martinlittle.com

Sunday May 15 2005 at 21:55 GMT

Finally, someone has taken banks to task over the practice of taking up to a working week to transfer money between accounts, even if accounts are held with the same bank. The Sunday Times reports that banks will voluntarily speed up the transfer process, and if they don't do it voluntarily, legislation will be passed to make them do so.

It has been a ludicrous practice for years, with banks making millions from lending the money in the period between debit from the outgoing account and credit at the incoming account. Well done to the Office of Fair Trading.

In a separate financial issue, I currently have no money. Whilst trying to transfer some money into my current account, I messed up the special code and ... my account is locked. I've got to wait for a hard-copy LETTER to arrive before I can do *anything*. Time to change banks, I think.

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I sooo agree with you!! When first arriving here I was so incredibly frustrated with the banks here, I couldn�t get an account because my info wasn�t good enough, then I had to bring a letter of reccommendation which they then duly dismissed. In the end I tried another bank which accepted me on the basis of my passport and student card. I wouldn�t have gotten through all this if it hadn�t benn for my icelandic bank, immediate transfers, getting temporary increased allowance by sending an e-mail, in short actually being helpful!! Sorry, didn�t mean to rant but the banks here are a raw nerve with me.... And why does one have to pay loads just to transfer money between bankaccounts in different banks, it�s a click for #$% sakes... oke done now :-D

Gunnella ;-) | Monday May 16 at 16:58 GMT | Web| Comment permalink

yeah I still haven't got a bank account here. First bank I went to wanted 3 months statements from my previous bank in NZ, which I now have, but I moved into a flat and that bank isn't that nearby so I went to a different bank(the closest), who I had an account with in the late 90's when I was last living in the UK. They had my old account info on their system still but they couldn't open an account without more proof of address. At this stage I'm waiting for my council tax book to arrive with my name and address on it as they wouldn't accept my opening bills from BT and Scottish Power. argh, I should never have closed the old account off. The manager was very nice about it though.

drift | Tuesday May 24 at 16:44 GMT | Web| Comment permalink

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