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Reform bank clearing times

Comment 3rd July 2010

It is time the government reforms bank clearing times, if necessary by reading the riot act to them as happended in Sweden . A debit card purchase I made on Sunday 2nd May this year at a garden centre appeared on my online bank statement first thing on Tuesday morning, on the next working day, given the Monday was a Bank Holiday. In contrast bank to bank credits often take 3-5 working days. Why does the concept of working days only apply to credits? I have also noticed direct debit payments being taken from my account on a Saturday on a supposed non working day. Also if cash is withdrawn from a hole in the wall run by another bank on a Sunday it appears on my online bank statement immediately. If banks can arrange immediate cash transactions on a non working day why do bank to bank transfers still take 3-5 days. I see no justification for the differential unfair treatment by the banks who are ripping off customers through the clearing system. It is not the technology that is at fault, it is their greed.

Why does this matter?

The public have bailed out the banks through their taxes. It is time for them to treat their customers fairly.

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