How long does an Electronic Bank Transfer Take

Berty

Hi all,

Two questions in relation to my "Switching Account" from BOI to Ulster Bank.

(1) How long does an Electronic Bank Transfer Take

(2) Does the Financial Regulator have a code of Practice on how long it should take?

Bank of Ireland sent all my money to Ulster Bank at 11am on Thursday morning and as of now, 12:10pm on Saturday, I still have no money. Bank of Ireland will no longer speak to me because they closed my account on Thursday and have washed their hands on the matter and Ulster Bank just said "If it's not there now it will be there on Tuesday" like that will do me any good.

So any responses to the two questions above would be great.

dotsman

How lonfg does an EFT take? How long is a piece of string. I'm with AIB and within AIB, the EFTs are instant and there are 2 batches sent out daily to the other banks (one at lunch time and another that night), so sending to ulster Bank at 11am would mean that Ulster would have it around 1pm that same day (likewise any money transferred in from another bank is put into my account that night). How long it takes Ulster to put that money into your account is up to Ulster. I would doubt they're very efficient. There's a reason they still offer free banking;)

With regards Saturday, it's not a banking day, so anything that's not done by a Friday waits for Monday (or Tuesday in this case as it's a Bank Holiday).

Lynfo

From one bank to another it takes 2 working days, I think Ulster bank are saying 5 working days for a switchover, but mine transferred in 2 so you should see it by Tuesday.

nlgbbbblth

dotsman wrote: »

With regards Saturday, it's not a banking day, so anything that's not done by a Friday waits for Monday (or Tuesday in this case as it's a Bank Holiday).

There are no system updates at the weekend. The clearing system updates Monday, Tuesday, Wednesday, Thursday and Friday nights.

i.e. what you see on Monday can be seen on a Saturday (after the Friday night update).

in this case Monday is a bank holiday (non-processing day)

so if the OP can't see the funds now (via internet banking or by checking his available balance in an ATM) then he will not be able to see them on Tuesday.

chris85

OP I would imagine it will be there Tuesday. I understand your frustration but I would not transfer all money assuming it would be there the following day for your use at the weekend.

I generally transfer money between a PTSB account and mine from BOI. It is always there the following day for me anyways irregardless of which direction I am sending the money. But I have heard it taking longer for others.

Berty

chris85 wrote: »

OP I would imagine it will be there Tuesday. I understand your frustration but I would not transfer all money assuming it would be there the following day for your use at the weekend.

Yes I agree although nobody asked me to approve the transfer on a Thursday before a Bank Holiday. I didn't find out the transfer had been transferred till 12:01am on Friday. I found out in Tesco on Thursday evening when the card was rejected at the Point of Purchase. I had to wait until 12:01am because not even the Bank of Ireland could tell me where all the money had gone. We could see a Debit but that was all we could see.

Too little too late. I will be complaining to Ulster Bank because they took it upon themselves without notification. The starter pack has a box for ticking "Please keep me informed at every stage of the switchover process" or something similar.

They have never spoken to me during the 6 week period(6 weeks as I waiting on a Credit Card decision as they were missing documentation)