Where will Gov't get the money from

[sinkov]

Log onto their website, click on 'My Account', click on 'Deposit', a box appears, I type in the amount I want to deposit, click on 'Deposit' and bob's your uncle, it's available to bet with instantly, depending on broadband speed the whole process of moving the money from my bank account and onto the back of a horse can take less than a minute.

[barrie_burn]

Log onto their website, click on 'My Account', click on 'Deposit', a box appears, I type in the amount I want to deposit, click on 'Deposit' and bob's your uncle, it's available to bet with instantly, depending on broadband speed the whole process of moving the money from my bank account and onto the back of a horse can take less than a minute.

Interesting.

I have been retired for quite a few years and,as you know, technology moves very fast.If I went back to work now I wouldn't know what the hell was going on,despite working in the industry for 36 years.

However,I can guess what is happening.The Banks will have a way of cancelling your deposit.Perhaps I can describe it in old fashioned terms.You issue a cheque which gets presented and it makes your account overdrawn,the Bank then has to decide whether they are going to allow it.Their options were write and advise you,ignore it because you are known to them and they are not worried,or "bounce" your cheque.
There is no way that a Bank would lose that control and you can't input that sort of knowledge into a computer.Therefore the bookie will not pay out until the time has elapsed for the Bank to cancel it.

I don't do Internet banking and a couple of years ago I gave my daughter a cheque for her birthday.She immediately got out her phone and then a minute later told me she had paid it in and I could rip up the cheque,I was gobsmacked and realised that I was well out of it now.

[sinkov]

Thanks for trying barrie, the money paid in comes from my debit account, the bookies won't accept deposits from a credit card, so they are secure, as is the bank, in the knowledge that the money is/was in my account and which is why they'll allow me to place the bet immediately. It thus follows that if they have no worries about me placing the bet, they can have no worries on that score about paying me out, so I don't see this as the reason for the delay.

[barrie_burn]

God knows what the Banks or the bookies do these days.I would ask your Bank for an explanation when you go in but the chances are that they won't know.The majority of staff these days are just trained to do one job,the days of allrounders are gone.However,from what you say is that you use your debit card and I honestly don't know whether that payment goes through or not if it makes you overdrawn.I suspect that it does go through but the Bank's have a set time in which to cancel it.

I used to enjoy it when it meant dealing with people,unfortunately that is not the case anymore.When you phone up you just get someone in a call centre which quite often is in India.Are they members of the Chartered Institute of Bankers,I don't think so.

[ARAbCHNID]

Thanks for trying barrie, the money paid in comes from my debit account, the bookies won't accept deposits from a credit card, so they are secure, as is the bank, in the knowledge that the money is/was in my account and which is why they'll allow me to place the bet immediately. It thus follows that if they have no worries about me placing the bet, they can have no worries on that score about paying me out, so I don't see this as the reason for the delay.

Sinky, I use PayPal. Instant deposit & instant withdrawal. Mostly the former

[ARAbCHNID]

God knows what the Banks or the bookies do these days.I would ask your Bank for an explanation when you go in but the chances are that they won't know.The majority of staff these days are just trained to do one job,the days of allrounders are gone.However,from what you say is that you use your debit card and I honestly don't know whether that payment goes through or not if it makes you overdrawn.I suspect that it does go through but the Bank's have a set time in which to cancel it.

I used to enjoy it when it meant dealing with people,unfortunately that is not the case anymore.When you phone up you just get someone in a call centre which quite often is in India.Are they members of the Chartered Institute of Bankers,I don't think so.

FYI Barrie Burn, Barry Burn runs thro Carnoustie Golf Links, 13 miles from where I'm sitting. Jean Van de Velde's not got much time for it

[ARAbCHNID]

I popped on here cos I saw the post title & I'm worried the Govt are going to buy all the Monopoly sets in the UK. That purchase being cheaper than BoJo's mailshot.

I gave up years ago...

[sinkov]

Sinky, I use PayPal. Instant deposit & instant withdrawal. Mostly the former

Cheers mate, although this is something that's niggled me for years, it's never niggled me enough to ask about it, until I saw barrie's post about working for a bank and decided to ask him. What you said about PayPal intrigued me, I didn't know that, so I've just been on Ladbroke's site and checked their FAQs about withdrawals. It says Visa Debit cards, like mine, take 1-2 banking days, PayPal takes 3 hours. It also talks about internal processing times, which must be the 3 hours to clear a PayPal transaction, anything over that must therefore be down to the banks. It remains a mystery though why the bank will put my money instantly into my Ladbrokes account, but wants a couple of days to send it in the other direction.

"*Generally, card and bank transfer withdrawals take 1 – 2 banking days to reach your account. However, please note that depending on your banks’ processing times, it could take up to 5 days to reach your account. All withdrawals are subject to internal processing times as stated. Furthermore, where withdrawal checks require escalation for review, this will extend processing times."

[1959_60]

Aye Sinkov - I've often wondered that.

When I was working bank transfers for goods and services were practically instantaneous - why is it different for these type of transactions?

Of course, we had a business account so they may have more bods pressing buttons...but surely "electronic payment" should be quicker than that?

In January we booked a week at a hotel in Eastbourne in June. We were going to visit my Bro in law in Hastings, go to the tennis and have a day at Glyndebourne.
The money for all three things was instantly taken from our account. And all three have very happily agreed to refund us. Despite telling us over the weekend that the hotel and Glyndebourne had refunded us, we have still not received the payments.

It's definitely the banks dragging their heels and it is very obviously not an automatic transaction.

[barrie_burn]

They are *******s.Bank's ALWAYS look for ways of making money.Just sometimes they get caught eg.PPI.I got a *******ing for not selling it when I agreed a Personal loan to a Police Officer,it was clearly inappropriate.