Bank Transfers


J

Judith

A friend has had terrible problems with the Post Office Savings - into which
he has his pension paid. He has not been able to access the account with his
pension for 9 weeks.

He set up a nominated account (Barclays) in to which to transfer the money out
of the PO - just so that he could start living again.

Having set up the nominated account: his PO account had to be "frozen" for a
full week : "security".

Having waited the full week we phoned to arranged the transfer to Barclays - I
asked when would the transfer be complete. I was told 1700 on the next working
day. I asked why it took so long - how was the money transferred - I was told
BACS. I queried that and said I thought not - was a Faster Payment electronic
transfer used. I was told no!!! I asked to speak to a supervisor - there was
no-one available: but I could write in!!!

I advised my friend to try the account this morning - an lo and behold the
money was there.

Why on earth the PO could not have said it may take up to 1700 tomorrow - but
we suggest that you give it an hour and try it then.

Post Office Savings: the worst financial institution I have *ever* dealt with.

(The account holder has written a letter to their Customer Complaints
department authorising me to make an official complaint on his behalf (with no
access to the financial details of the account). I phoned up yesterday - a
week after the letter was sent - they have not received it in the complaints
department yet !!)

(As a matter of interest - does anyone know the quickest and the slowest
estimates for times of transfers between different banks - assuming the system
is working OK?)
 
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C

Chris Blunt

(As a matter of interest - does anyone know the quickest and the slowest
estimates for times of transfers between different banks - assuming the system
is working OK?)
I know this may not be entirely relevant to the question, but this is
Usenet, so who cares about relevance :)

I live in the Philippines and I have accounts with HSBC both here and
in the UK. If I want to transfer money to myself here I use their
online "Global Transfers" service. I log into my internet banking
service and the money is instantaneously credited to my account here
in Manila.

I know this is the same banking group, but technically they are not
exactly the same bank. I still find it very impressive that money can
be sent across the world between my accounts that fast.

Chris
 
C

cryptogram

A friend has had terrible problems with the Post Office Savings - into which

he has his pension paid. He has not been able to access the account withhis

pension for 9 weeks.



He set up a nominated account (Barclays) in to which to transfer the money out

of the PO - just so that he could start living again.



Having set up the nominated account: his PO account had to be "frozen" for a

full week : "security".



Having waited the full week we phoned to arranged the transfer to Barclays - I

asked when would the transfer be complete. I was told 1700 on the next working

day. I asked why it took so long - how was the money transferred - I wastold

BACS. I queried that and said I thought not - was a Faster Payment electronic

transfer used. I was told no!!! I asked to speak to a supervisor - there was

no-one available: but I could write in!!!



I advised my friend to try the account this morning - an lo and behold the

money was there.



Why on earth the PO could not have said it may take up to 1700 tomorrow -but

we suggest that you give it an hour and try it then.



Post Office Savings: the worst financial institution I have *ever* dealt with.



(The account holder has written a letter to their Customer Complaints

department authorising me to make an official complaint on his behalf (with no

access to the financial details of the account). I phoned up yesterday - a

week after the letter was sent - they have not received it in the complaints

department yet !!)



(As a matter of interest - does anyone know the quickest and the slowest

estimates for times of transfers between different banks - assuming the system

is working OK?)
Chris, are you saying that you can make an international bank transfer for nothing? It costs me £10, but am I being ripped off?
 
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C

Chris Blunt

Chris, are you saying that you can make an international bank transfer for nothing? It costs me £10, but am I being ripped off?
For HSBC account holders who have "Premier" status its free of charge
to move money between their other HSBC accounts anywhere in the world.

It was the fact that the transfers take place instantaneously between
accounts that impressed me.

I think they make a charge for non-Premier account holders.

Chris
 

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