Credit Card Payments Clearing Time

Red Alert

About a week ago I wanted to buy something online. I didn't have enough credit on my card, and so paid off the transactions already there from my bank account (which is held with the same bank as the CC). I used the online banking to do the transfer at about 6pm one evening.

Now, the money goes straight away from your bank account, but it didn't make it into the CC account for days. The banks always say it may take time, but are they simply immovable hulks who are clinging to rules which suited 1970's technology better than the modern stuff we're used to. Am I naieve in suggesting that a near-instant update can occur?

Tazz T

Is your CC MBNA? I had loads of problems of them not crediting my account for up to two weeks after I made a payment and then charging me late fees.

Green_Martian

If it is an MBNA Card, it can take from 5 to 10 working days to reach MBNA........ I pay mine online and always pay it with in the fist few days of the month so it will reach the account by the e4nd of it..lol

I think the OP stated that her card is with her bank, if this is the case it should only take 1 to 2 days.........i know when i pay my Banks CC it is taken straight away from my current account and usually appears about 1 working day later on the CC..........

I agree with the OP maybe if it is a transfer within the same bank it should be straight away, and not having to wait 2 days

Red Alert

Red Alert is male. They're both BOI accounts.

I'm just thinking from a computing standpoint there'd be no need to have the delay.

bookiebasher

same here folks.i got a statement that needed payment by the 12th of the month.Transfered money online on the 9th and when i got my MBNA statement the next month i was charged €15 for a late fee as it only got to them on the 14th.Im not mean but I found this very annoying

John R

There is no technical reason that it can't be done instantly. Billions of electronic transfers are completed and verified instantly every day.

As soon as you pay in cash at the teller and it is entered into the banks network that money is in their possession, no delay whatsoever.

They spread it out over days so that they can make a profit on it. Add up all the time every single small transaction spends "awaiting clearance" and it is soon clear why banking is so profitable.

The banks invest huge sums of money in all kinds of ways, money that is just passing through them that belongs to someone else. They create a false delay so they have a constant fund they can earn on.

Green_Martian

Red Alert wrote:

Red Alert is male. They're both BOI accounts.

I'm just thinking from a computing standpoint there'd be no need to have the delay.

Apologies.........:p

Random

Ditto. There shouldn't be a delay if paying of an AIB card from an AIB account. It has got faster, but still isn't instant.

It also should show up transactions just put through (even as pending clearance!), just like they can see if you ring them up!

Red Alert

the money disappears instantly but doesn't go until they feel like it. i think this is a serious sharp practice that has to stop. it's particularly infuriating when you actually have the money to pay off the bill instantly.

parsi

Red Alert wrote:

the money disappears instantly but doesn't go until they feel like it. i think this is a serious sharp practice that has to stop. it's particularly infuriating when you actually have the money to pay off the bill instantly.

AIB goes next working day if you pay before 6pm. I have on occasion paid on the day it was due and it went through happily.

mcaul

Whilst in theory it should be simple reality is different.

The credit card arm of BOI is different to the retail banking arm. All CC payments & transaction go through a outsourced company called Euroconnex in Arklow.

So your payment goes from your account to BOI head computer, then for BOI head computer to CC computer then to Euroconnex who confirm all details are as should be and they then credit your account (this is not an exact detail but it will give you an idea of the crap that goes on) - each main transfer takes place over night and thus you have a 3 day wait (excluding weekends, bank holiday, windy days, sunshine days etc etc)


Even if you drop a payment into AIB credit card payment centre in donnybrook, it still takes 2 - 3 days for it to appear on your account!!

parsi

mcaul wrote:

Even if you drop a payment into AIB credit card payment centre in donnybrook, it still takes 2 - 3 days for it to appear on your account!!

Hence you should use internet banking.. saves a wasted trip to Donnybrook..

indiewindy

I have the same problem with MBNA, the only payments that go through straight awy fro me is when I use bill pay, they always appear on my account the next day

bullrunner

the cash has to go through the banking clearing system...its the same as if you transfer from boi to aib or vice versa (or even 2 branches of the same bank).

I had the farcical situation once where my girlfriend asked to withdraw money at the counter in boi and lodge it to my account. Instead of the cashier giving her the money and then taking it straight back..she posted an account transfer ...which meant that the money had to go through banking system taking 3 days...whereas if the cashier had processed 1 cash withdrawal and 1 cash lodgement i would have had the cash straight away. when it was queried with them i was told "thats the way i was trained to do it" ...absolute cr*p!

Random

You mention delays between branches of the same bank. This isn't true. On both UB/UB and AIB/AIB transfers money goes through instantly (and is available at the ATM instantly) on online transfers. Unless online is different but I don't see why.

Red Alert

Presumably a nightly transfer of information belongs in the dark days of modems, dial up broadband, green screens etc.... am i naieve to suggest even with four computer systems involved it could be done in less than an hour.

Wertz

http://www.boards.ie/vbulletin/showthread.php?t=239892

Blackjack

Red Alert wrote:

Presumably a nightly transfer of information belongs in the dark days of modems, dial up broadband, green screens etc.... am i naieve to suggest even with four computer systems involved it could be done in less than an hour.

Theres quite likely a lot more than 4 computer systems involved, to be honest.