RANT - Std Bank

[Drifter]

My employer recently change their bank account to FNB due to way too many issues with Std Bank. Now the payroll takes 3 days for Std Bank to release the funds into my Std Bank account, even though the EFT from FNB was done release and clear, and the transaction fees paid.

FML, it's weekend, I need my $$$.

 

[web]

Mine is always in the next day ?

 

[Drifter]

Mine is always in the next day ?

Not today, no.

 

[ToxicBunny]

If they're doing a magtape run type of payment, it will be the next day...

If its a normal EFT, then STD bank will fsck you around for a bit.

 

[web]

If its a normal EFT, then STD bank will fsck you around for a bit.

generally only if the EFT was done after 4:30 in the afternoon, otherwise should be cleared.

 

[Ry4n]

Get your payroll to pay correctly - doesn't matter what bank our employees are with everyone gets their $$$ at the same time though Stansal.

 

[Drifter]

Get your payroll to pay correctly - doesn't matter what bank our employees are with everyone gets their $$$ at the same time though Stansal.

FNB convinced then to use some Payroll system they offer clients, a BIG F-UP. Payroll was done yesterday.

 

[gfmalan]

I have business accounts with both, and on FNB is this "Pay & Clear" option, I think it cost R36, but it is in few seconds available in SBSA accounts.

 

[MrR]

Surely the issue lies with HR and their processes and not Standard Bank?

 

[akescpt]

sounds liks someone in hr got a kickback

 

[Drifter]

Very very odd @ 12:41 salary was paid into my account.

 

[phiber]

Doesn't sound like an Sbk issue

 

[Bismuth]

I bank with Capitec, my employer ABSA. The Capitec and ABSA accounts often get their money they day BEFORE official payday, otherwise on the day. SBSA accounts usually wait the longest, but never later than the official date.

I understood that the employer could make arrangements with their bank for salary payments to clear immediately, or on a specific date. I know that when I worked for a major regional airline, the payroll was processed between the 15th to 20th of each month, but salaries were only released on the 27th (they took no more timesheets/overtime etc after the 20th for this reason, apparently).

Heck, depending on when I do an EFT, I've had them clear the next day already, never longer than 2 days.

B

 

[Slootvreter]

Since I'm with ABSA, my salary is in my account the evening before payday already. What I cannot understand, though, is why debit orders cannot run on Sundays or holidays. Surely this is a completely automated process?

 

[Chevron]

I'm with standard bank. Should only take 1 day. has never taken longer regardless of where I've worked.

 

[phiber]

Since I'm with ABSA, my salary is in my account the evening before payday already. What I cannot understand, though, is why debit orders cannot run on Sundays or holidays. Surely this is a completely automated process?

It is completely automated or scheduled. There are multiple reasons that roll up into why this doesn't happen; the legacy core banking services, business rules around branch days, accounting and batch runs, as well the need for maintenance days all add up to Sunday's being a non-processing day.

The new core banking systems run with and process all transactions as well as all accounting and branch transaction real time (no offline/batching), almost a perpetual banking day.

 

[HavocXphere]

People cut things so close that hours matters? :wtf: That must be scary.

 

[phiber]

People cut things so close that hours matters? :wtf: That must be scary.

Banks scoring overnight lending rate on my money irks me!