EFT - are we losing control of our finances?

Rocker

In some ways EFT is a 'good thing'.  Regular payments, such as wages and pensions, are paid automatically into your specified Bank A/C. Debits and S/O operate in the same way.  Saves going to the Bank with lodgements etc.

But what happens if you do not want a payment lodged to a particular A/C?  This happened to me recently.  Due a small tax refund from Revenue, I deliberately left the Bank details blank, expecting to receive a cheque in the post.  When sufficient time had elapsed and no cheque had arrived, I phoned Revenue to see what was the reason for the delay.  I was told that the payment would be in my A/C 'one of these days'.  I was told that my Bank A/C details were 'on file' and that the payment would be made electronically to that A/C.

So the payment gets swallowed up in day to day living expenses instead of giving me the option to blow it on something special .

But thinking about it, we have handed significant control over to the Banks.  Those same Banks Bastards that almost bankrupted our country in 2007/8.  The idea is sold as a benefit to customers.  Now I am not so sure.  What do you guys think about this?

Iamnobody

I don't think I understand the question.

But if some cash got transferred into an account I didn't want it to be in - I would then transfer it into the right account with the click of button. Job done.

Rocker

Yeah @Iamnobody, but if the A/C is 'in the red', the Bank simply swallows up the cash. I am quite happy to run Bank A/Cs overdrawn as I can decide when to balance the books.

I just don't like technology or Banks making that decision for me.

Chuffola

If you're overdrawn but within your limit, then you can still transfer out or lift the cash so not sure I understand the issue.

If you're overdrawn and over your limit, then that's hardly the bank's fault...

richardhomer

The fact the money was paid into your account by HMRC suggests your beef is with them - it's not a bank issue.

Still not sure what the problem is though - it's not as though you haven't had them money - just that you've squandered it on food and your mortgage, rather than a treat....

digitalscream

There's really no functional difference between a cheque and an electronic transfer - both require a bank at each end in order to do the job.

The only difference in the end result is that - usually - electronic transfer is quicker.

RandallFlagg

I don't think 'we' are losing control our our finances, it sounds like you don't have enough

Moe_Zambeek

There's certainly a drive to get rid of cheques, and I'm sure all governments would love an end to cash transactions if such was possible, to try and end the black economy.

jellyroll

I was a latecomer to using my phone for banking as I was worried about security. But I have to say it is bloody brilliant. Bill arrives, pick up phone, pay bill, job done. None of the old "put it in the pile til I can be arsed to do something about it."

Nitefly

Does anyone remember when we all got paid in cash?  It was a rare thing to have a bank account, other than a savings account.

Certainly in the late 60's and early 70's, I can remember standing in line in the office, waiting for my name to be called, and then to be given a small brown envelope with all the details hand-written ...

thomasross20

What the F*** is EFT? 

I don't know what all these TLAs are!!

chrispy108

EFT - Electronic Fund Transfer

If only you were sitting in front of a device capable of quickly searching the worlds knowledge

I understand your concerns @Rocker (although your issue in this case is with HMRC remembering details and you not being clear enough with them).

I'm certainly less aware of my comings and goings than my grandparents were, because it is nearly all automatic and electronic, but then I also spend a lot less time doing it, it used to take a half-day a month to sort the bills out.

Nitefly

chrispy108 said:

it used to take a half-day a month to sort the bills out.

Plus spending another half day trailing around the town going to the Gas Board office to pay the gas bill, the Electricity Board office to pay the electricity bill, and so on...

scrumhalf

Nitefly said:

chrispy108 said:

it used to take a half-day a month to sort the bills out.

Plus spending another half day trailing around the town going to the Gas Board office to pay the gas bill, the Electricity Board office to pay the electricity bill, and so on...

I remember the days of the Electricity Board shutting at lunchtime. Oh, for the good old days.

thomasross20

Thanks Chrispy
Pet peeve on here and in general when folk assume you know these acronyms

Rocker

My main issues with EFT are: I could give the cheque to my niece if I had the option of being paid by cheque and I do not trust any Bank. Not anymore, not after the mess they made of our country. I was forced to retire from work due to their greed and incompetence. And the Government hand them my money without my permission...

smigeon

thomasross20 said:

What the F*** is EFT? 

I don't know what all these TLAs are!!

What's a TLA ( :-) )?

digitalscream

Rocker said:

My main issues with EFT are: I could give the cheque to my niece if I had the option of being paid by cheque and I do not trust any Bank. Not anymore, not after the mess they made of our country. I was forced to retire from work due to their greed and incompetence. And the Government hand them my money without my permission...

How, if the cheque is made out to you (which it would be)? Besides, they already had your permission from before; probably best that you read the terms and conditions. In any case, they probably thought they were doing the right thing in getting the money to you ASAP (which is what the bulk of people want).

And she'd still have to pay it into a bank. You would've been better off just giving HMRC her bank details...

snakemanStoo

smigeon said:

thomasross20 said:

What the F*** is EFT? 

I don't know what all these TLAs are!!

What's a TLA ( :-) )?

terrible little anachronism  :-)

littlegreenman

I doubt HMRC are an issue here, or rather "there" given that @Rocker's in Ireland.

But the principles are most likely the same.

thomasross20

Three letter acronym