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BOI Delay in transferring money from BOI Current A/C to BOI Credit Card

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  • 26-07-2018 5:50pm
    #1
    festerhavok
    Registered Users Posts: 13 ✭


    Hi BOI,

    Can you tell us why it takes 24 hours or more (if you lodge after 2pm?) for money transferred from a BOI current account to a BOI credit card.

    Thanks!


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    #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    festerhavok wrote: »
    Hi BOI,

    Can you tell us why it takes 24 hours or more (if you lodge after 2pm?) for money transferred from a BOI current account to a BOI credit card.

    Thanks!

    Hi there,
    Thanks for getting in touch with us here.
    This time frame is in place because when you lodge money to a credit card it goes into a holding account and the amount is then updated on your credit card.
    Thanks again.
    Darren.


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    #3
    festerhavok
    Registered Users Posts: 13 ✭festerhavok


    Bank of Ireland: Darren wrote: »
    This time frame is in place because when you lodge money to a credit card it goes into a holding account and the amount is then updated on your credit card. .

    Thanks Darren. Can you please explain why it goes into a holding account and not dir3ctly onto the card? does the bank get interest on my money while it's being held in this holding account?

    Thank you


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    #4
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    festerhavok wrote: »
    Bank of Ireland: Darren wrote: »
    This time frame is in place because when you lodge money to a credit card it goes into a holding account and the amount is then updated on your credit card. .

    Thanks Darren. Can you please explain why it goes into a holding account and not dir3ctly onto the card? does the bank get interest on my money while it's being held in this holding account?

    Thank you

    I can confirm that no interest would be earned on this amount in the time frame from the payment going into the holding account to when it is credits your credit card balance.

    Thanks again,
    Darren.


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    #5
    festerhavok
    Registered Users Posts: 13 ✭festerhavok


    Thank you again Darren for the clarification on the Interest part.

    Both accounts are with BOI and are somewhat segregated internally. Shouldnt this be instant? Can you please explain why it needs to go into a holding account? 

    Thanks!


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    #6
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Hi festerhavok for coming back to us.

    As the credit card is a bill, it works differently to a current account transfer.

    When you're paying your credit card bill, the funds will first be paid into the holding account for all bill payments. Then the payment is attached to the credit card by the reference included in the payee transfer.

    Many Thanks
    Alison


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