coins that need to be counted out when all the other windows are closed or gone to lunch


online banking is good - but if that 3 day rule applies then how come they can't wait three days to actually remove it.

But this is, I imagine, the nature of the beast

Maggy 21-09-2004 14:14
Re: Online Banking Woes
 
Quote:
Originally Posted by Bishop
every time I go into a branch to do something at the counter I always manage to get behind someone who has decided to bring in a massive sack of notes and coins that need to be counted out when all the other windows are closed or gone to lunch


online banking is good - but if that 3 day rule applies then how come they can't wait three days to actually remove it.

But this is, I imagine, the nature of the beast
Precisely.

As for online banking yes I can pay my bills but I already have everything set up with DD's and I use either cheques or card for everything else.I've only ever set up one DD in three years online.Ok if I want to transfer money between accounts at the same bank it's ok.However it is quicker to go and take the cash from one account and pay it in over the counter into the other account.No delays that way.

Half the problem is that when you want to pay money into another account is that you have to factor in what day of the week it is as for some reason even with electronic banking the weekend always adds at least two days to the total of days for transfer.So mid week it can be three days but on Friday it will 5 days.

zoombini 21-09-2004 15:09
Re: Online Banking Woes
 
Online banking can be really easy & convinient, however yes they do need to update some of thier procedures & timescales to reflect the 24 hour facilities of online banking.

perhaps annoying the ombudsman etc might get them to force a change?
Even bad press like watchdog etc.

Gareth 21-09-2004 15:53
Re: Online Banking Woes
 
Quote:
Originally Posted by Bishop
every time I go into a branch to do something at the counter I always manage to get behind someone who has decided to bring in a massive sack of notes and coins that need to be counted out when all the other windows are closed or gone to lunch
Heh, I thought I was the only person that did this. I always seem to end up being stood behind the owner of our penny arcade :(

bob_builder 21-09-2004 16:11
Re: Online Banking Woes
 
Quote:
Originally Posted by Incognitas
As for online banking yes I can pay my bills but I already have everything set up with DD's and I use either cheques or card for everything else.I've only ever set up one DD in three years online.Ok if I want to transfer money between accounts at the same bank it's ok.However it is quicker to go and take the cash from one account and pay it in over the counter into the other account.No delays that way.
Online banking is very good for cancelling Direct Debits, though. You used to have to go into a branch and fill in a form that would then be applied to your account the next day or write a letter to your bank. With online banking, you can view the DD and just press the cancel button. You can then see that it has immediately been removed from your account. The same goes with standing orders where you can also change the amount to be paid, date or frequency online.

Transferring money online between accounts within the same bank or building society is instantaneous so taking the cash from one account and paying it in over the counter into the other account should not be quicker.

SMHarman 21-09-2004 17:15
Re: Online Banking Woes
 
Quote:
Originally Posted by Andy E
i
I regularly use SWIFT transfers to move money from an account in spain to a nat west account .... takes three working days to clear , I move 700 euros once a month and it costs £3

Andy E
ntl pirate
From Spain to the UK, I'd be interested to find out how much Nat West charge to send â‚ ¬700 from the UK to Spain. Intra Europe things have got much better since the advent of the â‚ ¬.

Quote:
Originally Posted by nffc
I don't use ATMs you have to pay for. Those ones that have started to appear in pubs etc are expensive, if you use one of your bank's group you don't have to pay, and they do tell you afaik if you're getting charged.

Incidentally, how does this work, do they add a fixed fee / % onto the money you withdraw?
Quote:
Originally Posted by GDW1975
Yep, we have a cash machine near my office (I'm based on a business park too far to walk anywhere else :() - I think it's run by TravelEx iirc, anyway the machine is free to use for balance queries, but as soon as you try and withdraw any cash, they charge you a flat fee of £1.50. Needless to say, I never use it to withdraw cash ;)
http://news.ft.com/cms/s/0d1d8c92-0b...00e2511c8.html
Receipt with that?
By Clay Harris
Published: September 21 2004 03:00 | Last updated: September 21 2004 03:00

Moneybox, operator of ATMs in clubs and convenience stores, said last week that transaction volumes were down over the summer and that it wouldn't meet full-year forecasts made on joining Aim in March.

