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Don't you just hate banks (with due apologies to any bankers present)


AnOther

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B****y banks, how, in todays technological environment of instant everything, can they possibly justify taking 5 days for an online money transfer !

On Monday morning I transferred £5k from my Lloydstsb A/C to Nationwide and whilst the money disappeared from Lloyds within the hour it has only appeared at Nationwide today. Luckily I didn't actually need it to be there urgently but that's not the point.

Daft question really though because of course we all know the answer don't we !

Grrrrrrrrrrrr 

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Ernie, it is annoying. I transfer money between accounts in other Banks via Internet and it usually takes 48 hours. The problem possibly lies with Nationwide which is not a Bank but a Building Society so they receive transfers by an indirect route. If the transfer had been from the Nationwide to Lloyds then this would probably been completed in 48 to 72 hours.

Baz

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Why do you let every little thing wind you up Ernie? Aren't  you retiring soon to have a stress free life?  The way you are carrying on with a rant about everything and everybody and trying to get round or questioning every rule and regulation it seems,  you will be taken off that rig in a box still moaning. Lighten up Ernie before you have coronary[8-|].
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My service is good, sometimes same day, sometimes not. Where is the problem? Cool man, cool. If they are not good enough, then go and have a real shout infront of other customers. Banks hate that because someone might open an a/c elsewhere.?

I greet my bank with 'Bonjour, le bordel va bien?'  Reasons for which I can explain in detail, to my shame.

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[quote user="Ron Avery"]Why do you let every little thing wind you up Ernie? Aren't  you retiring soon to have a stress free life?  The way you are carrying on with a rant about everything and everybody and trying to get round or questioning every rule and regulation it seems,  you will be taken off that rig in a box still moaning. Lighten up Ernie before you have coronary[8-|].[/quote]

Ron, wolly, I think you take me too seriously and I can sometimes be a bad boy, did you not perhaps sense it in the title [;-)]

True I do get cranky at poor service, and so should we all, especially when someone is clearly taking the p**s just because they've got you over a barrel.

As for rules and regulations, well I've spent most of my life railing against them and for sure it's got me into trouble on more than a few occasions nevertheless I still consider it preferrable to living life like a labotomised sheep, silently acquiescing to everything without question (isn't that much of the reason the UK is in the state it now is). I dare say I won't stop until I am retired and finally my own master (if the wife lets me of course!) 

Believe it or not my natural demaenour is laid back to the verge of horizontality (resting pulse of 50ish and textbook BP) and it's highly unusual for me to really get my gander up so thanks for your concern Ron but you really have no need to worry about my stress levels or my ticker [8-|]

Apart from any of the foregoing, after far far too many years,  offshore is now terminally boring for me so pause to consider that there may just possibly sometimes be an element of the [6] making work..........[Www]

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I knew someone would pop up with that, believe me I'll cope, it's why I said:

"I dare say I won't stop until I am retired and finally my own master (if the wife lets me of course!)"

So my head is already there.

Unfortunately that only serves to make putting up with some of the the petty fogging nonsense which spews out on an almost daily basis in the offshore business harder to put up with [:(]

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[quote user="ErnieY"]

B****y banks, how, in todays technological environment of instant everything, can they possibly justify taking 5 days for an online money transfer !

On Monday morning I transferred £5k from my Lloydstsb A/C to Nationwide and whilst the money disappeared from Lloyds within the hour it has only appeared at Nationwide today. Luckily I didn't actually need it to be there urgently but that's not the point.

Daft question really though because of course we all know the answer don't we !

Grrrrrrrrrrrr 

[/quote]

Haven't the UK banks promised next day transfers from some time this November?

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Hooray if so but believe it when you see it and it's nieve to think that as one door closes, another one won't open.

They're already talking about reintroducing charges for just about everything so that's an end to "free" banking then, not that there ever was such a thing in the first place - but we all knew that didn't we? [;-)]

 

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I'm with ErnieY. The UK banks may squeal and threaten but in fact competition is such that I think they are unlikely to bring charges back......although of course they could make conditions, minimum balances etc.

They have been well and truly 'found out' by the likes of Martin Lewis at Money Saving Expert who has been a leader in the campaign to get peoples illegally taken bank charges returned to them. They talk about going back to bank charges, but lets see.......

 

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Here here, Russet!

Many years ago, I worked in the City of London in what was then the embryo Money Market.

And thereafter, as FD of a busy international trading house.

One of our greatest difficulties was then transferring US Dollars into the UK and into sterling.

One one celebrated occasion, Barclays Bank International sat on a large tranche of US $ for nearly two weeks.

The fact is, banks and credit card operators use every cunning trick in the book to rip off their customers: not the big guys, of course, they don't and won't stand for it!

Banks balance and close their "Book" every afternoon: it works by "Matching" what is called "Clean" money against obligations. Thus if they are short, then they go into the money market to balance the deficit or lend out the surplus.

When they have our cash they lend it out at what is called "Call", or overnight, two day, over weekend, seven day, etc. Thus once they have their sticky grasping hands on our money, it's very much in their interest to retain it for as long as possible!

Don't know if anyone else has noticed, but a few years ago, credit card operators came up with another clever wheeze: you are debited for a transaction and thus charged interest (on unsettled balances), on the day the transaction takes place! Not the day they settle with the trader! Thus they are making more profit, yet again, from those who can least afford to pay. Nice.

