What happens to the interest when moving money?

[mick]

I recently moved money from a B&B online account to an Icesave
account, via my current account.It took three days to move to the
current account, and another three to move to my new account.What
happens to the interest when money is being moved? When the money is
being transferred, does the bank transferring it have three days
interest free? Does anyone know please.

 

[John Boyle]

I recently moved money from a B&B online account to an Icesave
account, via my current account.It took three days to move to the
current account, and another three to move to my new account.What
happens to the interest when money is being moved? When the money is
being transferred, does the bank transferring it have three days
interest free?

The dosh is in the BACS system and they get the dosh. Banks own BACS. In
effect the use of the interest pays for the system.

Does anyone know please.

yes.

 

[RobertL]

The dosh is in the BACS system and they get the dosh. Banks own BACS. In
effect the use of the interest pays for the system.> Does anyone know please.

When I lived in Norway 20 years ago the banks had a very nice little
earner. if you wrote a cheque they would retrospectively debit the
money on the date written on the cheque (not the date it was
presented) and they would keep the interest from then until the date
it cleared.

Robert

 

[Alex]

At 11:00:58 on 10/07/2007, RobertL delighted uk.finance by announcing:

When I lived in Norway 20 years ago the banks had a very nice little
earner. if you wrote a cheque they would retrospectively debit the
money on the date written on the cheque (not the date it was
presented) and they would keep the interest from then until the date
it cleared.

What did they do with post-dated cheques?

 

[RobertL]

At 11:00:58 on 10/07/2007, RobertL delighted uk.finance by announcing:







What did they do with post-dated cheques?- Hide quoted text -

I imagine they would reject them if your presented them before the
date. the certainly didn't credit them before debiting them.

People writing a cheque would often ask when you planned to present
it. then they'd put that date on it - so cheques were very often post
dated.

R

 

[RobertL]

I imagine they would reject them if your presented them before the
date. the certainly didn't credit them before debiting them.

People writing a cheque would often ask when you planned to present
it. then they'd put that date on it - so cheques were very often post
dated.

Incidentally, even back then in the 1980s, bank cards had your
photograph on them.

Robert