2007-02-02 22:50:00 · 4 answers · asked by jeffrey l 1 in Computers & Internet ➔ Internet
bank's central sorting sytstem- i think that is owned by bank of england accumulate interest on the funds- and then they increase interest rates to accumulate more!
2007-02-02 23:05:25 · answer #1 · answered by antagonist 5 · 0⤊ 0⤋
Its just a banking rip off.
In the old days before computer technology it really did take about 4 days for money to be transferred between accounts.
However, these days it can be done in a split second. About the same time it takes to send an email.
The banks though try to pretend that it still takes 4 days and what they do is take the money out of your account put it into their own high interest account and then transfer it to your recipient account 4 days later.
Over the course of the year they make literally millions of pounds worth of interest on this procedure.
Hopefully one day we will have a government that actually prohibits this scam.
2007-02-03 06:56:50 · answer #2 · answered by dougietrotter1945 3 · 1⤊ 0⤋
The banks bleed us dry. Yet another UK rip-off. It's not like this all over the world - Oz for instance.
Nationwide Building Society - who do banking too - seem to have pretty quick transfers, couple og days being my regular. Plus you get tons of interest on your balance, 4.25%, if your account gets more than 1000 quid in every month. And free cash withdrawals overseas.
2007-02-03 07:27:19 · answer #3 · answered by Rob E 7 · 0⤊ 0⤋
You should have a word with your bank.. whenever i do a transfer it's done instantly
2007-02-03 07:00:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