you know when someone transfers money into your account? - Page 3

spasmachine · #11 02-04-2008, 04:05 PM

The OFT have been leaning on banks to cut the clearance times:
BBC NEWS | Business | Banks 'must move money quicker'
The Office of Fair Trading: OFT welcomes details on faster clearance on electronic payments

If you're both with the same bank it may clear straight away, or by the next day, depending on the payment type. Some banks let you do an instant transfer for a £10-20 fee, which is another way of ripping you off basically.

hollabackgrl · #12 02-26-2008, 02:18 PM

Quote:

Originally Posted by Insomnia

My bank likes to sit on EVERYTHING for five days. Literally EVERYTHING. But mysteriously, they like to add it to the balance of my account, so I check online and think "Great, that money is in my account" but no. And then they fine me. I have learnt to just leave it a week now.

If you are desperate, call your bank and ask for an extension of your overdraft, interest free, til the cheque clears.

Another thing I have a gripe about money transfers person-to-person online is that it often slaps a small fee if it's between two different bank chains.

Have you heard of MoneyExchange? It lets account holders send and receive money online. All transfers are free.