# Time taken for money to be paid off credit card bill



## biggerry (29 Dec 2004)

I bank with PermTSB and use their on-line banking (www.open24.ie) to pay my bills.  I also have a PermTSB credit card which I pay with open24 also.

Does anybody know how long it should take for the payment to reach my credit card account??

I know that if I was paying money off an AIB credit card from my PermTSB account, that it would take a few days for the money to reach the AIB account, but surely if the money doesn't have to leave PermTSB it should be credited to my account a lot quicker (same day ... or am I expecting too much).

Anybody any ideas?


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## ClubMan (29 Dec 2004)

*Does anybody know how long it should take for the payment to reach my credit card account??*

Doesn't _Open24_ say how long to allow when paying bills online? As far as I know, from my own experience, an online bill payment from a _PTSB_ current account to a _PTSB_ _VISA_ account is immediate or as good as (e.g. next day).


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## biggerry (29 Dec 2004)

Hi Clubman,

Just went back on a few statements, and here's what I found (I get paid every 2nd Friday, and I make my payments on the same day):

Nov 12 -> Payment to Visa -> Nov 15 Payment credited to Visa account
Nov 26 -> Payment to Visa -> Nov 29 Payment credited to Visa account
Dec 10 -> Payment to Visa -> Dec 13 Payment credited to Visa account
Dec 24 -> Payment to Visa -> AS OF DEC 27, NO PAYMENT CREDITED TO VISA ACCOUNT.

What I can't understand is why can't my visa account be credited on a Saturday instead of waiting to the Monday?

My last payment was made on Christmas eve, but it still hasn't been credited to my Visa. I know there's been Christmas holidays and bank holidays in the meantime, but again I can't see what difference this makes.  A teller isn't needed to physically take the money from my account and deposit it to my Visa account, so why can't this have been processed over the holidays?


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## ninsaga (29 Dec 2004)

For what its worth - those friendly folks at BOI do the same thing when paying BOI Visa or MC with their online banking 365. ie....
make payment from your account & it is taken out immediatley but it does not reach the credit card for about 2-3 working days...

this is not just over the holiday period either...this is normal business practice as far as I can see.

ninsaga


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## sluice44 (29 Dec 2004)

I haven't checked a calendar but I think you're saying that you make an internet payment on a Friday and it appears on your statement the following Monday.

Maybe it's just a carry-over from the original T&C's from pre-computer days, ie, your payment is not processed until the next working day.

It might be too difficult (for the banks) to have two processing methods.  Go in-branch and it's paid Monday.  Pay electronically and it happens the next day (or immediately).

Having said that, it could be a useful marketing trick for one of the banks if they started doing it that way.

I guess the crux of it is whether Credit Card companies charge interest on Sat & Sun?


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## brainlessareus (29 Dec 2004)

Wow, I must be lucky because here is my last 3 payments on open24 to my ptsb visa:

take from Current&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp credit to Visa

22/12/2004&nbsp &nbsp &nbsp &nbsp                   23/12/2004&nbsp &nbsp &nbsp &nbsp 

29/11/2004&nbsp &nbsp &nbsp &nbsp                   30/11/2004

22/11/2004&nbsp &nbsp &nbsp &nbsp                   23/11/2004

What I did in the past after a large payment was to call them next afternoon and ask them to push it trough (which they always did).

But that is nothing against paying my tesco card via billpay.ie:

taken from Current              credit to Visa

not up to now                     22/12/2004

09/12/2004                        06/12/2004

01/12/2004                        28/11/2004

I might want to get a current account that pays interest because 3 to 4 days each time might generate a lot of interest for my.

Usualy I hate bank processing times but for billpay.ie I just like it.


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## biggerry (29 Dec 2004)

Thanks for all the replies guys.

brainlessareus it looks like you made your payments on a Monday and it made your Visa the next day.  I think I'll start doing this from now on.

Sluice, some CC companies offer up to 56 days credit, so I guess they do charge interest for Saturday's and Sunday's.


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## ClubMan (29 Dec 2004)

Looks like payments are credited on the next working day which means a potential delay for weekens and bank holidays.


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## rainyday (29 Dec 2004)

I had the same problem with payments from an NIB current account to an NIB visa taking 2-3 days, until the nice people at their telephone banking centre advised me to do a 'funds transfer' instead of a payment, as the funds transfer goes through instantaenously.


