Switching bank accounts

[SueEllen]

It's Saturday morning & I would like to transfer some money from my Cater Allen business account to my private account & from past experience it won't arrive until next Wednesday. It could be worse it could be Friday evening & I would have to wait nearly five days.

It should actually arrive on Tuesday which indicates part of the delay is due to who your personal bank account is. The regulations state it should arrive the next business day.

This means you need to move BOTH your business bank account and personal account to different banks.

There is no point changing to HSBC or whoever for your business banking if your personal bank delays receiving incoming FP payments. As if you make a FP on a Tuesday evening from your business account it won't land in your personal account until Wednesday morning.

BTW I had that before when I was with HSBC - one of my personal accounts took an extra day to receive the payments due to the incoming bank's cr*p system.

[nigelbb]

It should actually arrive on Tuesday which indicates part of the delay is due to who your personal bank account is. The regulations state it should arrive the next business day.

It actually arrives after close of business on the next business day. So in my example a transfer made on Friday evening will take until Tuesday evening to arrive which is four whole days. What business days have to do with anything when it's all done electronically now I can't imagine other than the bank holding onto your money as an interest free loan for an extra couple of days.

[SueEllen]

It actually arrives after close of business on the next business day. So in my example a transfer made on Friday evening will take until Tuesday evening to arrive which is four whole days. What business days have to do with anything when it's all done electronically now I can't imagine other than the bank holding onto your money as an interest free loan for an extra couple of days.

I bank with Cater Allen and the money arrives in the middle of the day. This is with all 3 of the banks I have personal accounts with. I actually phoned CA up to ask them as I thought it arrived in the morning, and they stated the funds should arrive in the middle of the day.

So if you have an issue with the money arriving later the fault isn't Cater Allen's but your personal bank's.

CA don't have their own payment processing services they use RBS's. (Hence the RBS sort code.)This means they bulk transfer payments which is why there is a delay. The other financial institutions who do this are the smaller building societies who offer current accounts. There is an advantage to this as if there is a suspect transaction you or they can stop it, and as CA is targeted at high net-worth individuals it's in their interest to have some delay.

[BigRed]

Jesus wept. How on earth do some of you run your companies!?

From an iphone app of course