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Barclays 'Cleared Funds' handling - Is it legal?
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If they are not transacting that night then they are not making a penny on the money in the till.
Ex building societies tend to have a range of restrictions that go back to their building society days and tend not to offer full banking services. Make sure in advance that they provide the service you want. Otherwise we will see another thread from you in a few months saying Halifax wont do this that or the other.
Just a personal view but out of all the banks available, after Santander, Halifax would be the next on my "never again" list. I closed my account with them when they started charging £1 a day for using an authorised overdraft (£2 a day if your overdraft is more than £2500 !) and a staggering £5 a day:eek: if you happen to make a mistake and exceed that. And i never used my overdraft with them ! Definately look around before you make a final decision, there's loads of info on here.0 -
Ex building societies tend to have a range of restrictions that go back to their building society days and tend not to offer full banking services. Make sure in advance that they provide the service you want. Otherwise we will see another thread from you in a few months saying Halifax wont do this that or the other.
These days that is actually little more than a myth.
The only thing that I can think of is restrictions on paying large amounts of coin into your account.0 -
These days that is actually little more than a myth.
The only thing that I can think of is restrictions on paying large amounts of coin into your account.
For most purposes you're correct. Most people want cash/cheques in, cash out from their branches.
If you're the sort of person who still pays bills with cheques or cash for some silly reason then you'll probably find yourself restricted. And ex-b/socs don't tend to exchange coin for customers either.urs sinserly,
~~joosy jeezus~~0 -
JuicyJesus wrote: »
Focus on not getting charged the fees rather than finding baseless legal complaints about them.
With regards to the cash thing, Barclays may have an idiosyncratic policy but it is their policy and they don't make a secret of it. That's the whole point of the terms and conditions booklet - it tells you by what rules they and you both have to play with regards to virtually everything. Yes you can complain but given that they make the restrictions quite clear you don't really have much to go on and will probably just get a more polite version of what I've just said sent back in the form of a response letter.
For some people it’s impossible to focus on not being charged!
You are either totally missing the point, or you are in support Barclays making money from this double-edged t&c!
Once again I will put it simply for you:
Any money including cash that is paid in over the counter after their cut off time, even though it has been taken off you and registered in your account, will not get credited against any outgoing payments on the FOLLOWING working day!
Then to compound the problem, or should I say make money from this deliberate policy, they bounce payments that take you into the red because of the policy, charge you £8 for every unpaid debit, THEN pay your previous days money in!
This is wrong and it should be changed!
And by the way, it does not clearly say that in their terms and conditions. That is why I have pointed it out in the first place.
True, Barclays are legally entitled to devise their own t&c’s, and (in most cases) the customer does have the choice of who they bank with, but people should be made aware of certain financially detrimental conditions that are in the banks favour.
The customer has a right to ask ‘why?’ and hopefully be supported, because if not, then the banks, and their fans, can just happily sit back and politely say ‘ Sorry it’s in the terms and conditions’ or ‘You should have read the booklet’ or ‘You chose to bank with us’.
I don’t think the consumer should have to accept this. It not just a ‘quality of service’ that I’m complaining about, it is the fact that they are messing around with people’s money and the fact that they are able to create fines and extra charges because of the way they are mishandling the paying in procedure.0 -
persecuted-citizen wrote: »Rather than making money from investments, stock and shares etc from which they had to be bailed out ....
The banks didn't need to be bailed out because of the money they failed to make from 'investments, stock and shares etc'. It was because of the money they failed to make on the old fashioned business of lending people money. As in, they lent the money, and then it came to pass that the silly sods they'd lent it to couldn't pay it back.0 -
If the bank opened between, say, 7:30AM and 3:30PM ....
3.30pm is exactly when banks used to close their doors back in the days when the only computers you could buy where the size of a small truck. Closing at 3.30pm gave the staff an hour and a half to write up the books, parcel up everything that needed to be sent to HO over night etc, before going home at 5.00pm. (If they were lucky.)
For people of a certain age the banking day has always finished at 3.30pm. And if you wanted something done same day by the bank you always had to it before 3.30pm at the latest.0 -
I note a lot of people who take the view that if something is in the Ts&Cs then it's fine. That's not true. If it was we wouldn't have all sorts of regulations and precedents that dictate what Ts&Cs can contain, and override them where, in the opinion of the courts or the legislature, the Ts&Cs are not appropriate.
If Barclays' Ts&Cs said that there was a £100 charge for not sending the bank manager a birthday card, would you all be defending it and telling anyone who forgot (or missed the 3.30 last post) that it's tough luck?
I'm not saying whether or not the Barclays policy is reasonable here - but I do think the OP has grounds to raise this as a topic. By all means, consider it and decide that it's entirely fair... and certainly point out that the OP can always go an bank elsewhere... but consumers do NOT have to blindly accept whatever businesses put in their terms and conditions.. and the law is very clear about this.0 -
persecuted-citizen wrote: »
Well I'm off to the Halifax on Monday to see what they can offer!
That's the spirit don't let them get you down.
You can't do anything about what they offer. The banks aren't going to change because a few of us jump up and down.
If you don't like the offer don't buy the product find something else that better fits the bill.
The ombudsman would find in their favour, I am sure, as it in their T & Cs and you clearly know about it.
Their loss not yours."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
If Barclays' Ts&Cs said that there was a £100 charge for not sending the bank manager a birthday card, would you all be defending it and telling anyone who forgot (or missed the 3.30 last post) that it's tough luck?
Of course not.
However, that does not mean all T&Cs are wrong. This is a commercial decision by Barclays that is clearly dictated and the consumer has a choice. The fact its inconvenient and really an obsolete position to take does not make it wrong. it is their choice to make.
Effectively they are saying that these are the processing times and anything paid in after 3.30pm will be processed the next working day. How could that be considered as unfair?
The best you can hope for really is for the FSA to decide that whilst that may have been fine in 1990, it is not fine in 2011. The FSA does not need law to make many of its rulings. However, bank opening hours are not exactly something you would expect them to get involved with and they would probably accept Barclays position (which is that rather than close the doors at 3.30 they stay open to help those that cant make traditional banking hours).The ombudsman would find in their favour, I am sure, as it in their T & Cs and you clearly know about it.
I doubt the FOS would even make a ruling. This is a commercial decision by Barclays and the FOS dont rule on commercial decisions.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Of course not.
However, that does not mean all T&Cs are wrong. This is a commercial decision by Barclays that is clearly dictated and the consumer has a choice. The fact its inconvenient and really an obsolete position to take does not make it wrong. it is their choice to make.
Effectively they are saying that these are the processing times and anything paid in after 3.30pm will be processed the next working day. How could that be considered as unfair?
Of course. I'm not saying this term is comparable.. merely that the 'it's in the Ts&Cs so tough luck ner ner' attitude of many posters is daft.0
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