Balance transfers: why the time gap?

[Z100]

Did a balance transfer a few days ago, transferring E2,000 from my MBNA card (which has about a 1.9% transfer rate, forget the exact figure) to clear my BOI Visa card. The E2,000 was gone from my MBNA card yesterday morning but still hasn't been credited to my BOI account....is this normal? Presumably while I'm in this limbo I'm paying interest on the missing E2,000 in both accounts??

Thanks.

 

[GreatDane]

Hi

Not sure why, but noticed this myself in the past - think the MBNA website suggests something crazy like 10 days (which is madness, given it's usually 3 days to transfer funds between accounts, or 1 working day if you pay additional to have a SWIFT transfer done). Did you challenge them on it ? ... if not, go for it !

Cheers

G>

 

[bond-007]

I find it can take 5 days for funds to go from my AIB account to MBNA.

 

[GreatDane]

I've seen mention elsewhere on this site that Billpay only takes one working day, assyuming the transaction is complete before midday - sorry, can't find the link right now but its a recent topic

Cheers

G>

 

[Z100]

Did a balance transfer a few days ago, transferring E2,000 from my MBNA card to clear my BOI Visa card. The E2,000 was gone from my MBNA card yesterday morning but still hasn't been credited to my BOI account....is this normal? Presumably while I'm in this limbo I'm paying interest on the missing E2,000 in both accounts??

Thanks.

Almost 10 days later and the 2,000 still hasn't turned up in my BOI Visa account!! Presumably it won't appear until Tuesday at the earliest? Mad stuff. Will ring them next week.

 

[Perplexed]

Pardon my ignorance but just how do you do a balance transfer from a Cr Card ?
From my experience banking transactions will only occur on "working days" so 5 of your 10 days over the Christmas period have been non-working days.

 

[Z100]

Pardon my ignorance but just how do you do a balance transfer from a Cr Card ?

Maybe I didn't phrase it right, but you know what I mean!

From my experience banking transactions will only occur on "working days" so 5 of your 10 days over the Christmas period have been non-working days.

I make it six, but I could have my dates muddled. Is 5/6 not a very long gap? I did one transfer before (between the same cards) - it took about a week to go through but that was fine because the transfer took place simultaneously, ie the money left one account on the same day as it arrived in the other. I just think it's a bit much that for 5/6 days (as I said above) I'm effectively paying interest on 4,000 (in two accounts) when it should only be 2,000.

 

[bond-007]

I just think it's a bit much that for 5/6 days (as I said above) I'm effectively paying interest on 4,000 (in two accounts) when it should only be 2,000.

That's where the bank makes its money. I am in a similar predicament at the moment. I has a 80K mortgage proceeds lodged to my AIB account Dec 22 and is still not cleared. Annoying to say the least.

 

[GreatDane]

Write to the ombudsman !

 

[Z100]

Write to the ombudsman !

I think I will! Still no sign of the money and we're at the end of business on January 4! Will definitely give them a ring tomorrow, just haven't had a chance so far this week.....too busy posting on AAM

 

[Z100]

Finally rang MBNA and asked why there was such a gap between the money leaving my MBNA account and arriving in my BOI account. They explained these transfers took 10 working days. I explained that the 10 days were up and still no sign of the money. And anyway, the 10 days wasn't the issue for me - the last time I did a transfer between the two accounts, as I explained above, the money left one account and arrived in the other on the same day, so why not this time?

An hour later? Checked online and there was the money in my BOI account!

Hmm.

 

[GreatDane]

...

An hour later? Checked online and there was the money in my BOI account!

Hmm.

Amazing

Makes you wonder did someone from MBNA get on the blower to someone on your bank & kick some *** or was it pure coincidence ?

- Dare you to ring them again and ask for an explanation (not to mention compensation for any additional interest, above & beyond the 10 days overlap they can probably justify )

Glad it's all sorted now, anyway.

Cheers

G>

 

[Z100]

Amazing

Makes you wonder did someone from MBNA get on the blower to someone on your bank & kick some *** or was it pure coincidence ?

- Dare you to ring them again and ask for an explanation (not to mention compensation for any additional interest, above & beyond the 10 days overlap they can probably justify )

Glad it's all sorted now, anyway.

Cheers

G>

Thanks G, it was indeed an amazing coincidence! Very tempted to give them a ring.............