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Interbank transfer - Time to complain about this RIPOFF

egan007 · 2004-05-07 10:01:15

I was watching Brassed off Britain on bbc1 last night (Thur 6th May) It dealt with the issue of interbank transfers. http://www.bbc.co.uk/bob/banks/ "Slow money transfer times It can take between 3-5 days to transfer funds between banks in the UK, because they make money on your cash by investing it in the overnight…

Comments

#32 04-06-2004 01:53PM

deireland

Closed Accounts Posts: 11 ✭

Join Date: May 2004

Posts: 11

In the UK, the Competition Commission has already delivered its provisional conclusions on the effects the banks' 'monopoly' is having on small businesses.
See:
http://www.competition-commission.org.uk/inquiries/completed/2002/banks/09-01pc.htm

In Ireland,
"..The Competition Authority is currently conducting studies of (1) the medical, legal and construction professions, (2) competition in the provision of banking services and (3) competition issues in the non-life insurance market. On completion of these studies (expected in 2004), recommendations will be made for changes to practices that are limiting competition in these areas. .."
See:
http://www.finance.gov.ie/viewdoc.asp?DocID=1717&CatID=45&StartDate=01+January+2003&m=

Still no sign of the Irish report. They could save us money by copying the UK Commision's report and than adding a few words like 'except it's worse in Ireland because the banks here have an even tighter monipoly".

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