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Domestic Bank Clearing

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  • 25-06-2008 12:35pm
    #1
    irishsaint
    Closed Accounts Posts: 31 ✭


    I have an account with Ulster Bank. I also do the payroll for the company I work for and on Monday my digital certificate for online banking was not working so I had to fax the payment instructions of everybodies salaries to Bank Of Ireland. My friend, who works here got paid yesterday when the transfers went through, he is with AIB. Mine however showed as a credit to my ulster bank account yesterday and is there today however it has still not cleared. I rang them to get the following answer:
    "When we make a payment it takes 1-2 days to clear, I dont know how Bank of Ireland do it". Obvisouly they dont wait 1-2 days for it to clear because AIB accepted it immediately. I advised them of this and also told them I would only expect a cheque to need to clear domestically. I was told "you need to wait, it might clear tomorrow" - how do you respond to that when you have €2.25 in your account for the last 2 days and no money when you physically made the transfer yourself to your own account and its even showing show its not like they dont know its a payment coming in.
    Anyway, anybody else have problems with domestic payments taking time to clear - I dont understand why domestic payments even need to clear?


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    #2
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    When I transfer money to another bank account it takes about 2 days to get to the other account. But I can draw on it straight away. I lodged a sterling cheque to BOI and could take that out straight away too. With some banks transfers have to go through a clearing process. I did not know this happens for transfers. It may be just an ulster bank thing.

    How long could you live off €2.25? You could buy 18 packets of tesco noodles @12cents.
    Should keep you going :-)


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    #3
    irishsaint
    Closed Accounts Posts: 31 ✭irishsaint


    i still dont understand how it has to clear. I have a uk account too and when I transfer before noon it is in my uk account the following morning. I just dont understand how they justify clearing.... I believe its a banking way of being able to more cash on their books without have customers draw down on it


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