PTSB:3 Days to electronically Transfer Funds?

Thanks Time.

I do understand that it is routed through a "clearing account" in KBC, with my account number as the reference, but would have thought a "same day" transfer into my account would be the norm.

I have sent on a query to KBC and will see what they come back with.
 
callybags said:
Apologies for reviving this thread.

I have just been informed by KBC that funds transferred from another Irish bank before lunch yesterday will take three to five days to reach my account in KBC.

I said to them that since 1st January this year all EFTs should be in the receiving account on the next working day, but could not quote the relevant legislation or where it came from.

Would anyone have a link to exactly where this "next day" issue was decided?

I would like to take this up with KBC as I believe they were wrong in what they said.

The relevant legislation is the Payment Services Regulation 2009 (SI 383 of 2009) and the relevant text
Value date and availability of funds.​
88. (1) The credit value date for the payee’s payment account is not to be later than the business day on which the amount of the payment transaction is credited to the payee’s payment service provider’s account. A payee’s payment service provider shall ensure that the amount of a payment transaction is at the payee’s disposal immediately after that amount is credited to the payee’s payment​
service provider’s account.

This means that once the beneficiary bank recived funds they must credit their customers account on the same business day.
Click to expand...
 
Thanks, Brussels.

That's exactly what I was looking for.

I will update when I hear back from KBC.

Callybags
 
I needed to transfer money from my AIB account to UB on Friday - I went to the UB branch, withdrew cash from the ATM outside using my AIB laser card, went into the branch and lodged it (and they presumably put it back in the ATM). Obviously credited immediately. If I'd used EFT it wouldn't have hit the UB account until sometime today.

This is clearly ludicrous, domestic transfers up to a certain level should be instantaneous. Irish banks are still living in the last century - any time I need to transfer larger sums of money at short notice I'm invariably advised to take out a draft and walk it to other bank - pathetic.

(BTW, prior to the new regulation in January, if I transferred money from AIB on Friday AM it appeared in my UB account on Saturday, now it doesn't get there until Monday - not an improvement).
 
Irish banks are not living in the last century - we are no different to most of Europe when it comes to Interbank transactions. Up to the introduction of the Payment Services Regulation in 2009 most interbank transfers in European members states took 3 days. Since 1st Jan this year it can only take one day provided th epayment is made before the end of day cut-off time.
BTW Irish banks have been offering next day for interbank payments since 2006.
 
Brussels said:
Irish banks are not living in the last century - we are no different to most of Europe when it comes to Interbank transactions. Up to the introduction of the Payment Services Regulation in 2009 most interbank transfers in European members states took 3 days. Since 1st Jan this year it can only take one day provided th epayment is made before the end of day cut-off time.
BTW Irish banks have been offering next day for interbank payments since 2006.
Click to expand...


OK then, banks in general are living in the last century. If its possible to take cash out of my AIB account from an UB ATM there's no reason why they can't do a cashless transfer for a similar amount, their systems already talk to each other, its a lack of will or incentive.
 
Hi i'm worried...last tuesday I transfered money to other account (cash) and money no entry in that account. It's a big amount and i don't know what happend.
 
You must log in or register to reply here.
Back
Top