Are High Street Banks...............

Discussion in 'The Intelligence Cell' started by Bowser-Mong, Jan 25, 2007.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. Are banks thieving bureacratic organisations or do they really care? The reason I ask is that I have had a sum of money transferred from an internet account to my high strret bank account and have been told by my bank that this takes upto 4 working days to clear. I tried explaining that the transfer was cash and not a cheque waiting to be cleared but was given the same fob off.
     
  2. In my experience this time delay is the norm, unless you are tranferring internally, or you pay for same day CHAPS (?) payment. Shocking isn't it?
     
  3. That's four days of lending it to other people with interest.

    It's the same with cheques, paypal etc.

    What takes a millisecond electronically still slows down to a crawl if here is money to be made from it so doing.

    So in answer to your question - yes, they are a bunch of theiving, lying, conniving . . . bankers.
     
  4. Right first time, banks are cynical exploitative commercial organisations. I know I have worked within them. They do not give a flying fudge about you, your money or your personal data. They do however care about one thing, Profit. Transaction clearing is away of maintaining funds on deposit elsewhere to receive interest on and being banks they get more interest than you do.

    Another tip, ask your credit card provider to explain how they vary your interest rates throughout the month.
     
  5. If my memory serves me, all the Germany money in the Good Old Days was transferred to Commerzbank in the midddle of the month and squirted into peoples accounts at the end of the month. In effect, Commerzbank had a lot of UK taxpayers money in its coffers for six months of the year.
     
  6. You really had to ask??

    The only time you get your cash asap is when they are lending it to you and making a profit. Moving your own money around, or (shudders) actually taking it away from them will be made a ball-ache so that someone in a hurry will pay an 'admin' fee.
     
  7. It must have been the good old days, since this has been illegal in Germany since 1993. German banks transferring cash or cheques MUST credit the funds to the corresponding account in 24 hours max.

    MsG
     
  8. It's criminal. The only time it seems to happen on the same day is if the cash is transferred between two accounts with the same bank.

    The Office of Fair Trading said it would crack down on this in 2005 but nothing yet. It earns the banks at least £20 million a year, apparently. Brussels is also talking about imposing a system on us if we don't improve ourselves but the technology wont be up and running until 2010.
     
  9. Bugsy mid-70's. However my understanding was that they were acting on behalf of HMG as the repository for the initial transfer of money to Germany from UK. They would then transfer it to individual accounts (mine was with Stadtsparkasses). I certainly remember all Public Funds Accounts being with said rogues.
     
  10. And they charge you for the CHAPS payment too! Well Lloyds TSB did with me anyway in the summer, £20 too transfer my own money between separate accounts!
     
  11. The technology is available now! The problem is that the UK gobment won't pass the relevant laws for fear of losing all the bungs they regularly trouser. The Kraut gobment, on the other hand, won't stand for it. There's also a law in Germany mandating that direct debits can be called back within six weeks of being debited. The banks have no discretion in this, and you don't have to give a reason. Try that in the UK!

    MsG