AIB - not transferring money

marnello

My father transferred money from his AIB account online on the evening of the 8th of May. Today 14th May, it is still not in my Bank of Ireland account.

Can anyone give me an idea as to why they are still holding on to my money?

toddunctious

Might take 5 working days

user1842

The money has to be in your account on D+1 so last Friday at the latest. This is a EU directive (PSD).

Either your dad made a mistake and sent it to the wrong account or his account is some sort of deposit account that requires a min of 5 or something days notice or is an non EUR account

OR

Your account is not set-up to receive payments.

It does not take 5 days for a EUR to EUR payment in the EU 27 block zone, maximum D+1, which in the majority of cases is the next day unless the payment is sent after the cut-off for that day (approx 15:30 to 16:00 depending on Bank).

Tinyh

That's because they are criminals and should be locked up. My employer ordered my salary to be paid from AIB Donnybrook on the 25th of each month. Today is the 27th and no sign of my dosh! I have called them about this in the past and I've been give the usual sh..e. The week-end, bank holidays etc. But they can take it OUT of my account when its a week-end/bank holiday. they are just a bunch of scammers and BOI are not much better - wouldn't increase overdraft and I've been with them for years. First chance I get I'm switching to an English run Bank and they can go f*** themselves.

Tinyh:mad:

TOMP

Double check the account numbers you used for the transfer. Just one wrong digit will mean a bad transaction. Very easy to occur.

mathepac

All bank account numbers have check digits. If a from acct. no. or a to acct. no. is incorrect it will be flagged immediately someone tries to enter it into a bank's transaction processing system, which should trigger them to contact the initiator for correct information.

GerardKeating

mathepac wrote: »

All bank account numbers have check digits. If a from acct. no. or a to acct. no. is incorrect it will be flagged immediately someone tries to enter it into a bank's transaction processing system, which should trigger them to contact the initiator for correct information.

Check digits are not perfect. If you get a digit wrong in the account number, there is a 10% chance the check digit is still good. So you end with a valid but non-existing number.

The originating bank cannot know this. It then dissappears into a big black hole of a suspense account untill someone bothers to investigate which might only happen when someone complains.

dotsman

marnello wrote: »

My father transferred money from his AIB account online on the evening of the 8th of May. Today 14th May, it is still not in my Bank of Ireland account.

Can anyone give me an idea as to why they are still holding on to my money?

They are not still holding on to your money. Interbank Funds are transferred in batches - 2 a day (around lunch time and after COB). As others have said, is there a chance that eitehr your account is not able to receive funds or that the BIC/IBAN were entered wrong?

Tinyh wrote: »

That's because they are criminals and should be locked up. My employer ordered my salary to be paid from AIB Donnybrook on the 25th of each month. Today is the 27th and no sign of my dosh! I have called them about this in the past and I've been give the usual sh..e. The week-end, bank holidays etc. But they can take it OUT of my account when its a week-end/bank holiday. they are just a bunch of scammers and BOI are not much better - wouldn't increase overdraft and I've been with them for years. First chance I get I'm switching to an English run Bank and they can go f*** themselves.

Tinyh:mad:

You should smile more:)

The 25th was a saturday, payments are only processed on business days (therefore the salary payment is only being processed in today's batch). This works both ways (payments presented to your account are held until the next business day). Is your account with AIB? If so, then it will appear in your account the moment it leaves your employer's account, if not, it will be sent to your bank for processing (should take them no more than 1 day to process).

It doesn't matter what country the headquarters of a bank is in, this is standard processing across the globe. But if wish to leave your bank and join Ulster Bank (the main "English run bank" in Ireland that I can think of) because you believe their processing systems are more efficient and reliable, then you are free to do so (but you will probably be the only person in Ireland to have had this thought in the past year:))

Tinyh

Thanks for this but its paid through direct debit!:(

Tinyh

You're right - I should smile more and I would if I wasn't so hungry and dodging the landlord and a whole load of other creditors. Call me stupid but if a direct debit is to go out on the 25th or whatever shouldn't the banks allow for this and process them on a Friday if the 25th is a Saturday? It's not rocket science and the thing is according to my employer's bank statements, the funds do leave his account on the 25th so where are they in the meantime.

Going to bed & good night.

BuffyBot

You could just as easily pose the question "shouldn't the employer send it earlier so that arrives in time when the payment date lands at the weekend". Certainly some of the companies I've worked for did.

Nervous Wreck

BuffyBot wrote: »

You could just as easily pose the question "shouldn't the employer send it earlier so that arrives in time when the payment date lands at the weekend". Certainly some of the companies I've worked for did.

My employer does this. I get paid on the 28th each month, rain or shine.

Tinyh

Exactly!

But I think its up to the bank to make provision for this not the employer.

Nervous Wreck

Tinyh wrote: »

Exactly!

But I think its up to the bank to make provision for this not the employer.

Why on earth would it be up to the bank to make sure your employer pays you on time?

roro2

Tinyh wrote: »

Thanks for this but its paid through direct debit!:(

And it's not a direct debit either.

mathepac

GerardKeating wrote: »

Check digits are not perfect. If you get a digit wrong in the account number, there is a 10% chance the check digit is still good. So you end with a valid but non-existing number.

