Northern Rock Question Re money transfer

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hattrick_12a

Registered User
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Can anyone tell me there experiences with transfering money into your NR account? Was thinking of opening one but it says something about sending them a cheque with a ref bank account number. Was hoping to just send it from an onlie account. Is this possible?

According to thee FAQ it does not seem as easy as doing it online.
[broken link removed]
I sent an electronic transfer to my online account from my current account. Why is it not showing on my balance?
In order to send an electronic transfer from a current account to your Demand Online account you must contact your bank and tell them to send the funds to our clearing account, details of which are as follows:
AIB, Westmoreland St, Dublin 2
Account Number; 75234003
Sort Code; 93-33-84
Reference*
*It is important that you quote your Demand Online account number as the reference as funds cannot be applied without this number.
Northern Rock cannot withdraw from an external account.
The funds will arrive in the account after 3-4 working days, the balance is updated that night and the lodgement can be viewed online the following day.
If, after 4-5 working days the transfer has still not appeared in your account, the funds may have been sent without a reference or with an invalid reference (i.e. anything other than your account number.)
In this case please contact us by logging into your account and using the Secure Mail option on the left hand side of the screen. Please ensure that the following information is included in the secure
e-mail:
the account name and sort code
the account name and sort code details for the account where the funds are coming from;
the exact amount of the transfer;
the name and account number for the Northern Rock account you wish us to credit.
We may be in touch to request further information if required.
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And if this has benn asked already, please point me in the right direction. I couldn't find it. Thanks.
 
Re: Norther Rock Question Re money transfer

I used to transfer funds from Ulster to NR online with no problem - but about a month ago one went "astray" and I had to send emails , make phone calls and finally send a fax of my bank statement to NR to help them track it down. Both banks blamed each other . I have sent a cheque in the post this month - it might be quicker?
 
Re: Norther Rock Question Re money transfer

You can post a cheque to NR as long as the cheque its payable to the NR account holder. You must reference your NR account number on the cheque.

All on line transactions are held in a holding account before transfer to the individual account - the account no referenced in NR's FAQ is their holding account number and you must reference your account number with each transaction so the correct transfer can be made. Its looks cumbersome but works really well when correctly setup.
 
Re: Norther Rock Question Re money transfer

I have had no problems sending money from PTSB Online24 online banking to NR and vice versa. The only problem is the time it can take to "clear" (?!) especially when going from PTSB (usually 3-4 working days)... :(
 
I have never had any problems sending money from BOI 365-online to NR and vice versa. And yes, it does seem to take a day or 2 to "clear" - which is a bit annoying in this day and age.
 
Some element of the problem arises because Northern Rock is not a participant in the clearing system, and it's account numbering scheme does not conform to standard. Therefore you can only transfer into the bank's account, not into your own account. NR must therefore extract the transactions from their own bank account and post them to your individual account.
 
jpd said:
I have never had any problems sending money from BOI 365-online to NR and vice versa. And yes, it does seem to take a day or 2 to "clear" - which is a bit annoying in this day and age.
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Exact same situation for me. I have electronically transferred money back and forth between BoI and NR, on at least 15 occasions, without a problem.
 
Gulliver said:
Some element of the problem arises because Northern Rock is not a participant in the clearing system, and it's account numbering scheme does not conform to standard. Therefore you can only transfer into the bank's account, not into your own account. NR must therefore extract the transactions from their own bank account and post them to your individual account.
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Yeah - but all of my "bill payments" take the same 3-4 working days to clear with PTSB and not just transfers to Rabo and NR. Bit of a pain since the money exits the PTSB account immediately but only appears in the destination account a few days later...
 
jrewing said:
Exact same situation for me. I have electronically transferred money back and forth between BoI and NR, on at least 15 occasions, without a problem.
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Sorry now but, when you mean electroniclly, do you mean via the webpage? Or actually going into the bank and asking them to do it?
 
I called PTSB Open24 online banking and they set my NR account up as an external account for transferring money. Then I just select that when I want to send money from my PTSB account to NR. Other online banking systems allow you to set up such external payees without any intervention by your their bank I believe. My PTSB account is set up in my NR account as my external account so I can also move money easily in the other direction. Once set up you can move money either way from the web.
 
