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Geoff Lane
July 26th 03, 01:02 PM
Something has often puzzled me.

I recently transferred a largish sum from one of my accounts to
another with a different bank.

The sum left my Alliance & Leicester account on the 22nd July and
reached my Co-op account on 25th July.

Who was actually earning out of it on the 23rd and 24th when it did
not show on any account?

Geoff Lane

Ronald Raygun
July 26th 03, 01:16 PM
Geoff Lane wrote:

> I recently transferred a largish sum from one of my accounts to
> another with a different bank.
>
> The sum left my Alliance & Leicester account on the 22nd July and
> reached my Co-op account on 25th July.
>
> Who was actually earning out of it on the 23rd and 24th when it did
> not show on any account?

Nobody. Because the money was sitting in a Securicor van in transit
those two days it can't have been invested, working hard, and earning
interest during that time. It was "on holiday", unpaid leave.

Pipe Smoking Man
July 26th 03, 01:18 PM
Ronald Raygun > wrote in message
...
> Geoff Lane wrote:
>
> > I recently transferred a largish sum from one of my accounts to
> > another with a different bank.
> >
> > The sum left my Alliance & Leicester account on the 22nd July and
> > reached my Co-op account on 25th July.
> >
> > Who was actually earning out of it on the 23rd and 24th when it did
> > not show on any account?
>
> Nobody. Because the money was sitting in a Securicor van in transit
> those two days it can't have been invested, working hard, and earning
> interest during that time. It was "on holiday", unpaid leave.

What rubbish, it does'nt work like that. This chap is wrong, the building
society earn the interest.
>

Ronald Raygun
July 26th 03, 02:12 PM
Pipe Smoking Man wrote:

> Ronald Raygun > wrote
>> Geoff Lane wrote:
>>
>> > I recently transferred a largish sum from one of my accounts to
>> > another with a different bank.
>> >
>> > The sum left my Alliance & Leicester account on the 22nd July and
>> > reached my Co-op account on 25th July.
>> >
>> > Who was actually earning out of it on the 23rd and 24th when it did
>> > not show on any account?
>>
>> Nobody. Because the money was sitting in a Securicor van in transit
>> those two days it can't have been invested, working hard, and earning
>> interest during that time. It was "on holiday", unpaid leave.
>
> What rubbish, it does'nt work like that. This chap is wrong, the building
> society earn the interest.

Of course it works like that. How else does the money get from
one bank to the other? In particular, note that had he turned
up with his own securicor van (or just a shoulder bag and a Vespa),
and withdrawn the money in cash from one branch and paid it in
over the counter at the other on the same day, there would have been
no gap in the interest being credited to him.

OK, I know they don't actually transport cash about, that bit was
a wee joke, but the point is that there is clearly something very
wrong with the system if a "push-button" transfer which ought to
be instantaneous and involves no actual work, should involve loss
of interest when a high-overhead method involving lots of work
does not. It's a disgrace.

Put that in your pipe and smoke it.

Pipe Smoking Man
July 26th 03, 02:23 PM
Ronald Raygun > wrote in message
...
> Pipe Smoking Man wrote:
>
> > Ronald Raygun > wrote
> >> Geoff Lane wrote:
> >>
> >> > I recently transferred a largish sum from one of my accounts to
> >> > another with a different bank.
> >> >
> >> > The sum left my Alliance & Leicester account on the 22nd July and
> >> > reached my Co-op account on 25th July.
> >> >
> >> > Who was actually earning out of it on the 23rd and 24th when it did
> >> > not show on any account?
> >>
> >> Nobody. Because the money was sitting in a Securicor van in transit
> >> those two days it can't have been invested, working hard, and earning
> >> interest during that time. It was "on holiday", unpaid leave.
> >
> > What rubbish, it does'nt work like that. This chap is wrong, the
building
> > society earn the interest.
>
> Of course it works like that. How else does the money get from
> one bank to the other? In particular, note that had he turned
> up with his own securicor van (or just a shoulder bag and a Vespa),
> and withdrawn the money in cash from one branch and paid it in
> over the counter at the other on the same day, there would have been
> no gap in the interest being credited to him.
>
> OK, I know they don't actually transport cash about, that bit was
> a wee joke, but the point is that there is clearly something very
> wrong with the system if a "push-button" transfer which ought to
> be instantaneous and involves no actual work, should involve loss
> of interest when a high-overhead method involving lots of work
> does not. It's a disgrace.


