Barclays post-dated stamp in paying-in book

Bronnie

As the title says. Only just noticed it, is it usual practice for end of day transactions?

On Friday 8th October, at my local branch of Barclays at around 4.15pm, I made 2 deposits, one cash, one cheques into my Barclays business account. The slips in the paying-in books were both stamped date-stamped 11th October 2010 by the cashier.

I noticed it and queried it because I have just challenged a paid referral fee of £30 Barclays imposed on my business account last quarter. My account is kept in credit. On this occasion, a cash deposit I paid in late in the day on the 22nd over the counter was not credited to my account until the following day. In between time I made a substantial payment by telephone banking. Telephone banking did not indicate insufficient funds in the account to make the payment. Because the cash apparently had not shown in my account, I became overdrawn by £1,000 overnight only, cleared the following morning when the cash was shown as credited. Conveniently, when I checked my paying in book, the slip showed a paying in date of 23rd not 22nd when I actually paid in the cash. (Barclays has agreed to waive the fee on this occasion.)

I do realise I have fallen foul of Barclays "cleared funds and cut-off time" policy, which I do find hard to understand how they can justify in the case of cash deposits

http://ask.barclays.co.uk/help/online_banking/cleared_funds

however, going back to the original point, surely the date stamp should reflect the date of the actual physical transaction between the cashier and the customer, regardless of other bank practices subsequently?

Hazzanet

Cannot speak for Barclays, but when I worked for NatWest before the RBS takeover some 11 years or so ago, many arguments with customers ensued over whether a transaction was conducted before, or after the cut off time.

Their solution was to date stamp with the correct date, but the cashiers in our branch would swap stamps at the cut off time. Cashier stamp numbers 01-49 were pre cut off, and 50-99 post cut off. It was then simple to establish whether something was paid in pre-or post-cut off.

I don't know if this was company wide, but certainly operated in my branch.

It sounds like Barclays do something similar, but advance the date to the next working day. I think it's all down to bank procedure; you probably need to take the question up with their chief cashier at the branch.

rb10

Bronnie wrote: »

I do realise I have fallen foul of Barclays "cleared funds and cut-off time" policy, which I do find hard to understand how they can justify in the case of cash deposits

Agreed - I have never worked out why one or two banks consider 4.00 to be the following day and not let you access the money until then.

opinions4u

I think the main reason is to reduce end of day workloads and dates back to when many of the banks closed at 3.30pm or 4pm and then extended their opening hours. They built procedures that saw the extra opening as a concession to the customer, rather than as a genuine service to the customer.

Halifax did away with their "late till" procedures around 1988. But even then the customer transaction still got allocated to the account the same day.

The procedure was simply to reduce balancing time at the end of the day.

Leeds Permanant Building Society had a really smart till balancing system that was fast and usually quick to identify a discrepancy. I always thought it was a shame Halifax couldn't find a way to install it on to their platform in 1996. I'd have got home a lot earlier every night!

Catspajamas

I know at nationwide cash goes on straight away but any cheques paid in after 4.30 will not start the clearing cycle until the next day. I can't understand why cash wouldn't go in immediately else where though!

Bronnie

megancara wrote: »

I know at nationwide cash goes on straight away but any cheques paid in after 4.30 will not start the clearing cycle until the next day. I can't understand why cash wouldn't go in immediately else where though![/QUOTE]


I don't understand this either.

I always separate my cash and cheques onto separate paying-in slips as I know cheques will delay the procedure for the cash element as well.................but make a purely cash deposit at your own branch, that shows in your account immediately and shows on online banking as in your account, but you are not allowed to draw on until the next working day, in this case Monday, without running the risk of penalty is bizarre to me.

Chadsman

Cash paid into a RBS account via a RBS branch is available for use immediately.