Bank Draft

[gspizza]

Why in this day and age should it take 5-7days for a bank draft to clear!

WTF is going on in the main Banks, dont they trust each other?

In this electronic age, what happens to my cash when the draft; just paid for in cash, crawls 5-7 days and nights through the system to clear

Now any large amounts over 5K have to be booked 24 hours in advance.


This is Ireland not Iceland or will it be $ooooon!



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[carsqhere]

I'm in IT and I've worked on systems within banks. One of the reasons it takes so long is that the systems quite often don't talk to eachother. Sometimes this is by design, other times it's because systems were put in place maybe 10 or 15 or even 20 years ago, and it's impossible to do anything with them. Another reason is that there are no standards, or sometimes more than one standard, by which things are done. I've seen cases where branches of the same bank can't talk to eachother electronically becuase two different systems were in place for the same function in different branches. Generally the situation is improving, but it'll take a generation for the archaic stuff to filter out. And that's just the IT which is always bottom of the heap. There could be procedural or political reasons which would sod things up even if the IT was perfect.

 

[(RIP) Bin Ridin]

What happens is your money goes on deposit somewhere to earn interest for the bank. Simples.

 

[Damien]

You have hit the nail on the head Bin!

 

[luke scott]

What happens is your money goes on deposit somewhere to earn interest for the bank. Simples.

Bang on. I transfered money from my aib account to my daughters aib account............. Next day the money was still not in her account but was gone from mine . I called my daughters branch who said it would take three days . I pointed out that it was gone from mine so she suddenly credited it to the daughters account. Bastards.

 

[Ogmios]

Mrs.Og Here

Its just another way for the banks to make more money. Its left one account hasn't been credited to another and they get to earn money on it and charge you for doing it. Used to be the bane of my life when I was a treasurer of a Credit Union having to explain it to people