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Slow online payment

  • 26-06-2021 8:05am
    #1
    NevadaPod
    Registered Users, Registered Users 2 Posts: 17 ✭


    So, I've just bought (or tried to buy) a car, paying by BoI 365 online money transfer to the seller's account with a different bank . It was 4:30pm on Friday. It's now Saturday with no sign of money in their account. 
    I check the fine print, and I'm led to believe that it will be Monday at the earliest before this will process.
    And I have no ability to cancel and pay some other way.
    Ridiculous.
    When that payment clears, the next transaction will be an account transfer to a different bank.
    I've been with BoI for decades, but this just isn't on. They're going to lose four accounts over this.


Comments

  • #2
    Bank of Ireland: Aisling
    Closed Accounts Posts: 487 ✭✭Bank of Ireland: Aisling


    Hi There, 

    Thanks for getting in touch with us here on Boards.ie. 

    If a transaction is made before the cut of time of 3:30pm on a working day (Monday to Friday) it will be received by the recipient the following working day. 

    As this transfer was made after this time, it is likely the funds will not be received until Tuesday. 

    We will certainly pass this on as feedback on your behalf. 

    Thanks, Aisling 


  • #3
    jahalpin
    Registered Users, Registered Users 2 Posts: 1,031 ✭✭✭jahalpin


    NevadaPod wrote: »
    So, I've just bought (or tried to buy) a car, paying by BoI 365 online money transfer to the seller's account with a different bank . It was 4:30pm on Friday. It's now Saturday with no sign of money in their account. 
    I check the fine print, and I'm led to believe that it will be Monday at the earliest before this will process.
    And I have no ability to cancel and pay some other way.
    Ridiculous.
    When that payment clears, the next transaction will be an account transfer to a different bank.
    I've been with BoI for decades, but this just isn't on. They're going to lose four accounts over this.
    What do you want BOI to do about this? The only way that funds could be transferred on the same day after the SEPA transfer time would be if both banks are part of the SEPA instant transfer scheme, none of the retail banks in Ireland are members of the SEPA instant transfer scheme and it is unlikely that they would be in a position to join any time soon (transaction has to fully confirmed by beneficary bank within 10 seconds)

    Even if you moved your accounts to a bank such as N26 it probably wouldn't be of any use as both banks in transaction would have to be members of SEPA instant transfer (almost all retail banks in Germany and France are memebers of the SEPA instant transfer scheme)


  • #4
    NevadaPod
    Registered Users, Registered Users 2 Posts: 17 ✭NevadaPod


    jahalpin wrote: »
    NevadaPod wrote: »
    So, I've just bought (or tried to buy) a car, paying by BoI 365 online money transfer to the seller's account with a different bank . It was 4:30pm on Friday. It's now Saturday with no sign of money in their account. 
    I check the fine print, and I'm led to believe that it will be Monday at the earliest before this will process.
    And I have no ability to cancel and pay some other way.
    Ridiculous.
    When that payment clears, the next transaction will be an account transfer to a different bank.
    I've been with BoI for decades, but this just isn't on. They're going to lose four accounts over this.
    What do you want BOI to do about this? The only way that funds could be transferred on the same day after the SEPA transfer time would be if both banks are part of the SEPA instant transfer scheme, none of the retail banks in Ireland are members of the SEPA instant transfer scheme and it is unlikely that they would be in a position to join any time soon (transaction has to fully confirmed by beneficary bank within 10 seconds)

    Even if you moved your accounts to a bank such as N26 it probably wouldn't be of any use as both banks in transaction would have to be members of SEPA instant transfer (almost all retail banks in Germany and France are memebers of the SEPA instant transfer scheme)
    What I want BoI to do about it is to subscribe to whatever schemes are necessary for rapid online banking to occur.
    To put it into perspective, the week prior, I sold a motorcycle, and (nice guy that I am) delivered it to the buyer. In the time I left my house to the time I arrived at my destination (20 minutes away) the funds had transferred. That was between HSBC and Halifax.

    I try the same with BoI and it takes DAYS.
    I'm sorry, but having been a customer of BoI for 40 years, I'm clearly hanging on because of some tenuous mis-placed nationalism (or something, because it's certainly not the service).


  • #5
    jahalpin
    Registered Users, Registered Users 2 Posts: 1,031 ✭✭✭jahalpin


    NevadaPod wrote: »
    What I want BoI to do about it is to subscribe to whatever schemes are necessary for rapid online banking to occur.
    To put it into perspective, the week prior, I sold a motorcycle, and (nice guy that I am) delivered it to the buyer. In the time I left my house to the time I arrived at my destination (20 minutes away) the funds had transferred. That was between HSBC and Halifax.

    I try the same with BoI and it takes DAYS.
    I'm sorry, but having been a customer of BoI for 40 years, I'm clearly hanging on because of some tenuous mis-placed nationalism (or something, because it's certainly not the service).

    Sorry, I had assumed that you were paying in EUR

    BOI UK and AIB UK seem to be the only retail banks in the UK that are not members of the UK Faster Payment scheme

    BOI have been continually downgrading their offerings in the UK by closing most of their branches and have even sold off their credit card issuing arm in the UK.


  • #6
    NevadaPod
    Registered Users, Registered Users 2 Posts: 17 ✭NevadaPod


    jahalpin wrote: »
    NevadaPod wrote: »
    What I want BoI to do about it is to subscribe to whatever schemes are necessary for rapid online banking to occur.
    To put it into perspective, the week prior, I sold a motorcycle, and (nice guy that I am) delivered it to the buyer. In the time I left my house to the time I arrived at my destination (20 minutes away) the funds had transferred. That was between HSBC and Halifax.

    I try the same with BoI and it takes DAYS.
    I'm sorry, but having been a customer of BoI for 40 years, I'm clearly hanging on because of some tenuous mis-placed nationalism (or something, because it's certainly not the service).

    Sorry, I had assumed that you were paying in EUR

    BOI UK and AIB UK seem to be the only retail banks in the UK that are not members of the UK Faster Payment scheme

    BOI have been continually downgrading their offerings in the UK by closing most of their branches and have even sold off their credit card issuing arm in the UK.
    To be fair, that was a reasonable assumption, especially given it's a .ie messageboard!


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