4 days for cash to go from ATM to account?

rht4444

Hi, first post on here, so hope I am in the right place! I paid cash into the ATM inside my Halifax branch and have found out it will take 4 days for the money to be counted and available to me :mad: I'm sure this has never happened before so I rang the complaints department and they said it is their policy. When I asked where my money was right now, they couldn't tell me. Apparently if I had walked about 4 feet to the counter it would have been available to withdraw immediately?! They have nothing up in the bank by the ATM to warn you and openly encourage you not to use the counter service. Is it the same everywhere, I'm livid, it could have been earning interest for 4 day for ME instead of them, I'm pretty sure it's not still sat in their ATM since Friday lunchtime grrrrrrr

Lokolo

I am pretty sure if you had the amount the make a difference of interest over 4 days you would have used the cashier....

kaisersoze_2

http://www.halifax.co.uk/bankaccounts/Receivingandsendingmoney.asp

opinions4u

rht4444 wrote: »

I paid cash into the ATM inside my Halifax branch and have found out it will take 4 days for the money to be counted and available to me :mad: I'm sure this has never happened before

It has been the case with deposits made via an ATM for 20+ years. They tend to print a similar message on their deposit envelopes and, from memory, the receipt also confirms a clearance date.

If you pay in through the IDMs (Immediate Deposit Machine or some such name) the cash is verified electronically and clears immediately in your account.

so I rang the complaints department and they said it is their policy. When I asked where my money was right now, they couldn't tell me.

Most likely it was in the ATM over the weekend. Your deposit was probably verified Monday morning, but this will not impact the clearance time.

Apparently if I had walked about 4 feet to the counter it would have been available to withdraw immediately?!

Absolutely.

They have nothing up in the bank by the ATM to warn you and openly encourage you not to use the counter service.

The terms and conditions of the account tell you this.

Their web site tells you this: "Three days later (not counting the day of deposit) e.g. pay in Monday, withdraw Thursday"

Common sense tells you that putting money in an envelope means it won't be counted automatically.

Common sense tells you that Saturday and Sunday are not normal bank working days.

Is it the same everywhere

No, most bank ATMs don't accept deposits. This is an additional facility Halifax gives.

I'm livid, it could have been earning interest for 4 day for ME instead of them

I believe it will be earning interest for you from the day after deposit. Other readers may correct me on that.

If I'm wrong, let's work out how much interest you've lost. Maximum cash deposit in an envelope is £500. High Interest Current Account pays 1% gross, 0.8% net. I make that a loss of 4p in interest. If I were you I'd see a solicitor over this outrage.

Inactive

rht4444 wrote: »

Apparently if I had walked about 4 feet to the counter it would have been available to withdraw immediately?!

Indeed it would and there is your answer for future transactions, pay in at the counter, I always do.;)

willo65

In Natwest as long as you pay in to the ATM before 3:30pm on a working day the transaction is processed the same day. Maybe halifax have the envelopes taken away for processing(sp)

rht4444

Thanks so much for the polite responses. The rude one I will ignore, obvioulsy some people are not on here to share friendly advice, just to be rude, must be a Horlicks drinker

opinions4u

rht4444 wrote: »

Thanks so much for the polite responses. The rude one I will ignore, obvioulsy some people are not on here to share friendly advice, just to be rude, must be a Horlicks drinker

I'm sorry if you thought my reply was the rude one.

I don't do the warm and cuddly "welcome to the forum have a cup of tea" stuff. I don't see the point. I also don't provide sympathy when it's not due.

I have tried to give you a factual answer to your question, together with suggesting alternative methods of deposit that clear your funds immediately.

One point I missed off was that there is also a message on the screen advising you of when the funds deposited will be available for withdrawal.

Come on, they've told you in the terms and conditions of the account, on the nice little envelopes, on the screen and on your receipt.

To expect them to plaster it all over the walls as well is expecting a bit much.