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Where's my Money?

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  • 04-12-2007 10:00pm
    #1
    juuge
    Closed Accounts Posts: 792 ✭✭✭


    When I pay my credit card on-line the amount I pay is immediately debited fom my bank account yet it doesn't reach my credit card for at least three working days, sometimes longer. Where is it in the meantime and who has it?


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    #2
    cazzy
    Closed Accounts Posts: 1,027 ✭✭✭cazzy


    It is in the clearing system if it is going to separate banks.
    If it is from the same bank it will be immediate as it doesnt have to go for clearing.

    IPSO is the name of the Irish system - they have a website that you can surf on.

    www.ipso.ie


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    #3
    juuge
    Closed Accounts Posts: 792 ✭✭✭juuge


    cazzy wrote: »
    It is in the clearing system if it is going to separate banks.
    If it is from the same bank it will be immediate as it doesnt have to go for clearing.

    IPSO is the name of the Irish system - they have a website that you can surf on.

    www.ipso.ie

    Thanks for that !
    I was talking about moving the funds between different banks.
    But does anyone have the use of it while it's in the clearing system?
    For instance for four days over three grand was neither in my account nor had it arrived at my credit card account. Now multiply that amount by the millions of other amounts in transit and it's quite staggering.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    juuge wrote: »
    When I pay my credit card on-line the amount I pay is immediately debited fom my bank account yet it doesn't reach my credit card for at least three working days, sometimes longer. Where is it in the meantime and who has it?

    Internal - The money goes into a suspense account i.e. a bank current account. The next working day someone goes through the payments into same account and applies each payment to the relivent card based on the reference number i.e your credit card number. The next working day the balance on your card is updated.

    Interbank, the payment must clear from your account to the other banks suspense account and onward to the credit card as described. Thats why it can take up to 3-4 days and 2 days if its an internal transfer.


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