Online banking gets up to speed (finally!)

Wednesday, July 2nd, 2008

This is less of an innovation and more of a “why the hell has it taken so long” moment, but I just had a wonderful online banking experience. Yes, I know, I should get out more.

I switched banks after reading our Online Banks Exposed feature a few months back, and since then I’ve had the hassle of transferring money back and forth between old and new accounts as various direct debits and bill payments came out of both before they were all switched across.

Now, I read a story back in May about online banks reducing the ludicrous three working day transaction period to a mere two hours, but I hadn’t actually noticed this happening as of yet. Those three days were an unfortunate necessity that apparently existed purely to gift the banks three days worth of interest while the currency was “in limbo”. (more…)