HSBC mixed cash/cheque deposits

glider3560

I paid in some cash and cheques at HSBC today, all on the one paying-in slip. Previously they would both show on the following day, unless you used two paying-in slips.

Checked my account and it shows CASH IN AT 40xxxx already.

Looked back and they now seem to show what you've paid in on the statement, e.g. CHQ IN AT 40xxxx at opposed to PAID IN AT 40xxxx

Is this something new? I've always avoided paying in cash and cheques together as I couldn't spend the cash until the following day.

Consumerist

Can't speak for HSBC but normally cash deposits should be available for immediate use whilst the value of cheques are subject to the clearance cycle.

glider3560

Consumerist wrote: »

Can't speak for HSBC but normally cash deposits should be available for immediate use whilst the value of cheques are subject to the clearance cycle.

HSBC always made you wait until the next working day before cash showed as available when it was deposited with a cheque.

Lokolo

It could be the cashier. She might have processed it early (maybe its a slow day?). Only thing I can think of.

premierfella

This changed in recent months at HSBC. I think it may have had something to do with the Payment Services Directive.

The cash part of mixed credits used to become available only when the cheque part had cleared. Mixed credits are now split, with cash available instantly, so there should be no need to use two paying in slips.

Separately and shortly after the above change, HSBC also changed how they describe the deposits on statements. Even after the above change, the statement descriptions were previously "Paid in at..." for both parts of the mixed credit. These are now shown as "Cash in at" and "Chq in at" on the statements.