Money Wire
| 08:16 UK time, Thursday, 13 April 2006
Hands up all those who have complete control of their personal finances.
Really? Do you get out much?
Well, I don't have that perfect control, but being a gadget freak I like to pretend I can achieve it with the help of online banking.
Online I can see where the money is, and in theory take advantage of short term savings accounts by shifting things around.
But there's a flaw.
After going away for a few days and returning to discover that my bank had not done something it had promised to do, I needed to move money quickly from one bank to another.
Or the monthly bills wouldn't be paid.
And I found the easiest way to do that - as far as I can tell the only way - is to take cash out from one bank in the form of used notes of large denomination, walk down the high street (nervously) to the other bank, and deposit it.
Even though moving it electronically takes a couple of mouse clicks, the banks won't credit it for three days.
They are earning interest, I guess.
But can making your customers transport big amounts of cash around city streets really be justified?
I know there are other ways - banker's drafts and other negotiable paper. But that takes time and long conversations with the bank staff to set up.
Will a bank break ranks one day and allow money transfers at the speed of light?
I certainly hope so.
PS And another grump! The other annoyance in a country that claims to be wired and ready for the digital age is that there are no public Internet terminals available in any of the motorway service areas from Wales to London.
I know this because I stopped at them all on the way back from my time off, trying to sort out the mess the bank had made.
There are bookmakers, hairdressers, amusement arcades, several different kinds of burger joints and no Internet along the motorways.
One did have what was called a Business Centre. You can hire meeting rooms by the hour.
"Do you have Internet?" I asked hopefully.
"Oh, no. Sorry. You can send a fax if you like..."
Comments
My hand almost went up. It does not take much to control $1.98. I'll trade bank problems with you in a New York minute so don't seek sympathy here.
Banks are often into electronics on the cheap, except for maybe Chase, they just add another fee. Their last add on caused me to move an account I opened in Berkley Sq. in 1953. Enough is enough.
So, ever cutting edge, I do manage my fortune(s),money and otherwise,
online. And it does take a little planning ahead. Something you instant gratification kids never had to learn. It should not be necessary to transfer funds the minute you get a hot idea in a rest stop loo. In fact a few hours of thought might make for a better transaction.
Did I hear you counter, that's why I have 1.98 and you have 198 million. That arguement just might leave me without an answer. Hoist on my own petard!