Bank Giro Credit -what is it ??
Comments
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As they're pre-filled (with your account details) ... they are purely for paying cash / cheques into your account. And are much (because of pre-printing) safer than you completing a paying in slip manually.
Had you still been with Halifax you would just have used your Debit Card for paying in. The cashier swipes the card - it brings up your account - and your credits are paid in safely without the risk of them going into the wrong account.
The pre-filled payment slips are the next best thing to paying in with a Debit Card. The very worst are blank paying in slips that you complete manually - bad figures etc can lead to some credits going to the wrong account.
So - what you have is a book of paying in slips simply targetting your current account.. 'Bank Giro' is just an internal method of routing credits between the Banks. Other methods are 'National Giro' for GiroBank / BACS / CHAPS etc.
Thanks. That helps.
It just seems odd that they give me these when they know I have a bank card. And I am more likely to have my bank card with me than a book of slips, so it seems odd to provide them when the better alternative is there to use.
Can I give one of these slips to a person who owes me money or if I was a student, could I give this book of bank giro credits to my parents, and they could use them - is that a possible use for them, so they can put money in my account?
Does it cost money to use them i.e. is there a fee?
Do you get to keep the slip once it's been used, and stamped, as a kind of receipt?0 -
A) It just seems odd that they give me these when they know I have a bank card.
Can I give one of these slips to a person who owes me money or if I was a student, could I give this book of bank giro credits to my parents, and they could use them - is that a possible use for them, so they can put money in my account?
C) Does it cost money to use them i.e. is there a fee?
D) Do you get to keep the slip once it's been used, and stamped, as a kind of receipt?
A) Your new bank presumably doesn't have the facility to call up your account via a swipe system ... not all do. Otherwise the paying in slips are just back-up for if you want to pay in via a different Bank. You could - if your parents are benevolent. But it's not usual
C) Not via your own Bank. Others reserve the right to charge a small fee.
D) No .... the credit slip is used by the back office to credit your account. But there should be a stub .. that is stamped, as your record.If you want to test the depth of the water .........don't use both feet !0 -
A) Your new bank presumably doesn't have the facility to call up your account via a swipe system ... not all do. Otherwise the paying in slips are just back-up for if you want to pay in via a different Bank. You could - if your parents are benevolent. But it's not usual
C) Not via your own Bank. Others reserve the right to charge a small fee.
D) No .... the credit slip is used by the back office to credit your account. But there should be a stub .. that is stamped, as your record.
Ah. Well I am thinking it might be a standard facility that Ulster Bank issue. Because I believe they issue either Maestro cards or ordinary bank machine cards with no debit card facility. So depending on which card you get given, may effect whether or not you actually need those bank giro credit slips. Or am I talking nonsense?0 -
This document explains the operation of your Ulster Bank account...
http://www.ulsterbank.co.uk/content/ni/personal/current_accounts/downloads/Guide_to_Personal_Accounts.pdf
There's no mention of paying in using your card, but page 6 explains the BGC slip procedure.0 -
Thanks. I wasn't given that guide when I opened my Ulster Bank account!YorkshireBoy wrote: »This document explains the operation of your Ulster Bank account...
http://www.ulsterbank.co.uk/content/ni/personal/current_accounts/downloads/Guide_to_Personal_Accounts.pdf
There's no mention of paying in using your card, but page 6 explains the BGC slip procedure.
Well we'll see. I haven't got my bank card yet. It should be a Maestro card. It strikes me as primative that some banks are unable to take payments using my bank card and cash at the branch, and employ this outdated giro system. I thought that the way Halifax operate would be standard across all UK banks.0 -
It strikes me as strange that your bank would accept coinage and notes without filling in a bank giro credit. After all its that bit of paper that gets processed (spot the numbers encoded on the bottom of the BGC). Its possible that your bank manually creates a BGC when you do pay in.It strikes me as primative that some banks are unable to take payments using my bank card and cash at the branchand employ this outdated giro system.
It may be old but it works and works well. Many people rely on this to pay bills. You wont have a cashcard for the gas, electric, telephone, council tax, HMRC etc. In those cases, payment by BGC is ideal.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
What is the "fee box" on the bank giro credit slips used for? And who might fill it in? Everything else on the slips seems to be explained very well here, good job everyone!0
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HabitAddict wrote: »What is the "fee box" on the bank giro credit slips used for? And who might fill it in? Everything else on the slips seems to be explained very well here, good job everyone!
Some places charge for accepting Bank Giro Credits that they have no relationship to, etc. It'd usually be the receiving cashier that marked it, as opposed to the customer. It'd be used for their records, same as the number of cheques box, for when they came to balance their till and so forth.What would William Shatner do?0 -
With Ulter bank being part of RBS I would think that you can pay in using your debit card in branch as you can in most of the RBS Group0
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It strikes me as strange that your bank would accept coinage and notes without filling in a bank giro credit. After all its that bit of paper that gets processed (spot the numbers encoded on the bottom of the BGC). Its possible that your bank manually creates a BGC when you do pay in.
When you pay in at Halifax they don't manually create a BGC, or anything like that. Once they've swiped the card and entered the transaction on the system, it just goes straight into the account, so no need for bits of paper flapping about - just the receipt, which goes to the customer.
It strikes me as strange that you would need to fill one in when you pay money in. Do the banks that still use them (for paying into personal accounts) not have a fully real-time system (such as the one Halifax has), and so they need the bit of paper to process at the end of the day? Or something like that? I don't understand the point of them, unless other banks have outdated computer technology that doesn't have the facility for swiping a card, and real-time update.0
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