Some few years ago, a consortium of banks (led by the then NatWest), received permission from the EU Competition Commissioner to create and operate an EU Electronic Payment Portal: if you like a very much updated and whizzy replacement for BACS.

Theoretically thereafter, ePayments would be almost instantaneous.

Personally, I am waiting for the first bold soul to found a real internet bank: not an Egg or Cahoot type of operation ( 'cos all they have really done, like a fast food joint -  where you serve yourself, seat yourself and clear up after! -  is got the customer to do all the work and save the cost of printing and posting statements!), but one which works with huge electronic efficiency and passes the cost savings directly on to the consumer.

With SWIFT for international "Wire" transfers there really is no excuse for delays in transferring money cross-border.

The competition will be toast!

Roll on that day...........................[B]

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Many thanks, Renaud.

Yes, CA do a similar thing with us: Mrs GS as an ex staff member of Midland/HSBC retains certain staff privileges, thus we transfer free (for the moment!) of UK charges. However, once the cash hits France, it has to go through the CA regional office before hitting our local branch. And they charge for the privilege of receiving Euros in France!

 

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Getting charged by CA to bank money must be an ex HSBC staff perk, when I transfer money from HSBC in the UK I pay HSBC £10 for up to £5000 and CA NP charge nothing to receive it.

RH

There is a big difference between bank charges for running an account as are charged in France and the penalty charges in the UK you are talking about which have been in dispute.  Those charges and penalties were for being overdrawn without approval and for letters telling customers they were overdrawn.  Initially the banks were not prepared to go to court to justify the costs of these penalties and letters which was the case in point and the banks up to recently coughed up the charges levied to some customers, but then they did go to court and the case was thrown out as the customer knew and agreed to the charges to be levied when they agreed to open the account.  What is still in dispute is whether those charges are legal as they may be deemed to be disproprotional to the real cost but that case will not be settled this year  So bank charges will not return in the UK eh?  Watch this space, as soon as one bank does it the rest will soon follow.

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[quote]There is a big difference between bank charges for running an account as are charged in France and the penalty charges in the UK you are talking about which have been in dispute.  Those charges and penalties were for being overdrawn without approval and for letters telling customers they were overdrawn.  Initially the banks were not prepared to go to court to justify the costs of these penalties and letters which was the case in point and the banks up to recently coughed up the charges levied to some customers, but then they did go to court and the case was thrown out as the customer knew and agreed to the charges to be levied when they agreed to open the account.  What is still in dispute is whether those charges are legal as they may be deemed to be disproprotional to the real cost but that case will not be settled this year  So bank charges will not return in the UK eh?  Watch this space, as soon as one bank does it the rest will soon follow.[/quote]

Sorry: you've lost me there, Ron. I have re-read the whole thread and nowhere can I find any reference to "Penalty Charges" and/or "Unauthorised overdrafts??[8-)]

Reference the matter of the test case won by a bank, all cases and circumstances are widely different.

Kevin Berwick -v- Lloyds TSB Bank plc, Birmingham County Court, Judgment of District Judge Cooke, dated 15th May 2007

http://www.andersonstrathern.co.uk/pdfs/343.pdf

Since the case, Mr Berwick has been given leave to appeal and the final bearing on the whole matter has yet to be fully decided.

In any case, the whole matter of unfair penalty charges and late payment charges is currently under continuing review by OFT, in the UK.

That said, in certain cases and situations, probably, the Unfair Terms in Consumer Contracts Regulations 1999 and the Unfair Contract Terms Act 1977 may both apply. This has yet to be tested through the Courts.

All that said, it is apparent that the Claimant, Mr Berwick, fought his own case and may well have lost, since he failed to demand what is called, Strict proof of Loss.

Another claimant, Mr Terry won over £4,000 when the case went to trial.

http://www.fairinvestment.co.uk/banking-news-OFT-launches-test-case-over-unfair-bank-charges-247.html

As always, with the law, the Devil is in the Detail! It wholly depends upon what the Claimant bases their case.

 

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[quote user="Ron Avery"]Why do you let every little thing wind you up Ernie? Aren't  you retiring soon to have a stress free life? [/quote]

Ron, you obviously don't realize that ranting is fun.  I regard it as a necessary part of a stress-free existence, like playing golf.

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[quote user="Athene"]Why do you not just take the money over in euros and put it into your bank when you get there! Forget money transfers![/quote]If you can tell me where to get € in UK at the same rate as an ATM with Nationwide I'd gladly do it, as would quite a few others I'll wager.

Not holding my breath so take your time [:D]

[quote user="Polremy"]Or withdraw it in euros from the hole in the wall using your nationwide debit card and then take it into your french bank yourself.[/quote]I think I said thats what I wanted to do with the money and was partly the point of the transfer in the first place [blink]

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[quote user="Gluestick"]

. I have re-read the whole thread and nowhere can I find any reference to "Penalty Charges" and/or "Unauthorised overdrafts??[8-)]

[/quote]

I was referring to this post and the Berwick case

"They have been well and truly 'found out' by the likes of Martin Lewis at Money Saving Expert who has been a leader in the campaign to get peoples illegally taken bank charges returned to them" 

These were not bank charges as such but penalty charges, which as you say the OFT are to investigate.

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[quote user="maureen"]Too much information, you guys.
This is a public site which gets read by all sorts of people wanting to know how you get your money into the country.................................
[/quote]I don't recall anybody saying or even intimating that they were doing anything but going about their lawful business so I don't understand your post [8-)]
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