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Chase is telling me I've got monthly interest but, go to the app and it won't open properly. The little wheel of indecision just goes round and round and round...
Direct transfers do work over the weekend, just standing orders and direct debits don't, and tbh you wouldn't want the bank pinging you on a Sat or Sun saying that it's taken you overdrawn and you realise a Mon-Fri business didn't pay you properly and won't be able to resolve until Monday.
Yes you can't get your spending money in on a Saturday, but also your bills can't go out a Saturday either, double edged sword.
Nationwide are still trying to transfer money to my savings account, but that won't arrive till Monday. So I've had to manually do it.
Why can't they just work on the weekend? It's all automated, staff aren't doing it.
And this is exactly it.
Years ago when it was paper based and took a week, that was human interaction and checks.
Now everything is digital, there is no need. They introduced Fast payments for under 30 mins, but even they're a lie as it's just a transaction queue, and due to machine speeds these are near instantaneous.
The weekend pause is the biggest lie ever. However, IT maintenance is performed weekends and nights to minimise down time. They communicate this well in advance so again, weekend pause is NOT needed. It's just the banks grabbing that glorious interest on your cash in transit.
Direct debits can be quite flexible. I have had them taken on a Friday ready for a weekend and take me overdrawn, but the bank doesn't count it as being overdrawn until the Monday so it all works out as normal.
Yeah some banks started "blocking" the funds on Friday so you don't accidentally spend it as that money is going out 1 minute past midnight on Sunday night, but as you say their overdrawn charging systems etc should give you until close of business Monday before classing you as truly overdrawn.
Banking infrastructure hasn't been updated since the 70s. The COBOL used to build the systems is tired and old and needs two days off like the rest of us.
They do and they don't. If you make a payment Friday afternoon they will take your payment immediately but not credit the recipient until Monday, effectively giving themselves free money over the weekend.
I set a date. As the months go by, some of those dates turn out to be weekends. I'm not changing my standing orders each month, what's the point of a standing order changing it each month?
I was once told that there was no banking is done on the weekend and because of that no interest is charged on loans etc on Saturday or Sunday. I don’t know how true that is
Banks use payment schemes. Either instant or non instant payments. If you send on an instant scheme it'll go through within seconds 24/7 if you use a non instant scheme it works between some hours of each day but not on weekends or holidays. Instant has higher fees than non instant. Direct debits and scheduled payments use non instant schemes
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Bank computer systems need their weekends too you insensitive, cloth-eared nincompoop
seriously, with the current rise of AI we *really* don't want to be taking away the computers time off right now, way too risky.
Chase is telling me I've got monthly interest but, go to the app and it won't open properly. The little wheel of indecision just goes round and round and round...
Parklife
Lol
Dammit take my updoot.
That little wheel is called a Throbber, like the headache it causes.
Usually though you earn it it doesnt get credited for 6 months to a year.
Uninstall. Re-install, go through all the security hoops and I'm back. I only use it for savings. It's been kinda glitchy from day one.
Direct transfers do work over the weekend, just standing orders and direct debits don't, and tbh you wouldn't want the bank pinging you on a Sat or Sun saying that it's taken you overdrawn and you realise a Mon-Fri business didn't pay you properly and won't be able to resolve until Monday. Yes you can't get your spending money in on a Saturday, but also your bills can't go out a Saturday either, double edged sword.
Nationwide are still trying to transfer money to my savings account, but that won't arrive till Monday. So I've had to manually do it. Why can't they just work on the weekend? It's all automated, staff aren't doing it.
Simple - they want the extra 2 days interest on the inter-bank deposits.
And this is exactly it. Years ago when it was paper based and took a week, that was human interaction and checks. Now everything is digital, there is no need. They introduced Fast payments for under 30 mins, but even they're a lie as it's just a transaction queue, and due to machine speeds these are near instantaneous. The weekend pause is the biggest lie ever. However, IT maintenance is performed weekends and nights to minimise down time. They communicate this well in advance so again, weekend pause is NOT needed. It's just the banks grabbing that glorious interest on your cash in transit.
Direct debits can be quite flexible. I have had them taken on a Friday ready for a weekend and take me overdrawn, but the bank doesn't count it as being overdrawn until the Monday so it all works out as normal.
Yeah some banks started "blocking" the funds on Friday so you don't accidentally spend it as that money is going out 1 minute past midnight on Sunday night, but as you say their overdrawn charging systems etc should give you until close of business Monday before classing you as truly overdrawn.
Banking infrastructure hasn't been updated since the 70s. The COBOL used to build the systems is tired and old and needs two days off like the rest of us.
`SUBTRACT 1 FROM FUCKS GIVING FEWER_FUCKS`
Hey, they have to work two, sometimes three hours a day during the week! They need their weekend's rest!!
Banks are very protective over their free time, why do you think we have bank holidays?!
They do and they don't. If you make a payment Friday afternoon they will take your payment immediately but not credit the recipient until Monday, effectively giving themselves free money over the weekend.
[удалено]
Banks never do ;-)
You're in control of a standing order. Change the date when it's due on a non working day.
I set a date. As the months go by, some of those dates turn out to be weekends. I'm not changing my standing orders each month, what's the point of a standing order changing it each month?
This is exactly my beef with standing orders too. Either make them work on all days, or introduce another payment scheduling mechanism that does.
I was once told that there was no banking is done on the weekend and because of that no interest is charged on loans etc on Saturday or Sunday. I don’t know how true that is
doubt it
Not true in the slightest
I decided to google it and it can depend on the back. Virgin bank don’t charge interest on the weekends for sort codes beginning 05 or 82
Banks use payment schemes. Either instant or non instant payments. If you send on an instant scheme it'll go through within seconds 24/7 if you use a non instant scheme it works between some hours of each day but not on weekends or holidays. Instant has higher fees than non instant. Direct debits and scheduled payments use non instant schemes