Quote:
Originally Posted by daveeb
You're quite correct nk, I rather jumped in there as I've got a bit of an issue with the way the banks go about their business. I still maintain the banks could have electronic transfers of cash from one account to another happen instantaneously (not talking about direct debits), there's no reason for it not happening other than that they get to hold the money for a few days to their benefit. They're pretending that the delays in days of old due to the process of administrating paper transactions still apply.
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What transfers are you talking about that take days? I find they take seconds.
Apart from rules that specify how much liquid assets(ie cash) they have to hold at any point in time, there is little they can do with it. They can hardly issue a new 25 year mortgage to somebody using that money.
Even with direct debits and standing orders, the money doesn't leave your account in advance. It's just that the request has to be made in advance.