Where does money go?????

[auntieannie44]

Unfortunately I had what could be called a  'oooh nasty' and pranged my car.  I have since been informed by the Insurers that it has been considered as a total loss.  So far, so good, so to say!  I had a phone call on Friday informing me of this and asking for my bank a/c so the money could be paid in.  I have made arrangements for another car and have been watching the bank ever since waiting for the payment to arrive.  I  eventually phoned this morning to be told that someone had not received something that was sent by someone else, but that they would re-send it and the payment should be made either today or tomorrow.  Now my question is where does this money go to as I have been told that I will not receive it for 5 - 7 working days after it has been processed.  During that time the Insurance won't have it, the bank won't have it and I certainly won't have it.  Where is this huge great money mountain in the sky that is making large amounts of interest, and more to the point and who is raking it in?????  

[ed_blackadder_1]

It's all a big con, I can go to my bank account online and pay a bill today and within 2 hours it shows on their account.
There is no reason why they cant make almost instant bank transfer nowadays.

[ed_blackadder_1]

Sorry about your car 😞

[bitsnknots]

It is annoying isn't it?  They were quick enough to tell you that they would pay the money into your bank account and then it takes an age to get there.  It is most certainly annoying.

[leoleoleo123]

Oh, the bank WILL have it, they just keep it for a few days to earn themselves some interest!

[malacandran]

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@leoleoleo123 wrote:
Oh, the bank WILL have it, they just keep it for a few days to earn themselves some interest!

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That's true, but why shouldn't the bank earn some interest.  The bank is a business, which needs to earn money.  It's not a charity.

The bank looks after your money, and you get benefit from that.  You should be prepared to pay for the benefit, by accepting  a modest bank charge.

If you don't want to pay a charge, you could just stop using banks. 

[leoleoleo123]

I didn't say that they shouldn't.
They use our money to make money.
It is not a free service.

[malacandran]

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@leoleoleo123 wrote:
I didn't say that they shouldn't.
They use our money to make money.
It is not a free service.

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 Yes, leo - sorry!

I can now see that you were rightly agreeing, that banks aren't charities. 

I got confused by previous posters, who seemed to imply that banks ought to provide a free service.

[ed_blackadder_1]

I wasnt implying that banks ought to provide a free service, just raising the point that they can take money quickly but slow to give it back. They certainly need to make money otherwise they wouldn't be able to lend it.

[stan3502]

It all depends on how money is paid into a bank on how quickly it can be cleared and processed some payments take seconds other need manual processing by a real person so take longer to be logged, accounted and cleared