Time for banks to clear money

dchurch24

Quite right - I'll just go and choose the bank that doesn't act outside of the law by imposing unlawful penalties, or the bank that 'clears' cheques immediately.

That would be...errr....you know the one....errr.....

There isn't one. I would say the analogy is correct.

As to comparing governments with banks - just who do you think is running this country?


...but the point was, as I'm sure you're aware, that nothing will change if people do nothing. Sitting back and taking it only breeds more of the same.

Some might say that nonchalance was idleness.

Plutos_2

I remember being behind someone in Natwest while the woman patiently exaplined and reexplained that whilst they could do instant transfers from natwest to natwest accounts, they weren't able to do this from a Natwest to an RBS account. He was, unsurprisingly irritated, and pointed out that they were the same company so why should it take days.

Quite amused to note when they showed me my balance onscreen that they were using the 'RBS branded computer system'!

What a load of rubbish. Of course they could do it straight away, and of course it would cost them nothing. How can it be that I can splurge £1,000 on a hifi and have the payment instantly transferred (it at least checks the money is there) yet it can take a week to get the cash from a check? I used to get so fed up with this routine that I take cash out in 50s and pay people / rent off instead. Bloody wasters.

Al_Mac wrote:

Yes they can, yes they should, but it is going to cost millions to do. Yes millions, possibly even billions.

No doubt someone will turn around and say that the technology and infrastructure exists. It does, but it needs to be changed, a lot, that costs a lot of money.

To get all the banks to cough up all the cash and to agree to do it, by a fixed, is going to take the government to force it.

If it isn't driven, it isn't going to happen.

:beer:

regularsaver1

Cheque clearance times sometimes depen ds on the type of accounts you have also

ie savings accounts 7 days, current accounts 3 days, basic accounts 7 days - have you checked you have the best account?



why is this turning into something of an argument? - cheque clearance is not a new thing - by having a go at someone in a call center or in a branch is not going to do anything - complain to the top if you want to do something

I read somewhere that cheques will be extinct in 5 years is it - some shops have stopped taking cheques too - so maybe they are not going to bother, whilst predicting this

virgin_moneysaver

Plutos wrote:

I remember being behind someone in Natwest while the woman patiently exaplined and reexplained that whilst they could do instant transfers from natwest to natwest accounts, they weren't able to do this from a Natwest to an RBS account. He was, unsurprisingly irritated, and pointed out that they were the same company so why should it take days.

Quite amused to note when they showed me my balance onscreen that they were using the 'RBS branded computer system'!

What a load of rubbish. Of course they could do it straight away, and of course it would cost them nothing. How can it be that I can splurge £1,000 on a hifi and have the payment instantly transferred (it at least checks the money is there) yet it can take a week to get the cash from a check? I used to get so fed up with this routine that I take cash out in 50s and pay people / rent off instead. Bloody wasters.

Whilst RBS own Natwest they choose to run them as two separate entities, so even though the Natwest has some branding of RBS & they changed most of the internal systems, the computer system is separate & we could no more tf funds to RBS as we can't to LLoyds or Barclays

Tootsie_Roll

dchurch24 wrote:

Quite right - I'll just go and choose the bank that doesn't act outside of the law by imposing unlawful penalties, or the bank that 'clears' cheques immediately.

As to comparing governments with banks - just who do you think is running this country?

I used to be paranoid - but now everyone's just out to get me !!

Paul_Herring

dchurch24 wrote:

Quite right - I'll just go and choose the bank that doesn't act outside of the law by imposing unlawful penalties,

My bank has yet to "act outside of the law by imposing unlawful penalties" on me.

...but the point was, as I'm sure you're aware, that nothing will change if people do nothing.

I quite agree! People should learn to budget instead of continually borrowing funds from their bank that they aren't entitled to. (Yes - I realise, and accept, there are a small subset of those being charged because of circumstances outside of their control.) That way, they won't have to gripe and complain that they are being charged for the priviledge of being able to do that.

GSD4ME

The entire point I was trying to make is that it DOES not take 3 days to clear cheques.

Both of my accounts are current accounts, not savings or anything else and yet Lloyds told me quite plainly that it takes FIVE days to clear cheques and NatWest that it takes AT LEAST FOUR.

I know cheques are antiquated, but most of my customers prefer to pay by cheque and being private individuals and not companies, they have no reasonable other way of paying. I realise that banks will phase them out as soon as they can, as they do not make enough money on them presumably, but in the meantime banks are supposed to be offering a "service". They charge service charges on my business account after all, so they should at least clear cheques in the time the British Banker's Association says it takes and not add on extra days just to suit themselves.

Hereward

inmypocketnottheirs wrote:

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?

The banks system of each country is different, therefore, I would expect to see some variances in transactions times. As most banks in other countries charge for their bank accounts i'm not supprised that their transaction speeds are quicker: we could have the same speeds if everyone was prepared to pay for their accounts.I never said it wasn't possible to transfer funds, using a cheque, in under three days, I was providing the OP with an explanation of why it currently takes time.

regularsaver1

GSD4ME - i'm surpised you pay for your business account - how come you don't have an account with free business banking?

GSD4ME

Thank you for asking that - the answer is I had no idea you could get free business banking.

My account used to be with TSB, who I thought were brilliant, but then they got taken over by Lloyds and the rot set in. Lloyds have never mentioned that I could get free business banking, they frequently try to get me to move to a different "banking relationship" which always costs more, but offers telephone access to a "business banking manager" or something. Since the only time I ever have to telephone the bank is to complain I see no reason to pay more for that.

But I will investigate this free banking and see what I can get, thanks for mentioning it.