Have even binge drinkers wised up and refused to pay £1.50 or £1.75 for a withdrawal that would be free from any Link machine?

Moneybox still doesn't know what caused the dip, but founder and chief executive Paul Stanley has gone. Peter McNamara becomes executive chairman. Stanley will make one final withdrawal from Moneybox, equal to a year's salary estimated at £200,00 0

bob_builder 21-09-2004 17:25
Re: Online Banking Woes
 
Quote:
Originally Posted by SMHarman
Moneybox still doesn't know what caused the dip, but founder and chief executive Paul Stanley has gone. Peter McNamara becomes executive chairman. Stanley will make one final withdrawal from Moneybox, equal to a year's salary estimated at £200,00 0
At least he will only have to pay a single flat rate fee of £1.50 ;)

bonzoe 21-09-2004 19:34
Re: Online Banking Woes
 
Seems to depend on the receiving bank as much as the transmitting bank, if I send a transfer to ING from HSBC it takes 2 days, but ING to HSBC takes 3! As you say a banking con so that they can lend the money to business at no cost to themselves.

bob_builder 22-09-2004 11:58
Re: Online Banking Woes
 
Quote:
Originally Posted by bonzoe
Seems to depend on the receiving bank as much as the transmitting bank, if I send a transfer to ING from HSBC it takes 2 days, but ING to HSBC takes 3! As you say a banking con so that they can lend the money to business at no cost to themselves.
That was the main reason that put me off the ING account. You may get 5% interest but because the only way to transfer money in and out of the account is via BACS you would lose a lot of that interest over the period of a year. Also it is not really an instant access account if you have to wait 3 days to get at your money.

So I went for the Nationwide eSavings account that offered a slightly lower interest rate but allows you to transfer money online to your FlexAccount and then take that money out from the nearest cash machine on the same day!
(Interestingly, I notice the Nationwide now offers the same 5% rate - no pun intended!)

Maggy 22-09-2004 13:42
Re: Online Banking Woes
 
Quote:
Originally Posted by bob_builder
That was the main reason that put me off the ING account. You may get 5% interest but because the only way to transfer money in and out of the account is via BACS you would lose a lot of that interest over the period of a year. Also it is not really an instant access account if you have to wait 3 days to get at your money.

So I went for the Nationwide eSavings account that offered a slightly lower interest rate but allows you to transfer money online to your FlexAccount and then take that money out from the nearest cash machine on the same day!
(Interestingly, I notice the Nationwide now offers the same 5% rate - no pun intended!)
Hey I have a Nationwide Flexi account too.However my main account is with Barclays.I really must transfer it to Nationwide who are at least open on a Saturday.

snodvan 22-09-2004 14:19
Re: Online Banking Woes
 
Quote:
Originally Posted by Chris T
Hooray for online banking from me too. While this discussion has been ongoing, Mrs T has had her debit card refused at B&Q ... she came home to find a letter from Barclays warning of unusual transactions and advising that the card is suspended. I was able to check immediately and see where and when the amounts debited had been spent. Indeed they were dodgy - so Mrs T just phoned Barclays and a very nice lady explained what we had to do to get the money back.

She sends us a form, we detail the fraudulent transactions, we sign (in blood!), we get reimbursed. And because we can do that by referring to our balance online, instead of having to wait for a statement, we hopefully get our money back rather quicker.

She told us that the card has been 'used' (unsuccessfully, thank goodness) half a dozen times since it was suspended, in the West Herts/Northwest London area. Apparently what's likely to have happened is when Mrs T paid for something in a shop, some unscrupulous shop assistant took a second swipe of the card. How they managed to then use that without actually having the card in their hands is beyond me.

We're going to get it back, but I didn't need £200-odd to go missing from my current account right now!

I had a similar experience of "card suspended because of possible compromise" a week or so ago - but unfortunately I could not check my HSBC Mastercard transactions on-line because it is a Business card. For some reason HSBC has never been able to explain properly you cannot have on-line access to a Business Mastercard :mad: . Never mind. I just cancelled the Business Mastercard and opened a second private Matercard account that I will use only for Business. The only difference is that the card is no longer embossed with the name of my sole-trader business.


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