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Is there any logical reason why digital payments are delayed due to a bank holiday?

  • 05-08-2019 12:41pm
    #1
    Jerichoholic
    Closed Accounts Posts: 5,585 ✭✭✭


    I've sent money to an account through online banking and it's stuck in limbo for 5 days now due to the bank holiday. It's just numbers on a computer. Seems archaic.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    Jerichoholic wrote: »
    I've sent money to an account through online banking and it's stuck in limbo for 5 days now due to the bank holiday. It's just numbers on a computer. Seems archaic.

    It is not just number on a computer... there are various checks and balances involved in the system and if you transaction set off one of those flags then it becomes a manual process and the transaction will need to be reviewed and approved by someone - who is probably off enjoying the long weekend.


  • #3
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    I have always imaginged it goes out for the intervening time (24-72hrs) as a super short term loan on a crazy interest rate making someone a lot of money...


  • #4
    Jerichoholic
    Closed Accounts Posts: 5,585 ✭✭✭Jerichoholic


    Mr.S wrote: »
    Surely all that can be automated in this day and age?

    No it's still 1972 apparently.

    There's a Visa direct option now in some places which is instant which makes the point Jim is making a little redundant.

    6 days now, absolute nonsense.


  • #5
    Jerichoholic
    Closed Accounts Posts: 5,585 ✭✭✭Jerichoholic


    cookie1977 wrote: »
    I have always imaginged it goes out for the intervening time (24-72hrs) as a super short term loan on a crazy interest rate making someone a lot of money...

    That's what I presume the reason is.


  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    cookie1977 wrote: »
    I have always imaginged it goes out for the intervening time (24-72hrs) as a super short term loan on a crazy interest rate making someone a lot of money...

    Well you imagined wrong, that kind of process was outlawed a very long time ago.


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  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    Mr.S wrote: »
    Surely all that can be automated in this day and age?

    The point is that has failed all the automated checks or alternatively it has been randomly selected for a manual check.


  • #8
    Jerichoholic
    Closed Accounts Posts: 5,585 ✭✭✭Jerichoholic


    How could it fail though? I've done it many, many times before and just wondering why it takes so long. 6 damn days so far now.


  • #9
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    Jim2007 wrote: »
    Well you imagined wrong, that kind of process was outlawed a very long time ago.
    And we all know how outlawing things works really well...


  • #10
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    cookie1977 wrote: »
    And we all know how outlawing things works really well...

    Right and you would because.... oh ya you don't know!


  • #11
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    Jerichoholic wrote: »
    How could it fail though? I've done it many, many times before and just wondering why it takes so long. 6 damn days so far now.

    There are many reason why it could fail and I am restricted to generic answers:

    - Doing something multiple times could raise a flag (a classic way of trying to avoid the money laundering rules)
    - Someone with a similar name may have done something and that is causing the flag
    - It could have been a random check
    - There may be an issue with the target account rather than on your side
    - It could be a system malfunction, I remember on one occasion where an entire block of accounts got blocked because a system upgrade cause the number to drop a single digit.

    If it is still stuck at this stage I'd suggest you contact them.


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  • #12
    Necronomicon
    Registered Users, Registered Users 2 Posts: 11,589 ✭✭✭✭Necronomicon


    Got stung by this recently, my credit card bill due date fell on a Saturday of a bank holiday weekend. Paid on the due date, but payment didn't register until the Tuesday so I was fined. Thankfully AIB refunded me when I rang, because I wasn't sure what was going on at first.


  • #13
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    Necronomicon wrote: »
    Got stung by this recently, my credit card bill due date fell on a Saturday of a bank holiday weekend. Paid on the due date, but payment didn't register until the Tuesday so I was fined. Thankfully AIB refunded me when I rang, because I wasn't sure what was going on at first.

    If you look at the T&C, you'll find the min period accepted for a transaction somewhere in it. If you pay the due date you are most likely late, so it is at the banks discretion if they decide to refund you the fees. You'll probably get a way with it a few times before they start saying no.

    I know of one lady who has her debit card and ATM card cancelled because she does not seem to think that things like zeros are not terribly important, it seems the system should adapt to her, not the other way around!


  • #14
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    Jim2007 wrote: »
    If you look at the T&C, you'll find the min period accepted for a transaction somewhere in it. If you pay the due date you are most likely late, so it is at the banks discretion if they decide to refund you the fees. You'll probably get a way with it a few times before they start saying no.

    I know of one lady who has her debit card and ATM card cancelled because she does not seem to think that things like zeros are not terribly important, it seems the system should adapt to her, not the other way around!
    Well yes actually. Hence the reason Universal design and UX exists.


  • #15
    ED E
    Registered Users, Registered Users 2 Posts: 36,169 ✭✭✭✭ED E


    Mr.S wrote: »
    Surely all that can be automated in this day and age?

    The problem is when our banks automated first they decided to emulate the paper process rather than perform transactions like a normal database would. Theres a good post describing it somewhere on boards.



    There are 8 clearing windows per day, most(all?) banks use 1. Those with a bit of cop like Monzo/N26 use all 8. That means the time to the next clearing is vastly reduced.


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