Banking through the Post Office

mrsyardbroom · 14 June 2017 at 6:49AM

On Monday I paid two cheques into my Lloyds bank account through the local Post Office. It's now Wednesday and the online bank account isn't showing either of them. The total was over £2000 and I'm getting a bit worried. Does anyone know how long this type of transaction usually takes?

sausage_time · 14 June 2017 at 7:35AM

Don't know about Lloyds, but I have paid in cheques to First Direct and RBS. They typically appear after 3 days, and then enter the normal clearing cycle - so I would not worry just yet. I view it as the equivalent to posting the cheque second-class to the bank (but hopefully a little bit safer).

Bring on cheque scanning!

EarthBoy · 14 June 2017 at 8:04AM

All the post office does is post the cheques to your bank so it will take several days longer than paying them in at the bank itself.

mrsyardbroom · 14 June 2017 at 10:13AM

I didn't realise they just put them in the post. I could do that myself and send it first class. It could take more than a couple of days then. I thought they put the info through to the bank.

mrsyardbroom · 14 June 2017 at 10:36AM

I've just telephoned the bank and they have assured me that the Post Office don't put the cheques in the post as they have their own internal banking system. They think the money should have appeared in the account and they will investigate.

sausage_time · 14 June 2017 at 11:08AM

There are cut-off times for some branches too - maybe you missed that?

EarthBoy · 14 June 2017 at 1:37PM

mrsyardbroom wrote: »

I've just telephoned the bank and they have assured me that the Post Office don't put the cheques in the post as they have their own internal banking system. They think the money should have appeared in the account and they will investigate.

The Post Office website states for paying cheques into nearly all bank accounts you need a paying in slip and a deposit envelope. What do they do with this envelope unless they use it to post the cheque to the bank?

They also state "When you make payments in using your personalised paying in slip, the money won't arrive in your account until we've delivered it to your bank. See your bank Terms and Conditions." This suggests to me that they just pass/post it to your bank.

http://www.postoffice.co.uk/branch-banking-services#PIBYrC8CmP2vzqTR.99

mrsyardbroom · 14 June 2017 at 3:21PM

The bank said the PO uses their own internal system and never posts cheques. I don't know what that system is. You could ask the PO. I assume it's the PO's own courier or maybe Securicor but that's only guessing it certainly doesn't go in the post box.
The money arrived safely in my bank this afternoon so that's a relief.

EarthBoy · 14 June 2017 at 11:07PM

mrsyardbroom wrote: »

I assume it's the PO's own courier or maybe Securicor but that's only guessing it certainly doesn't go in the post box.

Sending cheques by courier/Securicor is no different to posting, except that the cheques are transported by a private company, not the Royal Mail. In either case, the Post Office doesn't process the cheques itself, it sends them to your bank to be processed.

Armchair23 · 15 June 2017 at 7:34PM

I bank with Smile and whatever system the PO use it takes forever, I was told at a PO counter that they 'post' them so have just used the Smile Freepost address and bunged them in the post box ever since.

System · 16 June 2017 at 4:37PM

EarthBoy wrote: »

Sending cheques by courier/Securicor is no different to posting, except that the cheques are transported by a private company, not the Royal Mail. In either case, the Post Office doesn't process the cheques itself, it sends them to your bank to be processed.

The difference is they aren't send via the standard postal service - which is what is implied and IS different from joe public posting them.

Banking through the Post Office

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