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My bank yesterday: "Rejoice customer! We give you real-time #SEPA transactions for free. We're the best bank!"
Me reading the news today: "EU makes real-time transfers mandatory: this will change from January 9."
@ilumium The most infuriating part of this is that they very obviously know that these policies are things that make customers happy.
@ilumium the marketing department had an easy day :)))
@frelsisbaratta
..not all banks do it for free - mine charges for real-time
@ilumium
@ilumium My bank has offered this for a while now. I happily used it until I paid a bill and the receiving bank could not process it. I didn't noticed until I logged in again a week or so later. No notice but my bill was not paid. So, thank you EU making this mandatory for all :D
@ilumium Same :) Only my bank mentioned that they now have to.
Scumbags!
@ilumium Also: "Risks involved in doing real-time transactions" as a "News" article. Motivated by the banks to prevent it from becoming too widely adopted?
@ilumium AFAIK the EU regulation just mandates that banks accept real-time transactions, and that they don't cost more than regular transactions. Starting in October, all banks also have to offer to send money in real time.
So depending on your banking fees, the 'free' part might be a genuine feature, or indeed just the advertising embellishment you were suspecting all along. :)
@ilumium
The new EU regulations requires the bank to offer real-time transfers, but the transfers do not have to be for free. (Costs are limited to those of normal SEPA transfers.)
So your bank is a little bit "nicer" than it's ought to be.
@ilumium Mandatory for *incoming* SEPA Instant Payments from January 9. For *outgoing* SEPA Instant Payments the deadline is October 9.
This is also the deadline for VoP (verification of payee), which allows for real-time verification of name on payment and name of IBAN accoint holder.
@ilumium my Bank in February 2023: "Rejoice customer! We removed the option for slow transactions, because it serves no purpose anymore."
@ilumium In UK law this would be the criminal offence of a Misleading Commercial Practice contrary to the Consumer Protection from Unfair Trading Regulations 2008. See para 10 of Schedule 1
I think the UK CPUTR were a result of EU law, so probably your bank's behaviour is illegal in your jurisdiction too.
But, IHNI if the law is enforced where you are. In the UK, criminal behavours by corporations are entirely routine because enforcement bodies and courts have been systematically underfunded and nobbled.
@ilumium sounds like a multinational company I used to work for... our CEO extra drove from Switzerland to northern Germany with a security guard and a driver for an all hands meeting.
"We dont need to pay the coming regulated minimum wage. We pay more!"
We understood the need for the security after someone did the math.. telling 1000 people they are getting 2 cents more than a legally mandated minimum wage a day IN PERSON and spinning it as a positive..
@ilumium I got that notification this morning, from one of my bank apps.
I said "hey, cool, faster bank transfers! I wish my other bank did the same, though..."
Me after reading this post: *giggles*
@ilumium So, from January 9th, if I do SEPA transfer and it's on friday afternoon I don'thave to wait for monday because banks don't process these over weekends? Fucking finally if true.
@ilumium They did the same thing with things like abolishing roaming charges. It smells similar to companies listing a pension as a benefit when it's legally required and they don't offer a point above what the law forces them to.
@ilumium SEPA can now enjoy a brief window, perhaps 18 months, before multiple layers of anti fraud measures prevent everything from working instantly.
@ilumium here some banks add a cost to regular transfers to match the real time ones
@ilumium My Italian bank waited until January 9th to announce it. Now I have three options for a bank transfer: "ordinary" (gratis), "urgent" (not gratis) and instant (also gratis). So you now need to pay extra to delay the transfer by a few hours (but less than a day). Fun times.
@nemobis hm, that must be this famous invisible hand of the market...