paid cash into bank on friday, still not cleared!

ShelfStacker_3

BruceyBonus wrote: »

If you use the machines that count the cash and print a receipt showing the total then these are credited instantly - even on Sunday in my local branch.

They're the exception, sadly. Wish my branch had one of them...

chuckley

maybe they put them through together with the cheques and wont clear until the cheque clears?!

shop-to-drop

I won't use the deposit machines with the envelopes only the ones that count the cash, give itemised receipt and deposit instantly. If the branch only has the envelope machines I use a cashier.

marshmallow79

rb10 wrote: »

I know Natwest do it too (they may not be the only ones), although I think their cut-off time is 3.30. And if you pay in cash and cheques, you have to wait for the cheques to be available before they'll let you have the cash ... very strange.

Not entirely true I'm afraid (I worked at Natwest until recently). If you pay cash and cheques in at Natwest you're right the cash won't clear instantly. If you had to wait for the cheques to clear to get the money that would be 5 working days which is a ridiculous amount of time to expect someone to wait for their cash!!! The cash will clear at midnight if paid in with cheques at Natwest, but if paid in on a friday because the saturday and sunday aren't working days the money won't clear until the sunday at midnight.

rb10

marshmallow79 wrote: »

Not entirely true I'm afraid (I worked at Natwest until recently). If you pay cash and cheques in at Natwest you're right the cash won't clear instantly. If you had to wait for the cheques to clear to get the money that would be 5 working days which is a ridiculous amount of time to expect someone to wait for their cash!!! The cash will clear at midnight if paid in with cheques at Natwest, but if paid in on a friday because the saturday and sunday aren't working days the money won't clear until the sunday at midnight.

Thanks for correcting me.

I still think that waiting between 7 and 15 hours (or 63 hours if over a weekend) is a ridiculous amount of time to expect someone to wait for their cash.

willo65

rb10 wrote: »

This is a curious thing that some banks like to do. I know Natwest do it too (they may not be the only ones), although I think their cut-off time is 3.30. And if you pay in cash and cheques, you have to wait for the cheques to be available before they'll let you have the cash ... very strange.

Not all banks work this way though. If I pay cash into my Halifax account at any time, whether early or late, or at a weekend, it will be available instantly.

This odd way of doing things means it can be quicker to pay cash into another bank (one that counts cash as cleared funds instantly), then transfer it by FP over to Natwest/Barclays, where it will be available straight away.

I understand you have some sort of personal vendetta against Natwest but you contstantly make statements without knowing the facts. If you pay in Cash at Natwest on a Saturday then it shows instantly, same as any other day of the week. If you pay in with cheques at same time then they all get sent to voucher processing centre who credit cash immediately and you wait for cheques to clear. If you are paying in and using straight away then pay cash and cheque seperately. It's no big deal.

Extant

MARSHALLC wrote: »

i went to the barclays bank after work on friday at about 4.45 to pay in some money £1000 cash and £200 in cheques, i needed to make a payment over the phone that very night with my debit card, when i got home i tried to make the payment but i was unable to as it was insufficient funds! I PAID IN CASH! i went to the branch of barclays saturday morning to find out what had happened and was told because i had paid it in after 4.30pm on a friday it wouldnt show until monday ITS CASH surely it should be instant. - its now Monday checked my account still not there after spending 45 mins in a queue on the telephone told that because i paid the cash in with cheques it will not show until tomorrow, i am abosolutley funming and concerned i have been banking with Barclays for 20 years, im self employed and am constantly paying in cash and cheques i never heard so much rubbish. please can anyone give me advice. thanx

It's not actually rubbish, it's quite true and sign posted in branches - the notice boards will display their branch cut off time.

You deposited a mixed credit - cash and cheques. The process that happens with these is as follows: £1000 is immediately credited to the till's audit and to the branch's cash account. Your cheques and credit slip are then put into a tray for mixed credits.

At the end of the day on Friday, your cashier would print a list from their till showing what mixed credits had been accepted in.

This next bit is the key part - the work is then processed through a different machine, called Proof of Deposit. This machine reads all of the cheque details etc, and this is where the credit to your account comes from - not from the cashier's till. The machine ties the cheques to your account, and then debits the branch cash account for your cash, so you get one entry on your account.

Because you paid in after the cut off on Friday, the branch wouldn't have processed any work again until Monday, so that's why there was no credit to your account.

In future, if you're paying in after a branch's cut off time (check their noticeboard), split the cheques from the cash if you need to use it straight away, or it won't show until the next day. In this case, the next day just happened to be Monday.

456789

cifpower wrote: »

FTW = for the win

its a facebooky myspacey thing

heh FTW was actually being used long before facebook etc. on things such as IRC