Barclays 'Cleared Funds' handling - Is it legal?

WelshRarebit

I think what we really need to be asking ourselves is in this modern age is 3:30pm a realistic time for our draconian banks to set as the end of day cut off? What dictates a bank to set an end of day cut off time of mid-afternoon anyway?

There seem to be plently of people barking on about banks are a business but how many other high street businesses can you name were they pull down the shutters at 3:30pm. Seriously, can you imagine going into your local supermarket or convenience store at 3:45pm to pick up your milk and groceries, handing over you money only to then be told "sorry, we've done our stock taking for the day, we'll keep hold of you money and you can call back tomorrow to pickup your purchases."

zppp

WelshRarebit wrote: »

I think what we really need to be asking ourselves is in this modern age is 3:30pm a realistic time for our draconian banks to set as the end of day cut off? What dictates a bank to set an end of day cut off time of mid-afternoon anyway?

There seem to be plently of people barking on about banks are a business but how many other high street businesses can you name were they pull down the shutters at 3:30pm. Seriously, can you imagine going into your local supermarket or convenience store at 3:45pm to pick up your milk and groceries, handing over you money only to then be told "sorry, we've done our stock taking for the day, we'll keep hold of you money and you can call back tomorrow to pickup your purchases."

I think that whatever time is chosen, be it midnight, 5pm, 1pm or whatever, a line has to be drawn for the bank to send the payment or reject it. You are never going to get a time which suits everyone.

There is no regulation about setting rules re cut off times, so it will vary bank to bank.

WelshRarebit

zppp wrote: »

I think that whatever time is chosen, be it midnight, 5pm, 1pm or whatever, a line has to be drawn for the bank to send the payment or reject it. You are never going to get a time which suits everyone.

Yes I completely agree, all I'm saying is banks need to move with the times and set a more realistic cut off period for today's modern society.

zppp

WelshRarebit wrote: »

Yes I completely agree, all I'm saying is banks need to move with the times and set a more realistic cut off period for today's modern society.

What is a more realistic cut off point?

thebusinessman

zppp wrote: »

What is a more realistic cut off point?

Simple! When they close the doors!

But if you've missed the doors closing and you pay your cash in at 9am the following morning it should still count against any payments going out of the account that day.

It's only common sense!

Or at least that's what should be expected!

zppp

thebusinessman wrote: »

Simple! When they close the doors!

But if you've missed the doors closing and you pay your cash in at 9am the following morning it should still count against any payments going out of the account that day.

It's only common sense!

Or at least that's what should be expected!

How would you combat that some branches vary their opening times? People also don't neccessarily bank with the branch they opened their account with. Different banks have different opening times also, meaning that it would seriously complicate matters for consumers.

Many banks require funds to be in your account the working day before an item is due anyway, and ths is up until midnight. The 2:30pm, 3:30pm cut off points are just slight extensions to this and give people a chance to rectify their accounts.

opinions4u

As previously stated, I think Barclays are archaic. In a modern age 11.59pm seems to be the fairest cut off time.

That said, their 3.30pm time is not a scam. It's not a rip off. It's clearly stated and customers know about it. If the customer doesn't like it they can take their business elsewhere. If the customer repeatedly misses the cut off time, despite knowing it, then the customer needs to reorganise the way they run their finances.

I note the reference to supermarkets above. Personally I think my local 24 hour Tesco should be able to serve me fresh meats from the deli counter whenever I go in. But the deli part closes at 9pm so I have to cope without after this time. The solution to this is to get there before 9pm or go to Sainsburys who close their deli counter later. The Co-operative aren't the solution because they close at 8pm and don't have a deli counter to start with.

Barclays have the right to their backwards procedure. Customers have a right not to like it. More importantly those customers have a right to take their business elsewhere. Otherwise they have made a choice to accept something.

persecuted-citizen

Thank god some of you can see my point!

Only if they are paid in before the cut off time

No they do not, that’s my point.

I disagree. It’s not clearly stated unless you go to the t&c’s to find it, or you happen to get caught out by it. I wonder how many people call Barclays in a day querying why their direct debits have been returned when they had the money there to cover them!

Well maybe there should ie: When the doors close!

No, 3.30pm is a retraction to it. Barclays require the funds to be in before 3.30pm on the working day before the item is due.

Well I think it is it’s all about fair trading and even thought it might be in their t&c’s I personally don’t think its fair trading, especially when the outcome of this draconian t&c is that they fine you and cause major hardship through it.

thebusinessman

Yes. I agree. It is all about fair trading.
I have a few businesses, but in particular I run one business which is a theme park. So look at it this way; I take cash off the customers when they enter the park and then they go on the rides and when they leave I charge them £8 for every ride they went on. And when they say why? I say it is because the money they have paid doesn’t get counted until after the rides have been used, and on the terms and conditions on the back of the ticket it says I can charge £8 for every unpaid ride. Would they be happy? No! Would I get away with it? Definitely not!

But this is what Barclays are effectively doing to their customers,

Sorry Barclays but you are very backward in this approach.

Or is it as the OP says that you are fleecing your customers?

dunstonh

Thank god some of you can see my point!

Unfortunately, they appear to be a bit deluded as well as they miss the point. A business can choose to offer what services it likes. If you dont like it then go elsewhere.

Well maybe there should ie: When the doors close!

So what about all those that use Barclays after 3.30 who would lose out by that?

Well I think it is it’s all about fair trading and even thought it might be in their t&c’s I personally don’t think its fair trading, especially when the outcome of this draconian t&c is that they fine you and cause major hardship through it.

As has been said, Barclays are old fashioned in this respect. When late opening came in around 15 years ago, most of the banks did it this way. The other banks have moved on and updated contracts, systems and software to cater for late opening. Barclays have not. That does not make it wrong or unfair.

just imagine this scenario; “Can I pay this money in please” “Yes certainly. There it is showing in your account now” “Oh I forgot I need some cash for tonight can I withdraw some” “No I’m sorry Sir it won’t be cleared until close of business tomorrow” !!!!!!!!!!!!

Also, apologies to the poster called "thebusinesman". If you really were a businessman then you would understand commercial requirements vs reality. This is their published service. You take it or you leave it.

In that scenario, why is someone paying money in that they are going to need to withdraw in the next couple of hours?

Also, they can withdraw the money in late opening over the counter as well if they have just paid cash in. It would be pointless but possible.

have a few businesses, but in particular I run one business which is a theme park.

So, someone goes to your theme park and you dont have a ride they like. Do you close the theme park to everyone because of this?