Standing Orders / Direct Debits

Ain't our banks just wonderfool to us silly fools who use them!!! They let our employer or benefit provider pay money into our account. So saving the cost of printing and writing cheques or the cost of actually physically handing out of money. Wages robberies are a thing of the past!

But your bank may not be same bank which is providing you with the money. Here enter the inter bank exchange. Each bank enters the amount that it has paid out to the other ones and the numbers are crunched and really nobody pays out very much and nobody really gets very much as nothing much moves. Therefore it takes 3 to 5 days for money to actually move from one bank to another.

Enter the Debit Card. Now the adverts say "pay directly from your bank to the sellor." Rubbish! It still takes 3 to 5 days to reach the sellor's bank but it comes outta yours right away. All of this interbank money is the gambling money of bankers who make huge interest, normally, from your money! Of course being your money you get nothing!

Banks still "close" at 3.30 pm and any transaction after this time goes forward to the next day. So the bank has your money to play with overnight!! Stock exchanges all over the World have loads of this "limbo" money floating about. But the real goodie is a payment made after 3.30pm on a Friday. That don't appear anywhere until Monday. All of that luvly money goes onto the International money short lending market. Banks and Countries can borrow "over the weekend" enough "liquidity" to show that they have it to a seller. The seller checks up and is told the cash is there but it disappears on pay back day for a fee of course.

Bankers sod them stick to cash!!