Bankers (again)

So much to do, so little time to do it in.

The countdown to srs seems to be speeding up, with loads of minor tribulations sent to try us on the way.

Since I am doing this whole thing privately, I need to ensure that the funding is in place in good time. In the case of the clinic I am going to, that means they want their cheques for the entire procedure some six weeks prior. Which is next Tuesday!

My bad. I still maintain bank accounts in my old name: an inevitability, really, cause my mortgage is on one of those off-set facilities and therefore I can’t re-engineer THOSE bank accounts without re-mortgaging my house.

Since I am likely to be moving soon, it strikes me as totally daft to pay out a couple of hundred pounds to the bank to effect a name change that will be done anyway in the next couple of months.

Still, it does mean that along with odd bit and bobs that no doubt exist in various systems in my old name and which I either can’t find or can’t remember, I have one bank account still also in my old. And cause of the off-set thingy, that’s where the bulk of the cash sits.. .

But.. . there is no way I am going to pay for my srs in my old name! So on Thursday I set off to shift money from old account to new. The best part of £11,000!!! Ouch!

I really hadn’t thought this thru. When would you expect the money to be cleared by?

At the back of my mind, I think I’d expected something like next Wednesday, as I was thinking “three working days”.

But not a bit of it. The ladies behind the counter hummed and hawed. Next Friday? Oh, no, because of the bank holiday. Then they produced a leaflet and.. .

A WEEK on Tuesday!

Huh? In 2011, 11 years into the 21st century, it will take 12 days for money to go from one bank account to another?

Yep. Cause I paid in late on Thursday, that counts as Friday. Then Monday is bank holiday, so THAT doesn’t count (apparently the computers also take the day off). The cheque “sort of “ clears for payment purposes on “T + 4” (which their note helpfully explains is four working days after transaction date).

However, it isn’t “fully cleared” until “T + 6”. Which is, as above: a week on Tuesday.

OK. Cheques in the post today to brighton, along with a hastily scribbled note of apology and a plea: don’t try cashing these for a few days, or else.

But honestly! Would you credit it?



3 Responses so far »

  1. 1

    Stace said,

    Can you not do an on-line transfer? I know that in Holland it used to take 3 days to get money from bank to another, but these days it’s instant / start of the next business day.

    To the point of the last time I got a new car I called the garage to check the funds had arrived and got an answer of, ‘Yes, at 10pm last night’


  2. 2

    spirifer said,

    Why on earth do they want the money six weeks in advance?

  3. 3

    Circadian said,

    I believe there are such things as bank transfers (I can’t remember the exact name of the thing as not feeling great, and my mind is at sixes and sevens). It costs money to use (in the order of tens of pounds) but gets money from one place to another quickly and guaranteed. It’s the thing solicitors usually use for house transfers.
    Also, this “money-in-limbo” lark is a nice little earner for the banks. During that period between when it leaves your account and *finally* arrives at the account of the recipient, guess whose hands it is in? And you can guarantee that the banks are busy making a profit on that amount while they are busy sitting on it. It may not sound much (three or four days on usually individually small amounts), but as this is happening every day for thousands (more like hundreds of thousands) of transactions, that “small amount” adds up to a nice bit of banker bonus.
    So in this technological age where everything happens so fast (the speed of electronics), all it means is that the banks get that extra bit longer time with your money to enjoy for their purposes.

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