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Halifax bank clearance times (Terrible)
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Posted April 12, 2011 at 1:29PM
I bank with Halifax building society, about two months ago I bought a graphic card for my business computer from a company based in France (They had the best price) but via EBay,
I paid for it with my Halifax bank card (Not Credit card) & I have had to get a refund from the company I bought it from due to it not working, I’ve been refunded the £240 this morning from them I’ve had numerous emails from EBay & the company based in France plus PayPal saying it’s been paid back into my bank,
I run myself & my wife’s almost dead business from the computer, the pc I am using at the mo is my neighbors because I can’t use the computer without the graphic card,
so I’ve tried to buy another replacement this morning but my card was rejected? how come I thought so I checked with my bank & the £240 had not cleared??? I called the bank to find out it will be ELEVEN working days!!!
my business is struggling I don’t have any money to replace this graphic card apart from the money that’s been refunded? so it looks like due to the bank's rules my business may cease trading! WHY is this taking so long it’s not fare the banks are quick enough to take charges from my accounts when I go overdrawn etc..But they offer little help when it comes to things like this! This means it is going to be THREE WEEKS before i can buy my new card & including delivery looks like it will goto a fourth week?
IVe been in touch with the company i bought it from to ask if they could put the money onto my Paypal also to cancel the original refund to balance things & they are not replying to me?
Terrible working practices from Halifax & its simply NOT FARE!
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Posted April 12, 2011 at 2:27PM
They have always been slow. I was told once that a cheque would take 7 days to clear. When I enquired as to why that was, the minion replied "It just does". Never used them since. Tesco use the fast pay system with the other Big Banks that operate it but I have no experience of refunding time.
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Posted April 12, 2011 at 2:37PM
IVe been in touch with the company i bought it from to ask if they could put the money onto my Paypal also to cancel the original refund
Too late for that, they have already paid the money out.
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Posted April 12, 2011 at 3:30PM
Very expensive Graphics Card.
However, back to the problem, you do not say by what method the Refund was Transferred to your Account or in what Currency that Transfer was made.
The normal process of Bank to Bank Transfer is 3 days, per Bank, and if it was in Euros there will be another time lag for Conversion. I know that this is iniquitous but it is how the Banks protect themselves against Fraud and also how they make money.
As you were using a Halifax Debit Card, you will be able to access your Account, On-line, to see when it goes into Credit and when the Funds become available.
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Posted April 12, 2011 at 11:16PM
A transaction of this type could result in a return of funds taking 30 days by the retailer. Well worth thinking about when paying out money to an on-line, telephone or mail order retailer. If you haven't got funds in your account or perhaps waiting for funds, then trying to make another purchase might need to be placed on the shelf, otherwise there might be a likelihood that interest rate might occur, which the lender may charge. Bouncing cheques or refusals to to no money availability might also incur penalty fees.
The UK banking procedures were suppose to have been tightened up in regards to processing funds and financial transactions, but checking it would still appear to be far to slow still.
A number of finance transactions that I undertake every month, all seem to have money deducted from my private account within minutes (on-line check), yet these same transactions always seem to take two days on paper?.
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