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## biggerry (31 Dec 2004)

Just checked open24.ie again, and here's what my on-line Credit Card  statment says:

Transaction Date: 28/12/2004
Posting Date: 30/12/2004

As you'll see from one of my posts above, the money actually left my account on Dec 24.

Watch out for a huge increase in PTSB's quarterly earnings because of this!!


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## ClubMan (31 Dec 2004)

Why not complain to _PTSB_ and/or _IFSRA_ about this?


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## biggerry (31 Dec 2004)

E-mail sent to IFSRA.

Letter written and sent to Brian McConnell.

Will let you know what reply(s) I get.


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## sueellen (31 Dec 2004)

*Re: Standard practice*

I paid my AIB Visa bill on 25/12 and money came out of ac. that day.  Was not credited to bill until 30/12 so seems to be standard practice.

Think Rainyday is right when he says to "do a 'funds transfer' instead of a payment, as the funds transfer goes through instantaneously". 

If only could remember to do this instead of automatically going for bill payment option.


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## biggerry (3 Jan 2005)

The saga continues....

Today's date is Jan 3, and on my account there are 2 debits with a January 4 date.

The first is a payment to my SSIA (which is actually with Irish Life!!) and the second is a mortgage payment (which is with PermTSB!!).  So besides holding on to money for a few days when I pay bills, they also take it a day early from me.  

Has the millennium bug kicked in 5 years later than expected?!


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## brainlessareus (4 Jan 2005)

It seams that this is SOP with PTSB as I have seen this time after time, especially when the debit is to be done after holidays or on Mondays.

Several times the booking shows on Saturday with a value of Monday. Now if they would calculate the 3 days with Saturday and not Monday that would be fine, but they don't.

My recent  was showing on Saturday with a value of tommorrow. 

I think it is time to find a new bank, but unfortunatly I get the impression that all banks in Ireland are the same.


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## rainyday (4 Jan 2005)

> Today's date is Jan 3, and on my account there are 2 debits with a January 4 date.


AFAIK, once the debits are dated 4th Jan, you only lose value for these debits from 4th Jan. The fact that they are visible on your account on 3rd Jan isn't significant - it just means that given today was a bank holiday, someone has loaded up the debits in advance - but you don't lose the money until tomorrow (I think).


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## brainlessareus (4 Jan 2005)

rainyday, unfortunately the available balance has dropped too. 

Now imagine I have a debit and a credit both scheduled for the 4st but they take the debit from the available balance on the 2nd. In that case despite me technical having money on the account I am unable to withdraw. _Not that I do this short planing_ But in theory they cheat me out of available balance.

And in my case that is the reality, I have debits going from the account on the 4st and credit for the same amount coming in on the 4st too, but because the bank takes it early, they essential stop me from spending my money as they say, that the available balance is already reduced by the debits even if they are with a value day of the 4st.


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## rainyday (4 Jan 2005)

> rainyday, unfortunately the available balance has dropped too.
> 
> Now imagine I have a debit and a credit both scheduled for the 4st but they take the debit from the available balance on the 2nd. In that case despite me technical having money on the account I am unable to withdraw. Not that I do this short planing But in theory they cheat me out of available balance.


I'm not certain that your interpretation of 'available balance' is correct. Are you certain that you would not be able to withdraw that money today, regardless of the scheduled payment for the 4th?


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## brainlessareus (4 Jan 2005)

*available balance*

The available balance is displayed on top of my online account statement and shows the deduction.

Next time this happens I can try to withdraw the full amount on an ATM to test, but usualy, what is shown as available on top of the statement is what is available.


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## Brendan Burgess (5 Jan 2005)

*Re: available balance*

I have an AIB current account and an AIB Classic Visa account.I have set it up so that the full balance is taken by direct debit from my current account. It's done instantaneously. 

This is the most efficient way to manage a credit card. Most people who pay by other means tend to forget a payment and get hit for interest.

You have to make sure that you have the cash in your account or the appropriate overdraft facility in place.

Brendan


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## biggerry (5 Jan 2005)

*Re: available balance*

Hi Brendan,

When you say "It's done instantaneously" do you mean that the money is taken from you account on say Jan 5 and is also credited to you CC on Jan 5 also?


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## Brendan Burgess (9 Jan 2005)

*Re: available balance*

Yes.


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