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If the transfer from current account to credit card was with the same financial institution your lodgement should be value dated and made available immediately - Payment Services Regulation November 2009.
If the transfer was between different financial institutions it should be no longer than 3 days.
It was simply caught up in a bureaucratic bottleneck. Thanks again.
Hi Tarfhead,
You timelines are no longer correct. The new legislation states that once a payment service provider is in receipt of funds for a customer it must value date and make them available immediately.
SO a payment made during the day should be available to the customer on that day. Banks may also have a cut off for these payments which should be near the end of the buisness day.
Yes, it was the same financial institution which is why I am concerned with the insufficient funds status. Would there be any particular reason as to why this money would not be available? If I had unwittingly gone over my credit limit, would the BoI have frozen my account?
Thanks again
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