I have my current account and credit card account set up on 365online.com. I've been using it for 6 months and I've noticed its incredibly slow at updating credit card transactions and transferring money from my current account to credit card account. This makes it a pain in the ass to keep tabs on how much credit I've left etc. The credit available figure is about as reliable as an alcoholic barman.
For instance, I bought some flights on ryanair.com 10 days ago, some phone credit on vodafone.ie 6 days ago and only today did the transactions appear, with money deducted. I lodged e400 to my credit card account on monday, which was instantly deducted from my current account but it still hasnt transferred to my credit card. According to 365online I've only e40 credit available when I should have about e600, which resulted in my card being declined today due to lack of available credit.
Normally, how long should it take for funds to be transferred from a current account to credit card account on 365online? It ranges from 3-7 days for me, which is a bit ridiculous considering the age we live in and all that jazz.
It takes 1 working day for me.
1-3 days at most I would imagine.
Hours at the very least.
Incidentally, I'm waiting longer than a day for money to transfer into my CC account, money that was asked to be transferred and deducted from someone elses current account yesterday.
I lodged a cheque in there yesterday and it had gone through by the time I checked this morning. Now my knowledge of the ins and outs of a bank are non-existant but I would have thought it would take longer to process a cheque and debit an account accordingly than it would to transfer a few euro from A to B.
Banks do this on purpose. They claim it takes time to transfer, and for most people that isn't a problem, but when they get all their payments out of people's current accounts, they lodge that money into another bank's account for a couple of days, earn a load of interest for themselves, then actually update your credit card's balance.
Least that's what my Business Studies teacher told me.
re the cheque, let me try explain what happens.
suppose ur bank balnce is 100 and u lodge a cheque for 77 from me, the new balance shows up as 177. however, the 177 is not the available balance right then, the available balance is still 100 and will be so until the cheque clears through the clearing system. in other words they wait until the money is taken out of my account befire they give u "value" for the 77.
afaik: This clearing usually takes 2 days .
the time delay is not all down to BOI, some is due to RYANAIR/VODAFONE
Clearing can and usually takes 5 days.
There's a little bit of misinformation in this thread.
Firstly, re: cheques and the clearing cycle. When you lodge a cheque your a/c balance will reflect the lodgement straight away. There is a different and in some cases more important figure that affects you though and that is your cleared funds amount. If you have a balance of 1,000 and you lodge a chq for 350 then your balance becomes 1,350 but your cleared funds remainds 1,000 as the chq is not cleared yet. Chqs drawn and lodged in the same bank take from 24 hours to 3 days to clear, chqs lodged and drawn on two different Irish banks take 5 days to clear. The clearing cycle for foreign chqs is much more complicated and varies according to value, day of the week recieved and a multitude of other factors. Most banks will offer their decent customers with good accounts value for uncleared items immeadiately. In effect what they are doing is giving the customer a loan for the value of the item until it clears, however this is all transparent to the customer.
Secondly, when you lodge money into a credit card account the money does not go directly into your account. You'll notice it goes into a 999 account (see CC giros, the payment info on 365online, in-branch CC payment slips). Your chq / cash is lodged into an office (999) a/c held with Credit Card Services. CCS then trawl this account daily and updated the relevant card balances. Customers are usually advised that any lodgement to a credit card will take 3 working days. The majority of the time this is really only one working day however on days when there are lots of CC payments it may take a day or two to clear the backlog.
Finally, items not appearing on your CC statement immeadiately is more often than not the retailers fault. A lot of retailers do not post CC Txs immeadiately, instead doing it every 2 days or when they have a set amount of CC Txs in terms of value or actual figures. So although you bought flights on say, Monday, Ryanair may wait until Wednesday, Thursday or even later before they present this authorisation to the bank. However, to protect customers from going overdrawn or over their credit limit banks decrease your available funds by the authorisation amount as soon as the retailer swipes your card (which is really just checking the funds are available, not actually debiting them).
I've just made the fifth phonecall to Banking 365 about the same thing.
All was well until I tried to make my current A/C a joint A/C. Then everything went wrong.
First, I couldn't log in to 365online. This, apparently, was due to my old userid remaining attached to the online account (or something equally retarded).
Then, upon logging in, I found that none of my beneficiaries had been transferred across from my old 365online account to my new one. I called to set them up, only to be told that I could only set up three at a time (even though I'd had them set up for years on my old account). My deposit a/c and my credit card each counted as 1 each, leaving me with just one bill.
One working week later I called to set some more and asked them why my deposit account still wasn't visible online - I got some ridiculous off-the-shelf helpdesk-type excuse saying that due to some glitch, my details had been entered incorrectly, invalidating that transaction. After confirming all my details several times, I was told that it would take another working week to set it up, and that in the meantime, I could get two more bills set up. Yay!
One week and two phonecalls later, I'm even worse off, because now they can't even bring up my details when they enter my name and account number.
The excuse this time? "There seems to be some glitch in the system... YOU'LL have to call YOUR branch to find out what the problem is..."
What a bunch of c@nt5!
Ironically, my other half, who was switching over from another bank, was set up within a week.
My ssia matured a few weeks ago , I could 'see' the balance in 365 but not transfer it into my current a/c so I called them up they said I had to go into a branch to do this. I went to the branch and received the hard sell about 'continuing my investment ect.....'
Im annoyed I had to waste an hour travelling to the bank to do something that should be available online just so they can try to sell me a product, Needless to say I withdrew the lot and it will be resting in Rabo or somewhere I can access the funds online.
The business version which is a most odd interface and makes you mouse around the screen generating bubbles while it generates personal certs for the user ....is at www.boibol.ie
Yeah, BOI BOL is absolute rubbish. They told me a year ago it would be updated, but no sign yet. Java ffs!
You seem to be of the opinion that all these issues relate to 365online. These issues have always existed, it's just that the convenience of 365online has made these failures more visible to you.