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Does your bank do this?

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Does your bank do this?

I often have money credited to my current account which I transfer the same day (after it is showing on my online statement) to a savings account for rent, food, etc.
The next day when I log in I see that the transfer out is showing before the money is shown as credited which often means there is an overdrawn balance for a short time. Luckily I have an overdraft facility so isn't a problem.
What I am wondering is whether showing the transfer out before receipt of the payment allows the bank to charge an, albeit small, amount of interest to those without an overdraft or am I being too cynical?
If they do this every day to all their customers the amounts could add up to quite a tidy sum.

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16 REPLIES
kmilburn
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Registered: 30-07-2007

Re: Does your bank do this?

My brother had this type of issue with Abbey  (before the FSA bought the banks to task about overdraft charges)
He was in credit when the bank closed,  and was in credit when the bank opened the following day, however,  due to the way the banks process the debits and credit he went overdrawn, which incurred a £30 charge.
David_W
Rising Star
Posts: 2,293
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Registered: 19-07-2007

Re: Does your bank do this?

I'm with Alliance and Leicester (now Santander), I often transfer money and it arrives in other peoples accounts (in other banks, my mother is Lloyds for instance) pretty much straight away, no idea how quickly money arrives in my account though, I should get people to send me money......
BryanP
Grafter
Posts: 138
Registered: 21-11-2011

Re: Does your bank do this?

I have accounts with RBS & Santander and when I transfer money it immediately shows in the recipients bank account
I set up a new transfer today and it immediately reached my sons account within 2 seconds
Community Veteran
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Registered: 23-09-2010

Re: Does your bank do this?

I've noticed that when I transfer money from my Nationwide account to a Santander account it happens immediately.
Community Veteran
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Registered: 12-08-2007

Re: Does your bank do this?

I think all banks subscribe to an agreement to do immediate transfers.  They used to earn a fortune when it took a few days to do. 
kmilburn
Grafter
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Registered: 30-07-2007

Re: Does your bank do this?

Most banks now participate in the 'Faster Payment System',  which should mean the transfer occurs within two hours (though it's usually immediate),  however, it is dependent on both the sending and receiving bank and account type supporting FPS.
This still doesn't help with BACS payments, direct debits and standing orders, which are still batch processed overnight.
MJN
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Re: Does your bank do this?

Mav, certainly with HSBC consideration for interest/overdrafts are made at midnight once all credits and debits have been applied. Thus, a dip into the red doesn't attract any charges if you're back in the black by close of play.
I can't imagine that any other bank would operate in any other way. Give yours a call - they'll be able to confirm.
Mathew
Community Veteran
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Re: Does your bank do this?

Just out of interest anyone else get a phishing email after posting on this thread?
Never had a spoof Santander  email before and it seems more than a coincidence that I get one a few days after mentioning Santander in this thread.
I suppose search spiders are always looking for certain key words though it still surprises me that anyone would ever fall for these clumsy attempts at obtaining your login details.

Community Veteran
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Registered: 01-08-2007

Re: Does your bank do this?

It's a coincidence. They'd need to know your email address and be able to get it from Plusnet after seeing your post to be able to send you an email intentionally.
Now I although PN gave customers details away to ACS law years ago I don't think they'd do it randomly to any company that asked.
I need a new signature... i'm bored of the old one!
Community Veteran
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Registered: 30-08-2007

Re: Does your bank do this?

Some members here show their email addresses in their profile.
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
Community Veteran
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Registered: 24-09-2008

Re: Does your bank do this?

Re:- Profile it has a "squared out" email address, by clicking it an email form opens and allows you to send an email.
Can email addresses be harvested in this manner?
Community Veteran
Posts: 38,251
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Registered: 15-06-2007

Re: Does your bank do this?

No
If you try it you see that the address is the display name not the email
Community Veteran
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Registered: 24-09-2008

Re: Does your bank do this?

gone off topic, sorry, but billnotben's phishing email had me wondering.
@oldjim thanks.
I tried sending myself an email, it was 'sent' but never 'arrived'.
Community Veteran
Posts: 5,346
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Registered: 23-09-2010

Re: Does your bank do this?

As sprite said it must have just been a coincidence.
It was a poor effort. Not as good as all the other bank ones I sometimes get.