Clearance period for direct debit

dogbert27

Was told by TSB that when they take a direct debit from my personal account to go to my mortgage account it takes 5-10 days for the direct debit to clear. WTF? 5-10 days for the same bank to clear it's own transaction?!
This is resulting from me having a prepayment due to TRS and wanting to use it to pay Octobers mortgage. I called them up and asked them if I can make the arrangements over the phone. They said no. What if I write you a letter? They said no. I have to fill out a Holiday Option Form for Underpayments. This is when you have extra money in an account and want to use it to pay your mortgage.
Again, WTF? If I have a prepayment, i.e. credit and I want to use that credit to pay the mortgage how is that a holiday payment?
The issue with clearance is that this holiday form says I need to give at least 16 days notice before the money comes out. Checked my on-line account - DD 16th of the month shown. Okay so, I can send the form, nope I can't I need my partner's signature on the form as the mortgage is in both names. Leave work for an hour, get signature, back to work, fax it off, phew in before the 16 days.
Call them to see if they've received fax. "That goes to a different department who will scan it and add it to your electronic file so I won't be able to tell you until tomorrow whether it's there or not". Ok but I've sent it today so it's in in the 16 day period as shown on my on-line bank account. "No, your due date is the 11th so it can't be processed for October" WTF? It says on my account that DD comes out on the 16th! "Well the 11th is generally a Friday so DD doesn't show up for 5-10 days due to clearance time" WTF? You're moving money from one TSB account to another, how in the name of God does it take 5-10 days?! "That's how TSB do it." OMG! Ok well I know it says 16 days on that form but surely you can process 1 sheet in 11 days. "Call tomorrow and I'll let you know. Bye!"
GRRRRRRRRRRRRRRRRR!!!!!!!!!!!!!!!:mad::mad::mad::mad:
Has anybody come across something like this?

dogbert27

Called today as told to do:

"Yes fax received."

Great so you can process it today.

"No it now has to go to the processing department."

And that's today yeah. "Well it will go to them today but it might take them 5 days to process it."

But it will be processed for the month of Ocotber yeah?

"The processing department will let you know in a few days time whether your application is successful or not"

Wonderful.

broker2008

Most insurance companies and banks are like this. Nothing unusual there !

rameire

you should just write a letter to them to transfer the trs lump sum credit to an account that you provide, thus making it available to you within 5 days.
and all those times are normal.

Black Dog

My wife worked in a bank and has always refused to set up a standing order for anything to do with our family finances. She knows how they work/don't work. Always a bother.

dogbert27

I still don't see how 5-10 days clearance from one TSB account to another TSB account is normal.
After this I went and checked my AIB account where I have direct debits set up for a car and a personal loan and the day the direct debit is due it comes out of my personal account and goes straight to the car and loan accounts. No clearance time.
I would accept 1-3 days from TSB but 5-10 days clearance time normal?

Jet Black

Is it actually going to take 5-10days? Some bank's just say this to cover themselfs just in case something goes wrong internally or the money bounces.
It might only take less than 5 day's.
It does seem a bit long. Have you asked if there is there any other way they would get it quicker?