Though I doubt it will happen any time soon, I do think that, eventually, we will see clearing abolished.

One day, the banks will have to abandon this sneaky money-grabbing ploy, as technology develops so that we are all transferring money through a real-time system that leaves no loophole for them to exploit. Not only that but 'people power' especially as manifested through the World Wide Web, will have a part to pay, too. Time Magazine recently voted us 'the people' (more specifically those who demontsrate 'user power' by contributing to sites like this one) as its 'Person of the Year 2006'. There is something ofa revolution going on out there!!

Does anyone recall the farce over cash machine charges? For a while, banks levied charges on those using their cashpoints who weren't actual customers of that bank, or of a bank with an affiliation agreement with them. Nowadays, only those funny little moveable Link machines in odd places (like my village Spar) have machines that charge. As happened with that issue, I suspect that the clearing scam will disappear under public pressure - and it would only take one bank to change its mind and offer a real time service before the rest followed suit.

What does everyone else think? Will 'people power' triumph over corporate greed? Will technology outwit the banking institutions? I reckon it's a very good subject for discussion!

Cat

The Office of Fair Trading is investigating the issue of clearance. New rules are to be forced on the banks later this year. I am pretty sure though that it won't mean abolishing clearance so you still will not receive interest on your £500!

Hello

As per Cat's comments on pt 2 - you are still liable for the charges you have missed even though it was done in error. I would continue to liaise with Sky and try to get them to recognise their error.

Cheers

Jason

1, Your money is in clearing. No, it isn't right but yes, they can get away with it. An electronic transfer needs to clear the same as a cheque would as they all go through the same system. It's cheaper for the bank (more automated) if you do this online yourself, but, at the moment, they don't return the favour by allowing you to access, or earn interest on, your money, immediately the transfer is made. Unless, however, both accounts are with the same bank, and, depending on the bank, sometimes the same branch.

Moves are afoot to change this and the more automated the system becomes, the less likely it is that Banks will still be able to vanish your money for two to three days this way.

2. Under the terms of your agreement, you will still be liable for the full fees. If they make an error such as this, then, when they do finally realise it, they will allow you to plead poverty and pay the underpaid amount back at a low amount each month taken in addition to your subscription. But, certainly, try it on with them before you do that and see if they will waive it. They might.

HTH

Cat

1. I have a standing order to transfer money from a current account in Bank A to a current account in bank B. I have access to both accounts on-line. Sometimes it takes two days from leaving one account to arrive in the other. Two days a month = 24 days a year = 3 weeks plus per year. This means £500 for 3 weeks in the year is not earning me any interest. Can you tell me where this money isduring this period?

2. Sky has been charging me £15 per month since October instead of £25 per month. I nhave spoken to them 3 times at their preium rate and have also written to them informing them of their error. To what extent I am liable for the money owed?