Where's my cash?

[TWSTEEL]

I use internet banking for just about everything financial these days but I'm perplexed as to where my cash is.
Today I paid a credit card bill Xamount using the internet. It's not from the bank (let's cal it TSB) where I hold my current account but from another bank (let's call it B) so I simply log on to B's internet banking site and use my TSB debit card to pay the bill. Dead simple and I reckon I'm one of millions who do this.
Now today being Friday and Monday being a bank holiday it will take till Wednesday of next week for TSB to credit B the Xamount I've paid.
My B card does not have the Xamount extra cpacity yet and my TSB current account shows the balance AVAILABLE AS CASH to be my current account balance LESS Xamount.
So, I can't use Xamount on my B card neither can I withdraw it from my TSB account so who has it?
Is it TSB who are using it, along with millions and millions of other Xamounts for short term lending and financial gain on the money markets or is it B who's doing that?
Has it simply evaporated into the ether to magically re-appear on Wednesday and if so can I please have use of it in the meantime along with all the other Xamounts paid today? I reckon I could earn myself a tidy sum between now and next Wednesday investing it all on 4 day loans and accruing myself a nice little pile of interest.
Now if some nefarious banks are using my hard earned cash in this way I think maybe I should get up a Number 10 Downing Street online petition to change the banking rules so that all internet and electronic banking transactions occur overnight on the day of the transaction. Let's say for arguments sake at 02-10 a.m. to allow for daylight saving time changes to be unaffected by this miracle, which would actually allow me to pay a bill and have the money debited, transferred and received, all within 24 hours. Is that too much to ask of this high tech system which operates at warp speed when it suits the banks but also at snails pace when it suits them?
Are there any flaws in my plan, other than the obvious that the banks won't want it?
Any financial wizard PH's who can comment?
Any badly done to PH's who'd be prepared to sign an online petition and spread the word?

[rich1231]

All swept up and used in various ways to put it simply until at the last moment it is added to yourother account.

HTH

[TEKNOPUG]

It's called theft and it's how banks make their money (or yours/ours) in this case....

[siscar]

Not a great deal of point since it is in the process of being introduced. It's called Faster Payments and started in May being gradually rolled out.

[Vesuvius 996]

TEKNOPUG said:

It's called theft and it's how banks make their money (or yours/ours) in this case....

[SS HSV]

Oh well you could have transferred it by cheque.. oh hang on a minute scrap that idea

[TWSTEEL]

siscar said:

Not a great deal of point since it is in the process of being introduced. It's called Faster Payments and started in May being gradually rolled out.

Excellent - but how gradual is gradual?

[TWSTEEL]

TWSTEEL said:

siscar said:

Not a great deal of point since it is in the process of being introduced. It's called Faster Payments and started in May being gradually rolled out.

Excellent - but how gradual is gradual?

Ah .... OK.... I've found it. It really IS gradual isn't it.
Apparently it was to be in place by the end of 2007
http://www.fastpayments.co.uk/overview.asp
Has it just slowed down or is it dead?

[Pigeon]

Overnight on the day of the transaction? Should happen within a couple of seconds at the longest, we're not using punched cards these days...

[V8mate]

TWSTEEL said:

TWSTEEL said:

siscar said:

Not a great deal of point since it is in the process of being introduced. It's called Faster Payments and started in May being gradually rolled out.

Excellent - but how gradual is gradual?

Ah .... OK.... I've found it. It really IS gradual isn't it.
Apparently it was to be in place by the end of 2007
http://www.fastpayments.co.uk/overview.asp
Has it just slowed down or is it dead?

You should see it 'happening' at a bank near you by September/October

Edited by V8mate on Friday 22 August 17:45

[siscar]

TWSTEEL said:

siscar said:

Not a great deal of point since it is in the process of being introduced. It's called Faster Payments and started in May being gradually rolled out.

Excellent - but how gradual is gradual?

These are banks....

phased in over the rest of the year, which is lightening speed by their standards. Some transactions go through it now, but most still don't.

[H2DaE]

V8mate said:

TWSTEEL said:

TWSTEEL said:

siscar said:

Not a great deal of point since it is in the process of being introduced. It's called Faster Payments and started in May being gradually rolled out.

Excellent - but how gradual is gradual?

Ah .... OK.... I've found it. It really IS gradual isn't it.
Apparently it was to be in place by the end of 2007
http://www.fastpayments.co.uk/overview.asp
Has it just slowed down or is it dead?

You should see it 'happening' at a bank near you by September/October

Edited by V8mate on Friday 22 August 17:45

Erm it's in place right now, I've sent plenty of payments through the FPS

[TWSTEEL]

H2DaE said:

V8mate said:

TWSTEEL said:

TWSTEEL said:

siscar said:

Not a great deal of point since it is in the process of being introduced. It's called Faster Payments and started in May being gradually rolled out.

Excellent - but how gradual is gradual?

Ah .... OK.... I've found it. It really IS gradual isn't it.
Apparently it was to be in place by the end of 2007
http://www.fastpayments.co.uk/overview.asp
Has it just slowed down or is it dead?

You should see it 'happening' at a bank near you by September/October

Edited by V8mate on Friday 22 August 17:45

Erm it's in place right now, I've sent plenty of payments through the FPS

Which bank and I'll move my account?

[TWSTEEL]

Just spoken to TSB.
Yes it's been in place since June 2008.
It doesn't apply to credit card payments to other credit card companies and IS NOT offered as a standard service. Sometimes even FPS payments take up to 3 working days because of "security checks" but I can, if I wish, use the telephone banking contact numbers and request, as I make individual payments, that they be processed individually by FPS - now isn't that just SOOOOO convenient!

[cottonfoo]

Sounds like they have authorised the payment but not captured, so the money appears gone from your account but the funds haven't actually been transferred yet. This happens quite a lot, especially with car hire firms.

[Jasandjules]

The bank says Thank You, you money has been used for an overnight loan out and they've made more interest on that deal than you'll get from them in a month.

[Diderot]

Banks = theiving bds.