Mart EFT payment ...

wiilow74

Hi all , just had a few bullocks in for sale last Mon in the mart and decided to change over to have the payment transfer directly into my account rather than have it in a cheque , the girl in the office said the payment should be in my account Wed but no sign of it yet , just wondered if any of ye know how long it takes for an EFT payment to clear into your Bank account ? I'm with BOI by the way , thanks

Kovu

As in Monday this week? A Monday sale would normally be closed the following day (in this case Tues) & cheques printed then. Never worked with E-transfers but should be the same case.
I guess the time delay could be which bank the mart is with- an AIB to BOI will take 3-5 days while BOI-BOI will be instant I think.

Nekarsulm

Local Golden Vale mart has stretched out the payment date by a few days, I find. Last year it was in on the second dsy after a sale, It now doesn't appear till the 5th or 6th working day after the day of sale.

That's paying into a Perm.TSB a/c.
On another note, the same TSB treat bank drafts like cheques for lodgement purposes. Blatantly unfair, as a draft is the same as cash, so presumably they benefit from it being on their own balance sheet for 4 days.

wiilow74

Kovu wrote: »

As in Monday this week? A Monday sale would normally be closed the following day (in this case Tues) & cheques printed then. Never worked with E-transfers but should be the same case.
I guess the time delay could be which bank the mart is with- an AIB to BOI will take 3-5 days while BOI-BOI will be instant I think.

I can't remember which bank the mart are with , it could be AIB or BOI I think , normally when I'd get a cheque they'd send them out on the Wed after a Monday sale (it was this Mon the 16th I made the sale btw ) and I'd receive the cheque on a Thurs in the post and I could go into the BOI and lodge the cheque on the same day as received and it would clear straight away , I can't see what the benefit is now if it takes longer to get it by EFT , jasus technology eh ??

wiilow74

Just remembered I had that print out of the cheque that you get from the lodgement machine , I can see it's a Bank of Ireland cheque that the mart uses so as they're paying into a BOI account shouldn't it have gone through straight away then ?

Kovu

wiilow74 wrote: »

I can't remember which bank the mart are with , it could be AIB or BOI I think , normally when I'd get a cheque they'd send them out on the Wed after a Monday sale (it was this Mon the 16th I made the sale btw ) and I'd receive the cheque on a Thurs in the post and I could go into the BOI and lodge the cheque on the same day as received and it would clear straight away , I can't see what the benefit is now if it takes longer to get it by EFT , jasus technology eh ??

I'd say it could be in by midnight tonight, let us know.
I suppose the benefit is not having the hassle of having to lodge the cheque for one! Safety as it goes direct and can't be lost/stolen. A clear showing for accountant as to where a lodgement came from. There's a benefit for the mart as well, they'd be saving on paper/ink for cheques, stamps for posting etc.

wiilow74

Kovu wrote: »

I'd say it could be in by midnight tonight, let us know.
I suppose the benefit is not having the hassle of having to lodge the cheque for one! Safety as it goes direct and can't be lost/stolen. A clear showing for accountant as to where a lodgement came from. There's a benefit for the mart as well, they'd be saving on paper/ink for cheques, stamps for posting etc.

Aye true I suppose , I'll let ye know when it comes in anyhow

WheatenBriar

Under the new sepa system bank transfers regardless of whether to a different bank go in overnight if sent before 4pm

If not it was not sent

wiilow74

WheatenBriar wrote: »

Under the new sepa system bank transfers regardless of whether to a different bank go in overnight if sent before 4pm

If not it was not sent

Thanks for the info , well if it ain't in tomorrow morning I'll give them a call to see what the story is

Farrell

I get paid electronically from the same Golden Vale mart Nek mentions, from a Monday sale, the money is in my account 7 working days later.
After a purchase, the money is out of my account the following morning.
Both mart & myself are with AIB

wiilow74

Farrell wrote: »

I get paid electronically from the same Golden Vale mart Nek mentions, from a Monday sale, the money is in my account 7 working days later.
After a purchase, the money is out of my account the following morning.
Both mart & myself are with AIB

God takes a while for sale money to get through to you , the mart I use is with BOI as I am too , the only thing was the girl in the office told me the sale money would be in my account today so why would she say that unless the hold up is on the banks side ,not the marts

WheatenBriar

The only reason the money doesn't get to an account until 6 days after the sale is because the mart hold it for 5 days
This is presumably them waiting for the buyers cheque to clear
Its not that the transfer takes up to a week
The actual technical act of the transfer can happen in as little as 8 hrs electronically

The clerk/office assistant just doesn't understand the process but the above is what happens
To be fair to the mart,a cheque from the buyer can be returned /bounced 5 days after it has been presented, so whilst in the very vast majority of cases they are getting the benefit of having your money for a few extra days,they are also covering themselves in case of a bouncy cheque

Grueller

WheatenBriar wrote: »

The only reason the money doesn't get to an account until 6 days after the sale is because the mart hold it for 5 days
This is presumably them waiting for the buyers cheque to clear
Its not that the transfer takes up to a week
The actual technical act of the transfer can happen in as little as 8 hrs electronically

The clerk/office assistant just doesn't understand the process but the above is what happens
To be fair to the mart,a cheque from the buyer can be returned /bounced 5 days after it has been presented, so whilst in the very vast majority of cases they are getting the benefit of having your money for a few extra days,they are also covering themselves in case of a bouncy cheque

Shouldn't matter to them should it? You sold in good faoth and they owe you the money anyhow. Chasing non payers or how a mart deals with them is no concern of a customer. I sold stock last wednesday eveming and had a cheque on Monday in the post.

Muckit

Cheques are still the most common method of payment. Because of this there is only one or two clerks in each mart that know how to process EFT payments or that it gets left to. This will change as the payment method gets more popular, as it will. Cheques are expensive if you are writing alot of them. It is also only essentially a piece of paper.