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Time to clear online transfers

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  • 09-09-2012 10:48pm
    #1
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭


    Hi,
    Just curious if someone can put any reasoning to the time it takes for an online transfer to process.
    I made a payment to my credit card last Wednesday morning which has still not cleared, I made 2 further payments to the same card in 2 separate post offices on Thursday evening & Friday morning . Both of those were cleared by Saturday afternoon. Any reason why electronic transfers take longer.?


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    #2
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    Under the Payment Services Regulation 2009 electronic payments must be in the beneficiary account on the next business day. If you make a payment, before the daily cut-off which is typically around 3 PM the money must be in the beneficiary account on the next business day even if in your case the credit card is with a diffferent financial institution.


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    #3
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Thanks for that.
    So where is this money sitting in between?
    Making interest somewhere perhaps?


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    #4
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    This was the whole point of the legislation - to elimnate what is commonly called float - money leaving one account and taking days to reach the beneficiary account. Go to your bank and quote the legislation and see what response you get. I presume that you used the correct details - NSC and Account number.


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    #5
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    My bank is BOI so I'm expecting a response here. Payment was made via an existing saved set up which I've used lots of times.


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    #6
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    If the Credit Card is also a BoI card then the money should be there on the same day according to the legislation.


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    #7
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    It's not. It's MBNA. Looking back its always taking a few days.


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    #8
    Legislator
    Registered Users Posts: 139 ✭✭Legislator


    Well it should not take more than one day. I would contact BoI and have them confirm that they send the payment to MBNA on the day that you issue the payment instruction. If they confirm then the problem is with MBNA and you need to contact them.


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    #9
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi KoolKid,

    Thanks for the question.

    You mentioned that the beneficiary details are stored and you've successfully transferred before. Can you please double check the beneficiary details you have saved on 365Online are still correct. If there has been a change in Credit Card details, these would need to be updated. If the details were incorrect, you will need to contact MBNA who will advise of their procedures for transfers to an incorrect Credit Card account.

    Thanks


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    #10
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Details are correct . As I've said payments are not missing. They are just taking a few days to clear. The last one was made Wednesday afternoon and has still not reached my CC account..


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    #11
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi KoolKid,

    We do not have access to specific account details at this department. Can you please call Banking 365 on 0818 365 365 and the representative will look into last Wednesdays payment and the previous transfers to MBNA.

    Thanks

    Billy


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    #12
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Will do . Thanks anyway.


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    #13
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Ok .. I have been onto BOI 365. They insist unless the payment is within BOI the time frame is 3 working days. I quoted the legislation and was told I was wrong and that only applys to transactions within the same institution. Can someone from BOI please clarify .


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    #14
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi KoolKid,

    Apologies for the misinformation you received when you called Banking 365.
    We will ensure that a reminder of the Payments Service Directive is issued to all 365 staff.

    When you spoke to 365, did the representative confirm if the payment left your account?

    Thanks

    Billy


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    #15
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    She confirmed the payment left the account on Wednesday evening. To be honest I find it disturbing that staff are so dismissive of legislation.
    I would like someone to contact me re this.


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    #16
    Bank of Ireland: Pat
    Closed Accounts Posts: 354 ✭✭Bank of Ireland: Pat


    Hi KoolKid,

    I can confirm that we are fully compliant with the Payment Services Directive legislation and take all legal requirements seriously. Can you please PM us with your name, contact number and the name of your account holding branch so I can arrange for someone to give you a call.

    Thanks
    Pat


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    #17
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Sent you that Pat. I also sent you the name of the CSR I was speaking to . I believe some extra training is required here as she was very dismissive of it & very argumentative that she was right.


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    #18
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    [Update]
    Go a call from a very nice rep is 365 today (Called from a private number!!:eek: , but thats for another day & another thread)
    Told me very directly that the rep in question was wrong & words would be had.
    Also is sending me a trace which will show whether or not the money was sent within 24 hours.
    Ill update further when I see that. Thanks again for all the input.


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