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Bank Transfer Delay - why?

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  • 29-04-2012 12:15pm
    #1
    joeKel73
    Closed Accounts Posts: 3,689 ✭✭✭


    Just curious - when you transfer money between different banks why does it take a few days to clear? Is it necessary or just added to discourage banking with other banks?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    J o e wrote: »
    Just curious - when you transfer money between different banks why does it take a few days to clear? Is it necessary or just added to discourage banking with other banks?

    Because it takes time to be processed. If done before a certain time in the day it will be there the next day. One day isnt to bad. THis is money going between different financial institutions so I think a day is fair enough for it to be done.


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    #3
    joeKel73
    Closed Accounts Posts: 3,689 ✭✭✭joeKel73


    Is it not just an automated computer transaction by this stage?

    Also why don't banks offer credit or debit card lodgements on their websites, which would be the same as cash lodgements into someones account? Would be handy.


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    #4
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Is it not just an automated computer transaction by this stage?

    Yes, it is - also one of a huge number, so they are done in batches, usually overnight.


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    #5
    joeKel73
    Closed Accounts Posts: 3,689 ✭✭✭joeKel73


    chris85 wrote: »
    Because it takes time to be processed. If done before a certain time in the day it will be there the next day. One day isnt to bad.

    I had money transferred to my account from another banks online banking on Saturday - didn't arrive into my account until today - 4 nights. :confused:


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    #6
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    J o e wrote: »
    I had money transferred to my account from another banks online banking on Saturday - didn't arrive into my account until today - 4 nights. :confused:

    Transferring over a weekend always results in delays


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    #7
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    Not sure if the query relates to cheques but the following is the case for electronic paymemts.
    the Irish Clearing works on the following basis.
    If you make an electronic payment from your account before the end of day cut-off (mid afternoon - depending on the Bank) the value of this payment must be in the account of the beneficiary on the next working day. This applies to both national and cross border electronic transactions to the Single Euro Payments Area. (SEPA) .

    This has been the case since 1st January 2012.


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    #8
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    J o e wrote: »
    I had money transferred to my account from another banks online banking on Saturday - didn't arrive into my account until today - 4 nights. :confused:

    Ok new rules mean should be there in one day. The transfer done on Saturday will be processed by bank on Monday and be in the other account the following day.


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    #9
    cazzak79
    Registered Users Posts: 411 ✭✭cazzak79


    I find most payments/transfers take about 3 working days to clear or show up in my account


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    #10
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    J o e wrote: »
    I had money transferred to my account from another banks online banking on Saturday - didn't arrive into my account until today - 4 nights. :confused:

    Saturday and Sunday = non processing days


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