I can't believe I'm hearing this. Now you confess that you are having a
joke!

I put it to you sir, that your having more than a "wee joke" ! More like
your having a wee sip of whisky.
You know perfectly well that banks make interest on the money that they have
at any particular moment.

Its got nothing to do with vespas, securicore vans.

I nearly fell of my trolley laughing at your poppycock . I've never heard
such balderdash from a wee scotsman before.

>
> Put that in your pipe and smoke it.
>

Peter Lawrence
July 27th 03, 08:53 AM
On Sat, 26 Jul 2003 13:02:25 +0100, Geoff Lane >
wrote:

>Something has often puzzled me.
>
>I recently transferred a largish sum from one of my accounts to
>another with a different bank.
>
>The sum left my Alliance & Leicester account on the 22nd July and
>reached my Co-op account on 25th July.
>
>Who was actually earning out of it on the 23rd and 24th when it did
>not show on any account?

Alliance & Leicester actually.
--
Peter Lawrence

Timothy Lee
July 28th 03, 01:34 PM
In article >, Ronald
Raygun > writes
>Geoff Lane wrote:
>
>> I recently transferred a largish sum from one of my accounts to
>> another with a different bank.
>>
>> The sum left my Alliance & Leicester account on the 22nd July and
>> reached my Co-op account on 25th July.
>>
>> Who was actually earning out of it on the 23rd and 24th when it did
>> not show on any account?
>
>Nobody. Because the money was sitting in a Securicor van in transit
>those two days it can't have been invested, working hard, and earning
>interest during that time. It was "on holiday", unpaid leave.

But, surely it wasn't, do the banks not go:

Bank A is receiving 3.6 million pounds from Bank B
Bank B is receiving 3.4 million pounds from Bank A

Net result Bank B sends .2 million pounds electrionically to bank A.

--
Timothy Lee http://www.wightproperty.com

Timothy Lee
July 28th 03, 01:35 PM
In article >, Ronald
Raygun > writes
>Of course it works like that. How else does the money get from
>one bank to the other? In particular, note that had he turned
>up with his own securicor van (or just a shoulder bag and a Vespa),
>and withdrawn the money in cash from one branch and paid it in
>over the counter at the other on the same day, there would have been
>no gap in the interest being credited to him.

Well it often does.

--
Timothy Lee http://www.wightproperty.com

KotF
July 28th 03, 03:50 PM
"Ronald Raygun" > wrote in message
...

> OK, I know they don't actually transport cash about, that bit was
> a wee joke, but the point is that there is clearly something very
> wrong with the system if a "push-button" transfer which ought to
> be instantaneous and involves no actual work, should involve loss
> of interest when a high-overhead method involving lots of work
> does not. It's a disgrace.

Indeed. I have on many occasions taken money out of a cashpoint, walked into
the bank and paid it back in over the counter in order to effect a same-day
inter-bank transfer. It's crazy but it's true. And when I ask them why I
should have to do this (I've now asked this of four different banks), they
all say 'that's the way it is'. So much for competition improving customer
service....

KotF

Geoff Lane
July 29th 03, 09:57 AM
On Tue, 29 Jul 2003 04:41:48 +0300, "half_pint" > wrote:


>> I recently transferred a largish sum from one of my accounts to
>> another with a different bank.
>>
>> The sum left my Alliance & Leicester account on the 22nd July and
>> reached my Co-op account on 25th July.
>>
>> Who was actually earning out of it on the 23rd and 24th when it did
>> not show on any account?

>The money goes into the account of the bank manager at the COOP
>for a couple of days for 'safe keeping'.
>
>Hardly any money is ever actually transferred between banks as on average,
>inflows match outflows, by and large.
>
>The three day gap is to discourage 'rate tarts' like your self ;O)

Ah if only that were the case :-))))

Regretfully the largish transfer was to pay some largish bills.

I'm going to sort out my finances so my wages go in to my main account
so hopefully eliminate this problem to an extent.

Geoff Lane

half_pint
July 30th 03, 12:50 AM
"Geoff Lane" > wrote in message
...
> Something has often puzzled me.
>
> I recently transferred a largish sum from one of my accounts to
> another with a different bank.
>
> The sum left my Alliance & Leicester account on the 22nd July and
> reached my Co-op account on 25th July.
>
> Who was actually earning out of it on the 23rd and 24th when it did
> not show on any account?
>
> Geoff Lane
>

I've Lost Interest in this thread :O|