Time for banks to clear money

GSD4ME

The other bank was NatWest, which as I bank personally with them I know also takes 4 to 5 days to clear cheques, so it appears that it is not just the new banks which take time.

westernpromise

MPH80 wrote:

None of which would reproduce the magnetic ink at the bottom of the cheque which the systems (especially the old systems) in the bank rely on to read the numbers.

M.

Those are exactly the systems they need to replace.

McDuck

I find this bit a little bit strange. I bank with Lloydstsb (both personally and business) When I pay the business some money from my account (via the internet) it is thereby the close of play if I do it before 3:30.

If however I pay myself from the business (again by the internet) it takes 3-4 days - go figure!

dchurch24

As another poster pointed out it probably isn't going to change so instead of complaining about it why the hell don't they just try and work with it !! After all the timescales are always going to be the same.

Perhaps people in China, or Woman should have just accepted that they didn't have a right to vote too, just because "it probably isn't going to change".

Drivel. If people lay down and act like sheep, then yes, you are quite correct, nothing will change.

Most changes in society are not brought about by government, they are brought about by the people.

dchurch24

Certainly. Once I've won the bank charge issue, the consumer action group will no doubt turn it's attention to cheques and related problems.

With 44k members and rising (at about 3k per week), I should think we'll be a force to be reckoned with with regards to this issue too.

Tootsie_Roll

dchurch24 wrote:

Perhaps people in China, or Woman should have just accepted that they didn't have a right to vote too, just because "it probably isn't going to change".

Drivel. If people lay down and act like sheep, then yes, you are quite correct, nothing will change.

Most changes in society are not brought about by government, they are brought about by the people.

Let's compare apples with apples shall we ? :rolleyes:

dchurch24

The principles are the same. If people lay down and get trodden on - in this case by banks - then nothing will change apart from the treading will become stamping.

Surely the comparison was obvious?

inmypocketnottheirs

Hereward wrote:

Surely the fee for late payment is less then the bank charges; therefore, why didn't you incur this rather than the charges?

If you are asking why it takes at least three days to clear cheques, here is a quick guide:

Day 0: you pay cheque into your branch. Your branch sends the cheque to its clearing house.
Day 1: Your bank's clearing house receives cheque, verifies its authenticity and sends it to writer's Bank's clearing house.
Day 2: Writer's Bank's clearing house receives cheque, verifies the amount and authorises the writer's account to be debited. Cheque is sent to writer’s branch for audit purposes.
Day 3: Writer's Bank sends your bank the agreed amount and your bank deposits this sum into your account.

As you can see there is a lot of physical sending involved; therefore any small delay in receiving a cheque extends the payment process. It could be that you bank is just covering itself by not depositing the cheque amount until five days have passed to ensure it has received the necessary funds.

Why is it possible then, in Greece, Spain and France to have funds cleared the next day in your account. Regardless of where the cheque is paid in, regardless of payers or payees accounts.

So it can't be that impossible can it. Maybe you have just bought your employers story to justify their poor level of service?

Paul_Herring

dchurch24 wrote:

The principles are the same. If people lay down and get trodden on - in this case by banks - then nothing will change apart from the treading will become stamping.

Surely the comparison was obvious?

Comparing banks with governments? Not really. It's not as if women or the chinese could go get a different government or somehow avoid the one that they had. Or that we are stuck with the same bank, or that we have to pay charges with the one we currently use.

Tootsie_Roll

Paul_Herring wrote:

Comparing banks with governments? Not really. It's not as if women or the chinese could go get a different government or somehow avoid the one that they had. Or that we are stuck with the same bank, or that we have to pay charges with the one we currently use.

Exactly - these people making a drama out of it - really ridiculous.