FNB : Pay and Clear now (R36.00)

[undesign]

I've always wondered why some computer dependent things don't work on weekends...what, do servers go away on weekend trips?

LOL good question. IIRC banks settle through the Automated Clearing Bureau (or these days called BankServe). Done daily in batches as part of managing credit and liquidity risk between each other in the bank/payment system. I imagine it is more difficult over weekends to manage that risk and address any issues e.g. should liquidity be an issue for one of the participants.

Whole thing does seem a bit dated though.

Every ****ing weekend ? :erm:

 

[Zewp]

Does anyone know, if the bank you're transferring to is not a participating bank, does FNB at least refund you the R36?

 

[DominionZA]

Does anyone know, if the bank you're transferring to is not a participating bank, does FNB at least refund you the R36?

The transaction will fail.

I often get a failed instant EFT to standard bank accounts. A click of the retry button normally sorts that out.

 

[Drifter]

Reviving dead thread, but did a Pay and Clear from FNB to Std Bank, got SMS confirmation that funds have cleared and has been paid, 5 hrs later, still not reflecting in STd Bank account.

 

[Sinbad]

Standard can't even do real time transfers between their own accounts.

 

[Nefertiti]

LOL good question. IIRC banks settle through the Automated Clearing Bureau (or these days called BankServe). Done daily in batches as part of managing credit and liquidity risk between each other in the bank/payment system. I imagine it is more difficult over weekends to manage that risk and address any issues e.g. should liquidity be an issue for one of the participants.

And they also charge for transactions and the charges depends on the type of transaction and risk associated with it.

 

[Nefertiti]

:twisted: thread necro

 

[Maverick Jester]

Standard can't even do real time transfers between their own accounts.

Truth right here.

 

[Paul_S]

Standard can't even do real time transfers between their own accounts.

You can blame the SAPO for that.
Standard Bank haven't figured out that credit slips travel faster using pigeons. :erm:

 

[Gtx Gaming]

yep did SBSA to SBSA eft , took 2 days , its quicker from SBSA to FNB lol

 

[House]

Standard can't even do real time transfers between their own accounts.

+1

That pisses me off. I have a business account with them for about 3 months and clients making EFT from standard bank accounts only reflect the next day. Sometimes, if EFTs are made Thursday evenings or on Fridays, the money only reflect on Monday evening / Tuesday morning. But, to their credit, one in about 15 EFTs from Standardbank accounts do reflect immediately.

Standard bank is totally backwards when it comes to EFTs.

 

[Sinbad]

Standard bank is totally backwards.

Fixed. #appy.

Why do people still use them?

 

[Drifter]

According to FNB website, even EFT's done not "Pay and Clear" should reflect after midnight in thre recipients account. Nothing in my STd Bank account this mornig, so the money is sitting in limbo somewhere. Very very frustrating.

 

[ichigo]

So glad Capitec has this feature as standard, as I get my Payments for the PC work I do in less than 2 hours. Doesnt matter what bank the customer uses to send the money.

 

[HavocXphere]

So glad Capitec has this feature as standard, as I get my Payments for the PC work I do in less than 2 hours. Doesnt matter what bank the customer uses to send the money.

eh this is a feature on the sending side?

Must say I've never had a need for something like this...the few cases where people would be on my case about getting money I usually pay a day in advance / run a positive balance. Then again my cashflows are somewhat predictable.

 

[ichigo]

eh this is a feature on the sending side?

Must say I've never had a need for something like this...the few cases where people would be on my case about getting money I usually pay a day in advance / run a positive balance. Then again my cashflows are somewhat predictable.

Money seems to clear quickly when sending to other people

 

[Foxhound5366]

FNB is killing me. I selected 'Pay and clear now' on a beneficiary payment from my FNB app on my phone, and although the transaction was successful (big green tick on screen) the money is still showing as available in my account and the payment isn't even logged in my payment history.

I see that 'pay and clear now' can take up to an hour with FNB, so I'm hoping all that's happening is they'll reserve the money and record the payment in their next batch run within an hour. Anybody see this happen before?

 

[ProfA]

Fixed. #appy.

Why do people still use them?

They are the most lenient when it comes to giving home loans and one of the very few banks that still give 100% home loans. ONLY reason I am with them, is because my home loan is with them, and to qualify for the access bond, you must have a cheque account with them into which your salary is paid.

I do however not have a private bank account. I downgraded to Elite (cheapest cheque account) though, so am not paying them stupid amounts in bank fees for sub-par service.

 

[NeonNinja]

 

[krycor]

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Doesn’t this just auto transact? Or are they clearing it too?

I figured it’s just the former.. so whether I manually do it on the day or auto via schedule.. the net result is the same ie takes x days to clear.