# PTSB:3 Days to electronically Transfer Funds?



## Knuttell (2 May 2012)

My Wife sent money from her PTSB a/c on Monday at 10.55am to my Ulster Bank a/c,checked the a/c yesterday no funds,was a bit puzzled but had other things to worry about.

Checked my a/c this morning,still no sign of the money,rang wife and asked her to check to see if she sent it to the wrong a/c,she hadnt,she rang PTSB and was told that because *"it was a Bank holiday in Europe that the ECB clearing houses were closed"* and the money would not land in my a/c til tomorrow...Thursday!!

2 full days after it was supposed to be there.The reason given is perhaps one of the most bizarre I have ever heard...

Anyone explain what the problem is?


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## Sunny (2 May 2012)

They wouldn't have able to process it value yesterday because it was a Target (Clearing system) holiday but not sure why it isn't there value today. Thursday seems poor in this day and age but I think the standard is 3 working days. I do transfers between BOI and Ulster and it is next working day.


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## Knuttell (2 May 2012)

Normally if its done on the morning between these accounts its there the next day without fail.


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## Sunny (2 May 2012)

Knuttell said:


> Normally if its done on the morning between these accounts its there the next day without fail.


 
I would have expected that as well. Not sure to be honest.


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## itsallwrong (2 May 2012)

And also bear in mind that they are willingly slowing down the flow of cash out of their bank.  All cheques now take 5 days to clear regardless of what they are.  Even their own cheques.  There was a notice on their Open24 site saying that a clearing house would be closed for a few days recently. 
PTSB and Ulster clearing houses are in Ireland.  And they are both members of the Irish clearing system - The network of associated banks that have a well established exchange and clearing operation which was setup donkeys years ago.
Another poor excuse from PTSB


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## Brussels (2 May 2012)

The Irish Clearing works on the following basis.
If you make an electronic payment from your account before the end of day cut-off (mid afternoon - depending on the Bank) the value of this payment must be in the account of the beneficiary on the next working day. This applies to both national and cross border electronic transactions.

This has been the case since 1st January 2012.

Regarding 1st May - this press notice was issued last week. 

As 1st May 2012 is a bank holiday in most EU countries the TARGET2 settlement system will be closed on that day. Consequently, there will
be​​​​*no same-day value euro *payment capability/settlement throughout Europe, including Republic of Ireland on 1st May.

Also as a result of this European bank holiday, certain domestic and cross-border euro payments and currency payments for value 1st May will be
processed for value the following business day.
For further details, customers are advised to contact their own credit institutions.

Issued by the Irish Payment Services Organisation Ltd.​
26th April 2012.


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## roker (2 May 2012)

In this age of 24hr online banking, it would seem that that computers take week ends and bank holidays off.


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## DublinTexas (2 May 2012)

Actualy from Friday to late yesterday evening there was a big bright message on the entry page of open24 clearly advising about which delays are to be expected.

According to that if the OP's wife did the transfer on Monday it should have been cleared today (Wednesday) at Ulster and not tommorrow.

Here the message displayed:

*Important Note: Due to the European Central Banks being closed on 1st May 2012, all transactions in euro to other banks, which have a business date of 30th April 2012, including all Open24 transactions performed from 6pm on Friday 27th April to 6pm on Monday 30th April, will not reach the receiving Bank until Wednesday 2nd May 2012. Transactions processed on the business day of 1st May will reach the receiving Bank on 2nd May. We apologise for this delay which is outside of our control.*​*
*


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## Knuttell (2 May 2012)

She has PTSB OPEN 24 log in page saved to Favourites and goes straight to this page,there may have been some warning on the main site page but for most online customers,myself included,we bypass that in order to log in straight away...yes you are correct,it should be in my account now but I assume it will be tomorrow before it finally lands.

Curiously enough I got her to lodge a PTSB cheque to her account recently and it took the full 5 days to clear,just like a previous poster alluded to,they really do seem to be over holding on customers monies.


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## Declant (2 May 2012)

*Ptsb*

I do banking with PTSB and I have to say that they are reverting back to the 1980’s style of banking. I used to be able to lodge a cheque and it would clear that day. Now the same cheque takes 5 full days to clear. I have a bet365 account if I want to lodge into my PTSB a/c it used to be in the next day now it takes 3 days. It is a sure sign that a bank is in distress if it is holding onto funds that the counterparty has released. . As for the European Central Bank clearing system being closed I was amazed that they even mentioned it. What they were admitting was that they do not have the funds to clear items without the support of the E.C.B. If they had the funds it wouldn’t matter who was closed they could do it independently using another clearing system.


