LLOYDS how long to clear cheques?

mrsbez_2

What about this then?

If i pay cash and cheques into Natwest account on the same paying in slip, which obviously saves paper. The cash does not show instantly, it shows the next day?
Why not, its cash?
But if i use two separate slips then the cash goes in instantly?

Mind boggles!

we receive cheques every week for OH wages and is an RBS cheque, Lloyds took too long to clear so thats why we opened a Natwest account to pay the cheque into. Paid a cheque in Fri, money available this morn (tues), not instant but quicker!

regularsaver1

Why do a lot of banks still use paying in slips anyway. Never had to use them in the bank I work at - thank god

Mikeyorks

mrsbez wrote:

What about this then?

If i pay cash and cheques into Natwest account on the same paying in slip, which obviously saves paper. The cash does not show instantly, it shows the next day?
Why not, its cash?
But if i use two separate slips then the cash goes in instantly?

Mind boggles!

we receive cheques every week for OH wages and is an RBS cheque, Lloyds took too long to clear so thats why we opened a Natwest account to pay the cheque into. Paid a cheque in Fri, money available this morn (tues), not instant but quicker!

Pay the cash / cheque in using your Debit card - and both will show straightaway. But the cheque will still need 3/4 days to clear.

If you'd opened an RBS account for the salary cheque - chances are you would have been able to negotiate instant clearance (because it's salary - not because it's RBS). Better still - persuade his employer to pay by BACS?

JohnPeard

YorkshireBoy wrote:

John, I think you've been informed (in reply to your other posts on this theme) that things are about to change...in that late next year we should see the introduction of same day/next day transfers in the banking industry.

This is part of a written reply from Lloyds, received Sat.

"..electronic transfers still take three days to reach another bank, those our our procedures and I must advise you there are no immediate plans to change them in the near future"

"...we are not obliged to explain in great depth the reasons behind procedural decisions made."

Two points here, of course.

Yes, I am sure they will change, but only under pressure from customers and financial controlling bodies.

Why the secrecy? All I want is a reasonable expanation of WHY clearances take so long - not a lot to ask for if they fine people £65 because of the delays, is it?

Without such explanation of course I suspect 'foul play'

One contributor suggested I was uninformed - well that's absolutely right! I can't get the information.

gt94sss2

JohnPeard wrote:

Lloyds wrote to me on Sat, re just this:
"
...transfers still take three days to reach another bank, those are our procedures and I must advise you that there are no immediate plans to change them in the near future".

John,

I suspect this is just the banks not briefing branch/call centre staff on planned changes (or their definition of 'immediate')

In all likelihood, one or two months before the change takes place (by Nov 2007), the banks will inform their staff and start advising customers of the forthcoming changes.

If you google for 'Office of Fair Trading Payments Systems Task Force' you can find details of the planned changes and progress towards these.

For example from Dec 2005:

Paul Smee, APACS Chief Executive, says: “Back in May we pledged to speed up Internet and telephone payments but the UK banking industry has now decided to go a giant stride beyond this to give customers a service whose speed and convenience is world class. Our new system will enable customers to use the Internet or phone to make a payment that will reach the recipient’s bank account within a few hours. Crucially the service will also be available all day, every day and means that customers will have the flexibility and convenience of moving money between accounts or paying bills on the same day within a few hours and on any day of the week. Successfully delivering this new system by 2007 is going to be extremely challenging but the industry is confident it will be achieved.”

You may also find this report published by the OFT task force useful - it seems to contain an explanation of all the clearing systems used in the UK and a description of the clearing cycle.

Regards
Sunil