Paying cash into your bank account

rb10

sprob wrote: »

Glitter123,

If I was in your friends position I would take this up with the Barclays branch directly , I certainly would not accept this and would expect them to refund the fees, failing that threaten them with the FSA.

They would know that the money is in the system, its cash after all not a cheque which would make a difference to the processing time.

Tell her to stand her ground.

SteveR

I don't think they really have the right to do that.

It's clearly stated in the terms and conditions, as they have been posted further up this thread, and are entirely explicit about what they do.

If you want cash paid in to be available instantly, then there are plenty of other banks that provide this service.

opinions4u

sprob wrote: »

If I was in your friends position I would take this up with the Barclays branch directly

Who will say what? They will simply remind the customer of the terms and conditions that are signed up to.

I certainly would not accept this and would expect them to refund the fees

Expect all you like. It would be a gesture of goodwill and nothing more.

failing that threaten them with the FSA.

Assuming the FSA pass the complaint on to the FOS, the FOS will rule that the bank is acting fairly and in accordance with the T&Cs.

So a good show of bravado in the post. But basically packed with useless information.

amersall

I paid cash into barclays, the same as the op, and got charged. I telephoned and got the charges back. This was 4 months ago.

sprob

What I was saying is don't just accept it, do something about it, if you don't ask you won't get.

I know its in the t&c's, and sorry I did mean the FOS not the FSA, but I still find it unacceptable in this day and age that cash is still treated this way, I would seriously think about changing my bank.

I have in the past when presenting cash and a cheque at the same time for paying in, split them and paid them in separately.

Cheers
Steve

getmore4less

glitter123 wrote: »

A friend raised this with me. She paid cash into her barclays account over the counter at a high street branch on a Friday. On the following Monday they took all her direct debits , so taking her into a negative balance and charged her £22 per DD. They then applied the cash she paid in previously so taking her back into the black.
.

HAs she had authorised OD and reserves taken off the acoount.

With a reserve this limits charges to £22 every week.
I know some people don't like these but handy if you make an error.


In this case it look like it will depend on timing but worth raising with barclays since they did actualy have the money.

iblametheparents

glitter123 wrote: »

If you pay cash into your bank account would you expect it to cover the direct debits which come out on the next working day?

You can pay in cash up until the branch closes, the transaction is dated the following working day if paid after the cut off time (usually an hour before they close, it is advertised in every branch) but will cover any direct debits going out that following day.

Cheques paid in before branch cut off time will be credited that day and cover and direct debits going out the following day. Cheques paid in after the cut off time are not credited until lunch time the following working day and will therefore miss the point in the early hours of the morning when the decision to pay/not pay a direct debit is made.

iblametheparents

glitter123 wrote: »

A friend raised this with me. She paid cash into her barclays account over the counter at a high street branch on a Friday. On the following Monday they took all her direct debits , so taking her into a negative balance and charged her £22 per DD. They then applied the cash she paid in previously so taking her back into the black.

The cash should have been credited immediately.

The fee is £22 for entering the Personal Reserve, not per direct debit.

Are you sure she was charged, as if you enter your Personal Reserve, you do not get charged if you get back out of it the same working day. The time you have to get out of the Personal Reserve varies depending on what method you use. So, your friend could have actually paid money in on the Monday and not incurred a fee. I don't think you are telling us the correct circumstances.

zppp

sprob wrote: »

I know its in the t&c's, and sorry I did mean the FOS not the FSA, but I still find it unacceptable in this day and age that cash is still treated this way, I would seriously think about changing my bank.

It is not about treatment of cash, it is actually down to the direct debit process and cut off times. This is because DDs and SOs are processed via the BACS system - the bank has to have a cut off time at some point - so long as they advertise it, I see no issue here.

olly300

glitter123 why are you shocked?

Banking and insurance technology that works isn't updated because the amount of testing and development that needs doing to ensure it's secure is expensive. If a regulation comes in meaning they have to change it then they will but otherwise if it's fixed why break it?

You should also be aware that:
1. Some banks still operate branch systems. That means that you need to pay cash into the branch you have a sort-code for not any branch if you want it to clear the same day. Nationwide doesn't but they had difficulties with Faster Payments and sort-codes.

2. All banks and BS current accounts that I have state in their t&cs that they apply debits before credits. They changed their t&cs when they were being taken to court over bank charges.

As stated your friend should say she made an honest mistake to the bank and asked to be reimbursed this time.

Loughton_Monkey

Very occasionally, a Direct Debit has gone from my First Direct account, showing up on that morning (horror of horrors) as a negative on my Internet Banking. A quick transfer from one of my savings accounts instantly turns that to positive again, and I have never been charged for this.