Cash deposit hasn't cleared instantly! Help!

sillystudent_2

I've got a direct debit for my rent coming out tomorrow (18th) so effectively midnight tonight - therefore I went to my bank today (Barclays) and deposited £300 cash, plus a £25 cheque from my aunt. After the cashier had put them through, it suddenly occurred to me whether depositing the cheque at the same time would mess anything up, so I asked the woman if anything would change, and she assured me 'no, cash clears instantly.'

Reassured, I left the branch and have just got home... to find none of my deposited money showing up on my internet banking! :eek: what can I do? Why on earth hasn't the cash cleared? Surely it won't take 5 days like a cheque just because it was deposited with one - you'd think with all the money customers give them banks could come up with something sophisticated enough (or basic enough lol) to sort cheques from cash!! I'm not even a banker and I can tell the difference between a cheque and cash!

So was just wondering when will the money show up/what can I do? If the rent doesn't go through tomorrow I'll be hit with a failed direct debit charge at both the landlord's end and Barclay's end (which I really can't afford right now) - all of it not my fault! :mad: Ok I know I shouldn't have left it to the last minute but still... in the 10 years or so that I've been banking I've never known cash to not clear instantly. What next, should I phone up ahead just to check if they've got enough in their ATMs for the next time I want to withdraw £20??

Is there anything I can do? Hope you can help guys

dc110

Sounds like a processing error - need to speak to bank

Ranga

it could be that the internet side of things is held up. Maybe you could try phone banking?

Andystriker

I have come accross this before and I think you will be ok.

If you pay cash in with Chqs it will show on your account the next day but with todays date. The Chqs will need the three day time to clear but the cash will be cleared instantly.

I think you will find tomorrow that your account will show the credit with todays date on and that the cash will be cleared today.

I don't think you have a problem, just be patient and you will be ok.

ylesia

Hi there, I recently paid in a £100 cheque and a £80 cash into an HSBC branch going to my first direct account.

The cashier asked if I needed the cash to clear immediately (which I did) as if I did then I would need to pay them in two different transactions. This was 4:30pm on a Wednesday. Since I did it as different transactions the cash was cleared on internet banking by time I got home (6pm).

The cashier said that if I'd put them through on the same slip then the cash would take 24 hours to clear - I didn't ask why!

Sounds like something similar to this may have happened but the cashier should have known this.

bellrooster

Maybe it's just that the internet banking hasn't caught up yet. fingers crossed

david39

ylesia

The reason you had to make two transactions was because banks close their books for the day's trading at 3.30pm. All transactions after that time will be classed as having taken place next day.

However, if you pay cash-only into the account it is immediate, whatever time of day.

So, by splitting the transaction, the cash cleared immediately but the cheque would not have been processed until next day.

If the cash had accompanied the cheque on the same paying-in slip it would all have been held over.

sillystudent's cash will show up overnight, but the cheque will take the usual clearing time.

Incidentally, I paid a cheque from a relative's Lloyds Bank account in Dorset into my own Lloyds account in Yorkshire and it showed on the internet banking site as cleared in the 20 minutes it took me to get home - i.e. the money was available to me immediately.

iblametheparents

Mixed credits, cash and cheques, will show up by the close of business today as long as they are deposited by the branch cut-off time.

peachyprice

sillystudent wrote: »

I've got a direct debit for my rent coming out tomorrow (18th) so effectively midnight tonight - therefore I went to my bank today (Barclays) and deposited £300 cash, plus a £25 cheque from my aunt. After the cashier had put them through, it suddenly occurred to me whether depositing the cheque at the same time would mess anything up, so I asked the woman if anything would change, and she assured me 'no, cash clears instantly.'

If you put them both on the same paying in slip the cash won't clear instantly, it will be held over. The cashier should have known this.

Never, ever, pay cheques and cash in on the same slip.

dc110

Ooooh, I worked for a bank for years and didnt know this

Extant

Don't listen to most of the people in this thread, they are plain wrong.

Barclays branches process their own work, so it will not take overnight to show - as with most banks, who send their work to central sites. Branches use a machine which reads and endorses cheques paid in and then applies them to the account, and this is all done in branch.

The cash won't clear "instantly" in the sense that it would be on there straight away, but it will be on there, and cleared funds, by the end of that business day, provided that you paid in before the work processing cut-off time (which is not always 3.30pm, by the way - some branches at 4pm, 4.30pm, etc.)