The originating bank cannot know this. It then dissappears into a big black hole of a suspense account untill someone bothers to investigate which might only happen when someone complains.

The originating bank should know this. All the data and the technology to access it in real-time in order to validate check digits and eliminate / highlight non-existent accounts for customer transactions are available. I can even validate IBAN data with a simple internet app.

If what you say is true then the banks are guilty of finding yet another way to hold on to customers' money without just cause.

When I designed and implemented EDI/EFT systems in the late 70's / early 80's, banks were falling over themselves to provide validation data to customers so that when financial transaction data arrived in the bank it was just about guaranteed to work first time, every time. We seem to have gone backwards since then.

Tinyh

Thanks for this Mathepac and to be fair to the bank employees, they are not getting the huge salaries the executives are and like many of us there is just no incentive.

Tinyh

Nervous Wreck wrote: »

Why on earth would it be up to the bank to make sure your employer pays you on time?

Because my employer PAYS for it to be on time. Every time funds are transferred to my account my employer PAYS for it - they are not doing anyone any favours.

This was a simple question and many have given helpful (if not answers) but reasons why it doesn't always go right.

I hope I've answered your question! And please, don't go to any more trouble replying.

Have a nice day.

nlgbbbblth

If the employer pays his workers by individual standing order then delays will occur. Reason - standing orders that fall due on a Saturday or Sunday will not be debited from his account until Monday. This is outside their control unless they manually notify their bank to "amend next payment date".

However if the employer pays people via a payroll file / electronic bulk payment [with all his employees details on it] via internet banking then he can make provision for weekends and bank holidays by submitting the file a day or two earlier. That's probably why Nervous Wreck always has his pay by the 28th of each month.

Jim2007

mathepac wrote: »

The originating bank should know this. All the data and the technology to access it in real-time in order to validate check digits and eliminate / highlight non-existent accounts for customer transactions are available. I can even validate IBAN data with a simple internet app.

There is no way for a bank to validate account numbers or IBANs other than their own with any degree of certainty. It is possible to check the the country element and BIC but that is all. In fact many Swiss banks mask the account numbers inside an IBAN to ensure bank secrecy. And yes I've been working in this for a while now!

3DataModem

mathepac wrote: »

All bank account numbers have check digits. If a from acct. no. or a to acct. no. is incorrect it will be flagged immediately someone tries to enter it into a bank's transaction processing system, which should trigger them to contact the initiator for correct information.

No bank account numbers have check digits, only IBANs.

Tinyh

Thanks for this - we are a small operation and I guess he hasn't done this - it was in today and I have food - thanks for your response.

Tinyh

Thanks Jim 2007 - when I win the Euromillions I won't have to worry.

Thanks.

Mikehaw

user1842 wrote: »

The money has to be in your account on D+1 so last Friday at the latest. This is a EU directive PSD

Not necessarily true. PSD or SEPA is not compulsory until feb 2014. Up to this point not all eur to eur payments fall under SEPA unless they meet the criteria(IBAN and SWIFT on both beneficiary and payee accounts, transaction charges not specified among a few of the criteria)

If the payment is not a SEPA one then the bank decides the settlement times

Nervous Wreck

Tinyh wrote: »

Because my employer PAYS for it to be on time. Every time funds are transferred to my account my employer PAYS for it - they are not doing anyone any favours.

This was a simple question and many have given helpful (if not answers) but reasons why it doesn't always go right.

I hope I've answered your question! And please, don't go to any more trouble replying.

Have a nice day.

It's up to your employer to pay you on time, not his bank. If he wants to ensure you're paid on time, he has to pay you on time and take weekends/bank holidays into account. The bank isn't gonna babysit your employer.

Tinyh

He's not asking that they do - he's paying them to deliver but they are not and don't reply - I thought this was an adult forum not under 12's

Tinyh

You live up to you@re name - you sure are nervous and please don't don't bother to contribute anything further to this tread because you have nothing to contribute - you're just being silly now.

Nervous Wreck

I'm being silly in saying that blaming the bank for your employer not getting your wages to you on time is silly? You don't even seem to understand the basic functions of the payment (referring to it as a direct debit being a clear indication of that).

BuffyBot

Tinyh wrote: »

You live up to you@re name - you sure are nervous and please don't don't bother to contribute anything further to this tread because you have nothing to contribute - you're just being silly now.

Keep it civil, or don't contribute. If you have a problem with a post, use the report function.

Tinyh

I'm with you buffybot on this do you understand what is being said cos I don't. Not going to bother replying to this one. I was under the impression this was a forum to thrash things out and that adults were involved. I think someone under the age of 10 is at work here.

Thanks for your input.

Cushie Butterfield

There's absolutely no point into taking your frustration out on anyone except your employer. The only way your problem can be resolved is to get your employer or whoever does the payroll to contact their bank & ask for instructions on how to make sure your money reaches your account on time.

Take this advice or leave it - the choice is yours.