Mary-Jane
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Why should a Halifax transfer take 48 hours?I'm so bl**dy cross. I've transferred some money from one of our Halifax accounts to another of our Halifax online and have been informed that it will take 48 hours...  Why? What's the point of having an online transfer service if it's going to take that long? I may as well have gone down to town, taken the money out of one account and put it in the other...at least it would have been instant. 
I can only assume that it's another banking trick to use private money on the investment market whilst it's floating in cyber space.
Grrrrrrr... 
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Barefoot Andrew
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That's disgraceful and disgusting - it should be instant as we all know.
In fact in this modern world there's absolutely no excuse for any form of delay between financial organisations either. This three working days lark for an electronic transfer to clear from one institution to another isn't really on.
A.
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jema
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It is a nice little earner for them. I guess one of the penalties for "free" banking is that instead we pay by invisible means like that 
It is one of those sectors where there is little real competition as the entry stake renders it out of bounds for new players.
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Mary-Jane
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Flippin' 'eck. I've just been onto the Halifax complaints website and they're only open from 9am to 5pm Monday to Friday...and naturally it's a Bank Holiday so they're not open today.
If this transfer doesn't go through in time we'll go overdrawn and then then we'll have charges taken out of the account...
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lettucewoman
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Re: Why should a Halifax transfer take 48 hours? | Mary-Jane wrote: | I'm so bl**dy cross. I've transferred some money from one of our Halifax accounts to another of our Halifax online and have been informed that it will take 48 hours... Why? What's the point of having an online transfer service if it's going to take that long? I may as well have gone down to town, taken the money out of one account and put it in the other...at least it would have been instant.
I can only assume that it's another banking trick to use private money on the investment market whilst it's floating in cyber space.
Grrrrrrr... |
prolly cos it's a bank holiday today...even online i guess...
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jema
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| Mary-Jane wrote: |
If this transfer doesn't go through in time we'll go overdrawn and then then we'll have charges taken out of the account... |
I hate that feeling, we were waiting on a cheque at the end of last month, and without it, it was a case of kicking off from the business account on the assumption that an electronic funds transfer from google would clear in time for that not be go overdrawn, paying into the personal account hoping the payment would clear before they bounced the credit card payment  It seems we did get away with it but it is a real pain when you ostensibly have the money but it is all between accounts 
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Mary-Jane
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| jema wrote: | | ...it is a real pain when you ostensibly have the money but it is all between accounts |
Not 'arf. If we go overdrawn I shall go balistic...
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MarkS
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Yes. This is exactly why I left first direct some years ago.
Thousands of pounds in FD savings account
small balance in FD current account
FD credit card due for payment
They wouldnt let me pay the credit card from the savings account.
So I said transfer to the savings and let the credit card be paid from that.
Result? £20 worth of fees plus interest.
And when I stropped that *they* had *lots* of *my* money and were taking the proverbial, they were rather offhand.
Bye Bye First Direct and their much trumpeted customer service and flexible attitude.
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Treacodactyl
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| jema wrote: | It is a nice little earner for them. I guess one of the penalties for "free" banking is that instead we pay by invisible means like that
It is one of those sectors where there is little real competition as the entry stake renders it out of bounds for new players. |
Don't people check what their bank offers before it's required though? One of the reasons I use Smile is the fact transfers between Smile accounts, even other peoples, are instant. It doesn't pay the top interest rate, but more than most of the highstreet banks, offers a smallish free overdraft etc, etc and is fee-free. Better options do seem to exist but I don't think some of the big banks will change until enough people start switching.
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RichardW
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Lloydstsb switches are instant between personal accounts but not bis to personal ones.
Justme
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Mary-Jane
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Halifax transfers used to be instant...but appear to have changed without me knowing.
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lottie
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If they've always done same day transfers before on a bank holiday then surely they should have sent you notification of any changes? bit poor of them not to have-- I'd be cross---most financial institutions snow people under with details of the smallest changes nowadays.
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Barefoot Andrew
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For what it's worth, I have several types of account with HSBC (one personal, one saving, two business, two business savings) and transfers between any of them are instant at any time. The way it should be.
A.
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lottie
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| Barefoot Andrew wrote: | For what it's worth, I have several types of account with HSBC (one personal, one saving, two business, two business savings) and transfers between any of them are instant at any time. The way it should be.
A. |
Barclays is the same----although just realised I've never done it on a bank holiday monday---shouldn't matter online though should it?
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vegplot
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We've never had a problem transferring between accounts with NatWest business or personal.
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Snowball
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If you do incur charges it is worth sending them a letter asking for them to be re funded.
Point out that you had not received notification of changes etc. Years back, I had a form letter that I sent to the co op. They always sent me back a form letter saying that due to exceptional circumstances, and as a one off they would re fund this time.
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Mary-Jane
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*Phew* The transfer has just gone through...two days after I set it up. A relief, but I'm still ruddy cross...
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LynneA
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| Mary-Jane wrote: |
If this transfer doesn't go through in time we'll go overdrawn and then then we'll have charges taken out of the account... |
I suspect Halifax know that and are juggling the account to suit them.
One of the reasons Howard moved his account was their ability to manipulate the account to suit them.
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marigold
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Transfers between Intelligent Finance accounts are instant. IF are part of the Halifax/Bank of Scotland group. It's difficult keeping track of who you are actually banking with these days...
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Barefoot Andrew
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Well, well. The new "Fast Payments System" (FPS) came into being on the 27th May it seems.
I just paid my electrickery bill via online banking, and was informed that the payment will clear to the beneficiary's account in two hours. Blimey.
This is good... means I get paid more quickly too.
A.
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james_so
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How are you doing the transfer Mary-Jane? If you use the "Transfer between my banking and savings accounts" bit at the top of the My Accounts page it is instant.
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