Anyone work in banking? Direct Debit query....

BT Bob

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My GF has moved out of her flat and in with me at my house.

Today, she contacted the TV Licensing people to cancel her licence. She's been paying this by monthly direct debit, her August payment left her bank account on 1st, as usual.

The TV Licensing people have told her that once the payment reaches them, they'll refund it - but it could take up to 8 working days for the money to appear in their account.

So, for 8 working days (which in this case is actually 13 calendar days) - where is that money?? It must be somewhere - the cynic in me believes the banks are sitting on it, probably using it to earn them some money. Multiply that £12 by the number of people who pay their TV Licences by DD and it must be millions of £££. If it's the same for every direct debit, they must be playing with billions of £££ - none of if their money.

Or am I wrong??
 
In its round trip from the one account to the other and back again it will spend time
- at the original bank but not in any customer account (bank benefit)
- at the TVL bank but not in any customer account (bank benefit)
- at the TVL bank in TVLs account (TVL benefit)
 
Pretty much what I thought.

As part of my job I'm heavily involved with providing IT services to large financial institutions - I have a good idea how much the banks invest in their IT infrastructures, so I still can't work out how it takes 8 working days to move 12 quid from one account to another.....

8 seconds I could believe, 8 minutes I could understand, 8 hours I could accept, but 8 days??????
 

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