Barclays delaying cheque clearing?

p1an0player

If I deposit a cheque into Barclays, over the counter, will it show on my online banking immediately (obviously as uncleared funds)?

I did so yesterday but the cheque hasn't appeared on online banking, yet I got a phone call from them suggesting I should open a different account (with better interest)?

I'm not sure if they are holding the cheque to persuade me to put it in a different account, or if they just mean for me to transfer it over from the current account once it clears.

Any thoughts?

ShelfStacker_3

They won't be holding your money for marketing reasons. Most likely it was paid in quite late in the day and it got sent off with the next days cheques instead.

p1an0player

ShelfStacker wrote: »

They won't be holding your money for marketing reasons. Most likely it was paid in quite late in the day and it got sent off with the next days cheques instead.

Thanks, but before sending it off, wouldn't you enter it into the system and it would show on the account as uncleared funds?

BYALPHAINDIA

p1an0player wrote: »

If I deposit a cheque into Barclays, over the counter, will it show on my online banking immediately (obviously as uncleared funds)?

I did so yesterday but the cheque hasn't appeared on online banking, yet I got a phone call from them suggesting I should open a different account (with better interest)?

I'm not sure if they are holding the cheque to persuade me to put it in a different account, or if they just mean for me to transfer it over from the current account once it clears.

Any thoughts?

Where have you been??

banks have been doing this for years.

Making interest money on uncleared cheques.:rolleyes:

ShelfStacker_3

p1an0player wrote: »

Thanks, but before sending it off, wouldn't you enter it into the system and it would show on the account as uncleared funds?

At HSBC we wouldn't, not sure about Barclays (I'm presuming they operate a similar system... this is where BarclaysManager should step in and prove me wrong )

p1an0player

ShelfStacker wrote: »

At HSBC we wouldn't, not sure about Barclays (I'm presuming they operate a similar system... this is where BarclaysManager should step in and prove me wrong )

How can I get hold of BarclaysManager?!

ByalphaIndia, thanks for your post; you might wish to read the thread again though

SparciaM

At Lloyds as soon as you pay the cheque in (over the counter) it shows up on internet banking, up until the time the bank closes.

At HSBC if you use the cheque paying in machines, they again show up straight away, up until the time the bank closes.

I know that depending on times of day some banks send cheques off etc, but with these automated machines and paying in over a branch you should see it immediately. Of-course you can't money from it until 6 working days but it'll be earning interest straight away (with lloyds anyways).

ShelfStacker_3

SparciaM wrote: »

At HSBC if you use the cheque paying in machines, they again show up straight away, up until the time the bank closes.

Only on some machines. On others (like the one at my branch) the cheques get batched up and sent off at the end of the day with all the other non-realtime stuff, and appear on the account overnight.

p1an0player

If the damn cheque doesn't appear on my account by tomorrow morning, I'll have something to say to them. The lady wants to speak to me tomorrow about the other account she suggested...

Mikeyorks

BYALPHAINDIA wrote: »

Making interest money on uncleared cheques.:rolleyes:

If it's uncleared and unprocessed ......how would that work then? As, in any event, no money changes hands, between the Banks, until Day 3 of the Clearing Cycle when they do a bulk settlement. The only potential beneficiary in a delay case is the drawer of the cheque.

p1an0player

I've discovered what's happened now - if you pay a large cheque into a Barclays current account over the counter, it seems that they may call you to invite you to put it into a savings account instead. If they don't manage to speak to you on the same working day they will usually just pay it into the current account.

In my case, the lady was pushing the boundaries and decided it would be OK to hold the cheque for a bit longer before paying it in, in case she could speak to me and persuade me to put the money elsewhere (presumably there is commission/points involved). I'm not impressed.