Damn banks!! - I'm depressed

Originally Posted by Steve H

No worries. Bloody Lawyers. ( Ed will get the joke.)

Oh I do

[northwind]

Originally Posted by Warthog

NATWEST are terrible, and all banks gain oodles of money through interest on "3 day electronic transfers". It's a total rip off.

Heh, I work for the Bank of Scotland's BACS liason team... VOCA (who actually run the BACS system which most payments, including standing orders, direct debits, and transfers), charge the banks money to complete BACS transfers, and banks are businesses, so they recoup that cost. We lose money on most BACS transfers, Fact, and the personal business makes a net loss on BACS transfers even when offset against interest, also Fact. Overall we do profit from BACS business, but only through paying business.

CHAPS is different though, if it's sent before the cutoff time for same day processing it's expected that the destination bank should credit it to their customer the same day. Timing can make that impossible sometimes, but if their standard practice is that it's next day, that's well cheeky.

Watch this space though, the whole system's under review... Near real Time, or Faster Payments, is in testing already.

[mattSV]

Originally Posted by beniryu

The sale of my house completes tomorrow and the solicitor will be paying the £££'s into my account at the same time. Today I decided to ring the bank and ask them when I would be able to draw on the cash.

The nasty, evil, harpy-of-doom at Natwest customer services told me that it will take one working day for the money to be available and that because the transfer was happening on a Friday that would mean the money wouldn't be available till Monday!!

I was really hoping I would be able to pick the K7 up on Saturday and have the entire weekend to get to know her - alas it's not to be

I did have a bit of good news later when StreetBike rang me and told me that the lower fairings and crash bungs were ordered but it didn't really make up for the lost weekend.

I'm gonna be depressed now for the next 3 days

Having worked for NatWest for around 19 years, I can confirm that if the funds are sent via CHAPS, and the correct account details have been quoted, then the funds WILL be available as soon as the payment has been accepted by the receiving bank - i.e. immediately - unfortunately, a lot of the numpties we employ on the phones don't even know what CHAPS stands for, let alone how it works.

HTH

Just spoke to the solicitor and apparently the funds will be sent via CHAPS - so fingers crossed I still may be able to pick the bike up tomorrow

Originally Posted by beniryu

Just spoke to the solicitor and apparently the funds will be sent via CHAPS - so fingers crossed I still may be able to pick the bike up tomorrow

All the best.

We knew that didn't we ED!

Originally Posted by Steve H

All the best.

We knew that didn't we ED!

Yes.

I want to know why ben didn't instruct me

[Luckypants]

Originally Posted by Ed

I want to know why ben didn't instruct me

Cos you know it all already?

HTH

Originally Posted by Ed

Yes.

I want to know why ben didn't instruct me

Yay money is in - and Ed had I have realised what you did for a living earlier you would have been sorting my divorce too

So are you getting the bike tomoz?

Originally Posted by Baph

The above from Ed is actually how I get paid (only via BACS not CHAPS). I get paid the last working day of each month, and the BACS information is apparently sent out at the end of the day. That doesn't actually stop me from being able to spend money at 9am the same day that I get paid.

The money from your wages actually goes into your account before the date agreed, it just does not show up as being so untill the agreed date.

Also agree with what Baph said earlier about using your card to pay, time the money for the K7 comes out the money from the soliciter will be in.