Banks not lodging money around Christmas time

Jim2007

Ush1 wrote: »

banks using the money while in transit.

This was outlawed a long time ago....

368100

It depends if it's SEPA clearing days or not....money usually only transferred between banks on these days.
In this day and age though it's antiquated. Technology is there a good while to make it instant

Jinglejangle69

So a mortgage debit comes out automatically on the 27th but wages don’t go into an account until the 30th to cover the payment??

How is that logical, BOI happy to take a direct debit no matter what.

Rang BOI and was told yeah that’s just the way it is.

Amateur hour.

Skid X

Any payroll operator who doesn't pay wages early in December to take account of bank delays isn't looking after their employees.


The banks are woeful but they do warn customers for weeks in advance of the Christmas downtimes.


The wages operators need to react to this.

Jim2007

Jinglejangle69 wrote: »

So a mortgage debit comes out automatically on the 27th but wages don’t go into an account until the 30th to cover the payment??

How is that logical, BOI happy to take a direct debit no matter what.

Rang BOI and was told yeah that’s just the way it is.

Amateur hour.

Yes you are. A mortgage debit is internal and can be processed at the banks discretion. A transfer is not and usually involves an other bank or branch which is subject to SEPA rules on top of everything else.

Del2005

Jim2007 wrote: »

Yes you are. A mortgage debit is internal and can be processed at the banks discretion. A transfer is not and usually involves an other bank or branch which is subject to SEPA rules on top of everything else.

So how come I can top up my Revoult card instantly and any money I spend on my debit card is gone as soon as I tap. Yet it takes over 12 hours to transfer the same money if I use SEPA in the afternoon.

lawred2

Salary paid on the 20th.. as happens every year. Sounds like your employer is a dope

lawred2

Del2005 wrote: »

So how come I can top up my Revoult card instantly and any money I spend on my debit card is gone as soon as I tap. Yet it takes over 12 hours to transfer the same money if I use SEPA in the afternoon.

Those are all card transactions though and only place reservations on funds in your account. The actual collection process only happens on working banking days same as transfers.

Del2005

lawred2 wrote: »

Those are all card transactions though and only place reservations on funds in your account. The actual collection process only happens on working banking days same as transfers.

I sent my Sister €20 by SEPA yesterday and she won't have it till tomorrow or Friday. If I'd sent it by Revoult where I'd have to add credit to my card to send it to her card she'd have already spend the money which according to your post isn't available for her to spend.


So if I'd sent the money by Revoult she could have spent the money yesterday which won't be in her account till Thursday! How can she spend the money if it hasn't been transferred till several days afterwards?

lawred2

Del2005 wrote: »

I sent my Sister €20 by SEPA yesterday and she won't have it till tomorrow or Friday. If I'd sent it by Revoult where I'd have to add credit to my card to send it to her card she'd have already spend the money which according to your post isn't available for her to spend.


So if I'd sent the money by Revoult she could have spent the money yesterday which won't be in her account till Thursday! How can she spend the money if it hasn't been transferred till several days afterwards?

If you sent money to someone within the same bank, they'd have it instantly too.

SEPA is an inter bank transfer system

Marcusm

Del2005 wrote: »

I sent my Sister €20 by SEPA yesterday and she won't have it till tomorrow or Friday. If I'd sent it by Revoult where I'd have to add credit to my card to send it to her card she'd have already spend the money which according to your post isn't available for her to spend.


So if I'd sent the money by Revoult she could have spent the money yesterday which won't be in her account till Thursday! How can she spend the money if it hasn't been transferred till several days afterwards?

Card rails are set up to confirm card transactions 24/7 365 but the money has not moved - it has simply confirmed that the transaction is valid. Revolut is essentially advancing funds based on the confirmation of future payment (just as a retailer lets you walk out with goods against a promise from the card issuer not receipt if funds). Bank transfers are not the same; they are an instruction to transfer and most receiving banks will not permit the funds to be used until they have cleared.