I am not one to praise the banks. Their customer propositions are very poor and they do often push poor quality products on the public. One day perhaps they will wise up and get back to good old fashioned personal service. Even those who claim to offer a personal service and, suprise suprise, a phone number for your own bank!!!!! are not quite on the same wavelength as those businesses that truly do offfer a personal service.
This, however, is not intended as a knocking thread, on the contrary.
You may all know that there has always been a gap between someone paying in a cheque or making an on-line transaction, typically of 3 days before the money appears in the recipiants account. The money gets lost somehow in the ether and, while 3 days is not long, imagine how many transaction take place and the amount of money involved daily, it must total up to £million in lost interest payments. On top of which are the timing issues for cashflow and inconvenience of money you need now not being available for another day or two....
That has changed or is changing....
A month or so ago it was announced that a new banking system was to be introduced that would credit money within hours of an on-line or telephone transaction. They said it would be phased in over 6 months and would be fully operational by Christmas (oh yeah, I thought, which Christmas? - a somewhat understandable reaction).
Well, I run more than one business as some of you know and my business banking and personal banking is spread among 3 major banks.
Yesterday, planning ahead for the bills due on the 1st July, I made a number of transfers between these three banks. What do I find this morning - all the dosh has been credited to my account already!!!!
Amazing - they have delivered on their promise. This will make life easier for all of us, particularly those of us who run businesses.
No it doesn't mean you should pay your bills 3 days later!!!!!