ClubMan said:
I called PTSB Open24 [/I]online banking and they set my NR account up as an external account for transferring money. .
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i use PTSB to transfer to an anglo a/c and others. Recently they have introduced a 3k limit-it takes ages to do a lge amount-even 10k takes 4 days and 4 transactions. They say its cos of the phishing scams, which is all well and good, but this is an account that I as the owner nominated for fund transfers, and they apply the strict terms on it. I had an on line swiss bank a/c when living there and the security was much better than any here.
 
ClubMan said:
Bit of a pain since the money exits the PTSB account immediately but only appears in the destination account a few days later...
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In the days before internet banking became so popular, it used to take AIB a few days to transfer money between a savings account and current account, both held in the same branch. when I queried it with AIB I was told that the money was in a holding account in the bank - probably earning the bank interest.
 
Many of the issues above are related to how the Irish Clearing system works. You'll find some detail on .
Ireland does not have a central clearing house, but has instead bilateral links between the primary participants in the clearing system.
There are 7 direct primary participants, AIB, BOI, BOSI, BNP, NIB, ptsb, and UB. Any electronic transaction presented to them before about mid-day is in the destinalion account by 07.00 the next morning. There are about 15 indirect participants who are connected to these. Transactions may take slightly longer.
NR is not connected to the clearing system. It has to wait until the funds are in an ordinary current account in AIB Westmoreland St., before it can access it's statement and begin the process leading to the posting of it's accounts.
Unlike Rabodirect, NR has not set up a Direct Debiting system whereby it can transfer from your account in a clearing bank. So it has to rely on a credit transfer or cheque from you.
 
Gulliver said:
There are 7 direct primary participants, AIB, BOI, BOSI, BNP, NIB, ptsb, and UB. Any electronic transaction presented to them before about mid-day is in the destinalion account by 07.00 the next morning.

NR is not connected to the clearing system. It has to wait until the funds are in an ordinary current account in AIB Westmoreland St., before it can access it's statement and begin the process leading to the posting of it's accounts.
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So if the money can be in AIB the next day why does it take PTSB (since it is they who warn of the processing time on their system) c. 4 days to get money into NR? Is it because online banking transfers/bill payments are something other than electronic transfers?
Unlike Rabodirect, NR has not set up a Direct Debiting system whereby it can transfer from your account in a clearing bank. So it has to rely on a credit transfer or cheque from you.
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Is a credit transfer different from an electronic transfer?
 
Following is the clearing timeframe;
Electronic transactions destined for other branches of the same bank are mainly cleared immediately.
Inter-bank electronic transactions must be cleared. All banks clear electronic transactions each afternoon. Clearing is quite a complex process - not just a simple transfer of data - so they take a bit of time to prepare for clearing. I understand that all transactions presented to the bank in the morning are cleared that afternoon, and posted to the account in the destination bank overnight.
Electronic transactions include EFT (Salary credits and other credit transfers) and Direct Debit
 
Thanks Gulliver. Sorry for labouring the point - but do you know if PTSB Open24 online banking bill payments and external bank account transfers would be electronic transfers or something else and would you expect these to take c. 4 days?
 
ClubMan said:
Thanks Gulliver. Sorry for labouring the point - but do you know if PTSB Open24 online banking bill payments and external bank account transfers would be electronic transfers or something else and would you expect these to take c. 4 days?
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They should be the same thing. TX code '99' Giro Payment.!
See my previous post about the 3 Day Cycle :
http://www.askaboutmoney.com/showthread.php?t=41765&highlight=towger+day+cycle
Once the payment goes to a bank (EBS, NR etc) outside the main clearing banks they add an extra day to allow the non clearing bank to transfer the payment from their account with AIB, BOI, BNP etc to your account with them. They also don’t want you on moaning to that the money has not arrived after 3 days!


Towger
 
ClubMan said:
Thanks Gulliver. Sorry for labouring the point - but do you know if PTSB Open24 online banking bill payments and external bank account transfers would be electronic transfers or something else and would you expect these to take c. 4 days?
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Current clearing schedule (since Autumn '05) is as above. Bill payments should arrive in the account of the payee organisation by 07.00am. But how long does the payee organisation take to process them to your account.
 
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