3 days to clear cash?

squashy

I used to work in a building society and It was my job to empty the cash machines of their deposit envelopes. This would be done on the next working day. So if someone paid in cash on Friday it would appear in thier account sometime on Monday afternoon. It would be paid into the computer in the same was as someone stading at the counter. Oh, and we used to put an "effective date" on there (backdating to day of deposit, which was printed on envelope) so it would earn interest and also cover any debits on the morning of that working day.

Halifax's rules are awful- I agree, cash should be cash!

SparciaM

You shouldn't wait more than 1 day max for the cash to be in your account.

I used to bank with HSBC and as long as the cash was in the old style machines by 2pm then the cash was credited that day, any time after 2pm would be credited the next day, so 3 days is terrible for cash. Might as well just transfer the money from another bank account as would've taken the same time.!.

sgx.saint

Also, a word of warning, and this is true of most banks. If you pay in cash along with a cheque, the cash will usually clear at the same time as the cheque.

i.e. 3 - 7 days later.

maliachammy

Yes that is definately something to be wary about. My wife has definately gone off the Halifax now. Bye bye account I think, whether they said in the T's and C's or not

tom188

sgx.saint wrote:

Also, a word of warning, and this is true of most banks. If you pay in cash along with a cheque, the cash will usually clear at the same time as the cheque.

i.e. 3 - 7 days later.

I disagree with this. They are usually treated as two separate transactions.
This is certainly the case with Natwest, LTSB, AL, Halifax, Coop, NPBS, Abbey, RBS all of whom I use and I cant think its any different anywhere else.

peterbaker

We are so behind the times in the UK when it comes to the standard for clearing non-cash money transfers between banks, let alone cash.

In one leading European country I know of, I am told that the norm is that same day transfers occur between accounts of the same banking company, and interbank transfers take 1 day.

In the UK the banks are notorious for being extremely vague about when a cheque actually "clears for fate" - yet often the transfer appears in the destination account on the very next day after an internet banking transfer (if it is same bank, anyway). I bought something costing £1,100 recently from an established company that had never met me and who warned me that they would have to wait for the money to clear, but they shipped it as soon as they saw the transfer in their internet banking which was the very next day after I sent it!

The "delays" are all part of a ruse behind which UK banks cream off interest by keeping us guessing about what is normal, and what is possible, and also helps them to deny liability when things go wrong. It is high time they were made to fess-up!

gt94sss2

peterbaker wrote:

The "delays" are all part of a ruse behind which UK banks cream off interest by keeping us guessing about what is normal, and what is possible, and also helps them to deny liability when things go wrong. It is high time they were made to fess-up!

Some banks already transfer money between different accounts at the same bank the same day (i.e. HSBC/First Direct)

Also, do know the banking system in the UK is changing in November 2007?

From then, all UK banks will no longer bounce cheques after 6 days and electronic transfers between different banks will happen on the same day (rather than 3/4 days as at the moment)

Regards
Sunil

tom188

Hurrah more paranoia.

sgx.saint

I disagree with this. They are usually treated as two separate transactions.
This is certainly the case with Natwest, LTSB, AL, Halifax, Coop, NPBS, Abbey, RBS all of whom I use and I cant think its any different anywhere else.

I disagree with this.

Halifax, Yorkshire Bank and RBS all treat the transactions as the same.

Unless things have changed and they now treat them seperately.

However, they didn't originally. I have paid in on several occassions cheques and cash together at these various banks and the cash has taken the same length of time to clear.

I was advised by staff that as I was paying in cash along with the cheque then it would be treated as one transaction.

Unless I completed two seperate payin slips. One for the cash and one for the cheque.

tom188

Not the case with Halifax or RBS any more in my experience.