It takes three days to clear cash!!!!!!!

rangi_2

At least according to the RBS.

I recently paid off my credit card, in cash, in full and on time. The following month I was charged £46.17 interest and the month after that copped a £20 late payment charge!

When I complained I eventually had the £20 charge refunded, after much arguing. Though the supervisor was very careful to say that it wasn't a late payment charge, it was an interest charge. Yeah right. Lying $£"$£^

I've now written to the bank asking for my money back and also an explanation as to why cash takes three days to clear! A week on and I haven't had a reply. Maybe it takes seven working days to process a letter!

Has anyone else ever had this happen?

KAR

Astaroth

The "problem" is that you cannot pay cash directly into your credit card - you pay it into a branch and they send it to the card company that then clears it. It would be the same if you paid cash into Barclays to go into your RBS account - it can be done but it introduces clearing time.

When I have been nearly late I have asked them to fax the details across to the card centre and then phoned them a couple of hours later so that they can pick it up and key it in to avoid late charges (this was with HBoS)

Cause the real trick is to set up a DD for the min amount therefore dont run the risk of late payment fees

jojo1978_3

rangi wrote:

At least according to the RBS.

I recently paid off my credit card, in cash, in full and on time. The following month I was charged £46.17 interest and the month after that copped a £20 late payment charge!

When I complained I eventually had the £20 charge refunded, after much arguing. Though the supervisor was very careful to say that it wasn't a late payment charge, it was an interest charge. Yeah right. Lying $£"$£^

I've now written to the bank asking for my money back and also an explanation as to why cash takes three days to clear! A week on and I haven't had a reply. Maybe it takes seven working days to process a letter!

Has anyone else ever had this happen?

KAR

What was your balance made up of, before you paid it off?
Only asking because if it was cash, then the interest goes on daily, so even if it was paid in full and on time, it still would have had the interest accruing on it.