# Why does it take a few days for money to reach Visa account



## murphaph (2 Mar 2005)

I hold both an AIB deposit account and credit card. Every month my deposit account shows a direct debit for my monthly credit card balance, BUT the money takes a day or so to appear as a credit to my credit card balance. The money doesn't disappear. Banks have a real cheek the way they hoard our (instantly transferrable electronic) money like this.


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## ClubMan (2 Mar 2005)

*Re: Is this a rip-off?*

The same thing happens to me when I do an online banking payment from my current account to my _VISA_ card (both with _PTSB_) - the money disappears from my current account immediately but only appears on the _VISA_ account the next day at the earliest.


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## Joe1234 (3 Mar 2005)

*Re: Is this a rip-off?*

It usually takes a couple of days for the payment to reach a credit card. 

However, I can go one better than that:  I used to have a Special Savings Account in AIB.  Every so often I would give the required 30 days notice to withdraw from the ssa and transfer the amount directly to my current account.  Usually after the 30 days notice expires, my ssa was debited but the money was never transferred immediately to my current account.  It always took at least another day. 

When I enquired about this I was told that the money was lodged to a holding account in the branch before being credited to the current account.  Obviously AIB felt that they had the authority to lodge my money into their account for a time, to make interest on it before passing the money on to me.

I no longer hold any accounts with AIB, apart from a credit card.


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## rainyday (3 Mar 2005)

*Re: Is this a rip-off?*

Online/phone payments via 'Funds Transfer' facility with NIB hit my credit card on the same day as they leave my current account


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## ClubMan (3 Mar 2005)

*Re: Is this a rip-off?*

_VISA_ only appears under _Bill Payment_ on my _PTSB_ online banking account at the moment. Must see if I can get it to appear under _Transfer Funds_ and see if that makes any difference.


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## mo3art (3 Mar 2005)

*Re: Is this a rip-off?*

Funnily enough a BBC programme "Watchdog" had a consumer slot about this only recently.  The bank concerned was taking cash payments in branch off of credit card payments, but not lodging them to the CC sometimes up to 5 working days afterwards.  That meant that for some customers who lodged the money quite close to the monthly limit got charged extra interest and penalties for not making the minimum payments.

Basically, it's a case of the bank holding onto your money, if only for a day, to make the most amount of profit interest on your account.  The bank that was highlighted in that report  did back down and say that cash payments would be credited within the day.

There seems to be a big drive in general to decrease the amount of time it takes for money to clear in bank accounts in the UK at the moment.  I watched with amazement recently as somebody made a credit transfer between 2 banks in a scandinavian country within 45 minutes!!!!

So yes, it is a rip off, but I'm not sure what exactly you could do about it


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## Monsieur Bond (3 Mar 2005)

*Re: Is this a rip-off?*

*I hold both an AIB deposit account and credit card. Every month my deposit account shows a direct debit for my monthly credit card balance, BUT the money takes a day or so to appear as a credit to my credit card balance. The money doesn't disappear. Banks have a real cheek the way they hoard our (instantly transferrable electronic) money like this.*

AIB Internet Banking allows you to pay money from a current account into an AIB VISA or Mastercard account using the Transfer Funds option, which is pretty much immediate, or certainly within one working day.

If you can access your Deposit account on the banking site, you should be able to do the same.


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## ninsaga (3 Mar 2005)

*Re: Is this a rip-off?*

BOI provide the same 'service' ...take it out of your acount immediatley but don't put it on your CC for about 3 days or so....it;s really irritating..

ninsaga


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## littlegubby (4 Mar 2005)

*me too*

yes yes yes.. the same thing happens to me.. but what can we do about it. is there some body.. or somebody we can lodge a complant to


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## ClubMan (4 Mar 2005)

*Re: me too*

_Rainyday_ has suggested one solution above via funds transfer where available.


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## Ceist Beag (4 Mar 2005)

*Re: me too*

I can't understand why people get so upset over this matter. Its not like we lose out on this (unless you consider the one days 0.01% interest you lose out on for the amount transferred to the credit card or whatever the rate is). Also, consider the fact that you buy the items with your credit card and usually get a month (or even more if the vendor doesn't put through the payment immediately) to enjoy the fruits of your purchase before you have to pay for it. I'm no fan of banks but I don't lose any sleep over this quirk in their processing!


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## ClubMan (4 Mar 2005)

*Re: me too*

*Its not like we lose out on this *

Not quite true - while travelling recently I transferred cash from my current to my _VISA_ account assuming that it would be available at least next day for cash withdrawals (as opposed to advances) but got hit for cash advance charges as the money did not appear as quickly as expected. This was a bit of a pain in the This post will be deleted if not edited to remove bad language.


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## Brendan Burgess (8 Mar 2005)

*Re: me too*

I have set up my AIB Visa card to take the money out my AIB current account. The money goes into the Credit Card as soon as it goes out of the Credit Card.

I use AIB Business Banking at work. If I pay into an AIB account, it is instantaneous. Any other bank takes two working days.

Brendan


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## murphaph (9 Mar 2005)

*Re: me too*



> I have set up my AIB Visa card to take the money out my AIB current account. The money goes into the Credit Card as soon as it goes out of the Credit Card.



I'm assuming a DD from your current account, in which case the only difference with my own situation is that I have a Deposit (Cashsave) account. Nice of AIB to arbitrarily discriminate against such account holders.


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## MugsGame (9 Mar 2005)

*AIB current account to VISA*

I have AIB current and VISA accounts setup for online banking. Bill payments from current account to VISA take one working day. 

Funnily enough, transfers in the opposite direction (which would normally incur a cash advance fee) are treated as normal fund transfers, and occur instantaneously. I wonder if this asymmetry is grounds for a complaint.

Is there a way to pay AIB VISA online using an instant funds transfer from my current account, rather than bill pay?


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## ninsaga (9 Mar 2005)

*BOI ...*

Try this for size...

- made an online payment on sat 5th to pay my BOI mastercard
- transaction was confirmed on the online account statement ie. money taken from my account that day - (m/c was not paid of course)
- on mon 7th my account details changed to show that the money was only taken out of my account that day - ie. 7th
- Tue 8th (circa 8pm) - money still not received into my m/c account. ....that's 3.5 days later...but according to the BOI onmline statement, they only took the money out of my account 1.5 days ago. Of course I do have a screenshot of the transaction to confirm that I did conduct the transaction on the 5th -as I do all the time.

ninsaga


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## POBHD28 (9 Mar 2005)

*Re: BOI ...*

Good idea about the screenshot.

I've often noticed that my BOI online transaction details change slightly from time to time, just as ninsaga has described. It's generally the date of a transaction that changes. I suppose I could take it up with BOI - it's a bit disconcerting.


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## moneyhoney (9 Mar 2005)

*BOI*

One of the "quirks" of the irish banking system is that even if you put through a transaction on a weekend day, in this case, a Saturday, the transaction isn't actually processed until the Monday. Check the posting date for any weekend ATM transactions - they get posted on the following Monday, if that's a bank holiday, they get posted on the Tuesday.

This seems a little archaic doesn't it?????


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