Lucyjackson Posted June 9, 2012 Share Posted June 9, 2012 Can anyone answer this as i am just completely brain farted by it now. I am due a payment of £1550 to hit my account today, this is done using a POS thingy.. It cleared and was dispatched from the payees bank yesterday and they say my bank has it. My bank are saying that they have not received it and as soon as they do they make it available to me as they do not process monies coming in. I have rang the company who have sent the money and they are adamant that it is not in their system and is now with my bank. I have rang my bank and they say that it is not with them so must be with visa. Visa say they only operate for the bank and any trouble with money coming in or out should be discussed with the bank and not them. This has totally confused me, if the funds have cleared from the payees end where do they go? The payee says it should go straight to my bank and that the bank will then process it, my bank say that they don't process things coming into an account. How come when i make a payment then my card is deducted straight away but when i am waiting for a payment it takes three to five working days I don't particularly need the money today but am a bit miffed as to how its left one account but seems to be floating around somewhere in cyber space and no one knows where it is. Do the banks "hold onto" money for a few days to gain interest on it before releasing into an account? I know its a bit long winded but its really done my head in Link to comment Share on other sites More sharing options...
andyofborg Posted June 9, 2012 Share Posted June 9, 2012 it's in my account and i'm keeping it however, in reality, it depends when the bank processes the various lists of transactions it receives from other banks and agencies. Link to comment Share on other sites More sharing options...
57Varieties Posted June 9, 2012 Share Posted June 9, 2012 My previous occupation was IT specialist in banking, writing software and designing software. I can confirm that the banks hold on to your money for a few days, so that their cocaine snorting traders can gamble with it overnight on the money markets. Great isn't it! Link to comment Share on other sites More sharing options...
Lucyjackson Posted June 9, 2012 Author Share Posted June 9, 2012 I really hope thats not true Link to comment Share on other sites More sharing options...
*Belle* Posted June 9, 2012 Share Posted June 9, 2012 I really hope thats not true Of course its true. If the trader is successful, the bank makes a few quid, if he isn't then the bank asks us to bail them out, simples Link to comment Share on other sites More sharing options...
anywebsite Posted June 9, 2012 Share Posted June 9, 2012 I really hope thats not true It is true, with some types of payments banks need to hold on to it for 4 days so that their traders can go on a coke binge. Hopefully yours is one of the faster types of payment. Link to comment Share on other sites More sharing options...
cgksheff Posted June 9, 2012 Share Posted June 9, 2012 .......... This has totally confused me, if the funds have cleared from the payees end where do they go? The payee says it should go straight to my bank and that the bank will then process it, my bank say that they don't process things coming into an account. How come when i make a payment then my card is deducted straight away but when i am waiting for a payment it takes three to five working days ........( It hasn't been paid from your payee to you. It has been paid from your payee to VISA. VISA will then pay your bank. VISA make their money in two ways: Charges on transactions and using your money for a short period while it's in their account. Link to comment Share on other sites More sharing options...
57Varieties Posted June 9, 2012 Share Posted June 9, 2012 I really hope thats not true Unfortunately it is true. I'd love for you to watch this How International Bankers Gained Control of America and the UK Its three hours long but worth every minute. There are some solutions to the criminal banking cartels power of printing fiat currency out of fresh air, then amazingly charging interest on creating what is effectively toilet paper with the queens face printed on it. What a great scam! You got to laugh! They have been getting away with this for eons. The Lawfull bank Link to comment Share on other sites More sharing options...
Jag82 Posted June 9, 2012 Share Posted June 9, 2012 My previous occupation was IT specialist in banking, writing software and designing software. I can confirm that the banks hold on to your money for a few days, so that their cocaine snorting traders can gamble with it overnight on the money markets. Great isn't it! The overnight interbank fiddle. Link to comment Share on other sites More sharing options...
57Varieties Posted June 9, 2012 Share Posted June 9, 2012 Just look at these towering stacks of debt Got to laugh, my bank accounts are closed and i recommend switching physical assets to silver and gold and opening an account with a credit union or see what comes of the lawfull bank. The system is about to collapse, perfectly timed to correspond with the end of the mayan calendar Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.