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## Brussels (2 May 2012)

Declant said:


> I do banking with PTSB and I have to say that they are reverting back to the 1980’s style of banking. I used to be able to lodge a cheque and it would clear that day. Now the same cheque takes 5 full days to clear. I have a bet365 account if I want to lodge into my PTSB a/c it used to be in the next day now it takes 3 days. It is a sure sign that a bank is in distress if it is holding onto funds that the counterparty has released.


 Banks cannot hold on to customer funds. They are legally obliged to credit a customer's account on the buisness day that they receive the funds.


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## Knuttell (2 May 2012)

Brussels said:


> Banks cannot hold on to customer funds. They are legally obliged to credit a customer's account on the buisness day that they receive the funds.



Yet they effectively do that when they take 5 full days to process a cheque thats drawn on their own Bank,a cheque like that should clear in no more than a few days at most.


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## aoc (2 May 2012)

i have transferred from BOi to AIB on line - it has taken up to 5 days!
however if i lodge and aib chq to boi it clears the same day........ hard to make sense of it all


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## DublinTexas (3 May 2012)

Declant said:


> I do banking with PTSB and I have to say that they are reverting back to the 1980’s style of banking. I used to be able to lodge a cheque and it would clear that day. Now the same cheque takes 5 full days to clear. I have a bet365 account if I want to lodge into my PTSB a/c it used to be in the next day now it takes 3 days. It is a sure sign that a bank is in distress if it is holding onto funds that the counterparty has released. . As for the European Central Bank clearing system being closed I was amazed that they even mentioned it. What they were admitting was that they do not have the funds to clear items without the support of the E.C.B. If they had the funds it wouldn’t matter who was closed they could do it independently using another clearing system.


 
Are you sure this is PTSB's fault and not bet365? 

I have never had any problems with PTSB crediting me the funds in the required cycle since the new 1 day rule has come into place and neither did any of the people I send money too. In fact even transfering money between my PTSB and DKB account is 1 day max. 

They require the ECB clearing house for payments and if Ireland has different holiday schedule because of historical reasons that that is one of the drawbacks of EU integration. Someone from the continent making a payment to Ireland on Friday this week expects the money to be in Ireland on Monday but because of our bank holiday its there on Tuesday. Now is that a sign that the european bank is having problems or because there is a bank holiday in ireland?

You better get used that banks work according to european holiday schedules as long as the Euro still exists. 

And also note that PTSB was not the only bank informing the customers about this, so did Ulster.

And as to cheque, they cause a security and credit risk. Who guarantees that the drawers account still exists or has the funds in? And who guarantees PTSB that if the they give you same day value and the cheque bounces you have the money to refund the early value date if you for example already have withdrawn the funds?

I don't accept cheques anymore, it's too much hassle. If you can't provide me with EFT than I won't do business with you.


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## roker (3 May 2012)

DublinTexas: What is EFT?
Looks like you are going to loose a lot of business refusing cheques.


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## Knuttell (4 May 2012)

Thanks for all your inputs folks,very helpful.


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## Declant (7 May 2012)

Rubbish, I did an experiment on Wednesday morning; withdrawal from bet365,09.35 - 500 euros to boi, arrived Thursday 
09.36- 500 euros to ptsb, still waiting Sunday night
09.37- 500 euros to aib, arrived Thursday evening
09.38- 500 euros to ulster, arrived Thursday 


As it is a bank holiday Monday would expect it Tuesday , but I will let you know.... Update..... payment arrived in ptsb a/c today (Tuesday). Rang up Ptsb to get an answer for the delay. He seemed non-plus, as stated in the terms and cond'; please allow 3 working days but can take up to 5 waiting to clear, all in the course of banking with ptsb


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## DublinTexas (7 May 2012)

Declant said:


> Rubbish, I did an experiment on Wednesday morning; withdrawal from bet365,09.35 - 500 euros to boi, arrived Thursday
> 09.36- 500 euros to ptsb, still waiting Sunday night
> 09.37- 500 euros to aib, arrived Thursday evening
> 09.38- 500 euros to ulster, arrived Thursday
> ...


 
In that case PTSB is in breach of regulation, so you should complaint to the relevant authority.


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## callybags (25 May 2012)

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.

Thanks


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## Time (25 May 2012)

KBC will receive the money the next day. It then takes them time to apply it to your account.


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## callybags (25 May 2012)

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.


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## Brussels (28 May 2012)

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.
> 
> ...


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## callybags (28 May 2012)

Thanks, Brussels.

That's exactly what I was looking for.

I will update when I hear back from KBC.

Callybags


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## shweeney (28 May 2012)

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).


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## Brussels (28 May 2012)

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.


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## shweeney (28 May 2012)

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.


 

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.


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## Ramona (4 Aug 2016)

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.


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