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Old 12-01-2019, 01:32   #10
nomadking
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Location: Northampton
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Re: Putting an end to bank text scams.

Quote:
Originally Posted by daveeb View Post
Your first point : For example I transferred some money electronically from one joint bank account to another owned by me and mrs daveeb, it took about four days to take effect.


Your second point : Could you clarify how much cash a bank is allowed to hold ? I would have thought it is adding to their capital and so earning them money. It might only be a relatively small amount but multiplied out by the number of customers doing a similar transaction it becomes significant.
It is a percentage of assets. Still not a lot they can do with it because it will still disappear from their control in a very short period.


The transactions in the fraud cases occur instantly. If they took a few days, the fraud wouldn't work as people would quickly figure out something was amiss.


Money Advice service.

Quote:
Payments made using Faster Payments will sometimes be received immediately after leaving your account, but can sometimes take up to 2 hours.
This option is free, available 24 hours a day and typically used in online banking, mobile apps, over the phone or in branch.
...
You could also use:
  • Bacs payments. These take up to three working days to clear. Find out more on the Pay your way website.
  • CHAPS (Clearing House Automated Payment System). Payments will go through on the same day, as long the transfer is made by a certain time. Find out more on the Pay your way website
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