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This board needs a sticky with obvious answers
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Al_Mac
Forumite 5.5K posts
The answer to questions such as.
q) Money has appeared in my account. Can I spend it?
a) NO!
q) I wrote a cheque for £200, but only says £20 on my account. Can I spend it?
a) NO!
q) Direct Debit
a) See here
q) A debit card transaction from a month ago hasn't come through. Can I spend it?
a) NO!
Any other suggestions?
Another few.
q) Why does it take three or more days for money to transfer?
a) The money leaves your account on day 1, through the system day 2, arrives day 3. This is the simple answer. The banks are working on systems to process payments faster, likely to start being implemented 3rd or 4th quarter 2007.
nb Faster payments went live in May 2008. Depending on your financial institution and the amount, a payment will occur almost instantly.
q) I want a large amount of money, but my bank say I have to give them a weeks notice, why?
a) The branch only holds the money it needs for a typical day, they may get more in and they may get more out. They can not "afford" to hold large balances of cash. It would be a target for theft and would not be earning any money elsewhere.
q) Why when I go to my branch do they try to sell me something?
a) You are no longer a customer, you are profit. They are no longer cashiers, they are sales staff. They hate it more than you do, trust me
You can have your records updated to prevent various marketing methods, inclduing in the branch, do it
Q. What's the best bank account.
A. It depends what you want. If it's interest/OD rates, etc - link to Martin's articles on best current accounts.
Q) Why do my bank keep marketing to me?
A) Because you haven't asked them to stop!!! Just go see a PB and tell them you want to be excluded from all marketing. They have to do it But you have to ask
Q) Why didn't they stop payment when I didn't have funds?
A) You have an anticipatory limit, an amount by which they will let you go overdrawn.
Q) The bank have taken money from my account, to pay my loan or credit card, that I have with them. Surely this isn't legal.
A) It's called the right to offset. And it is legal. You should consider keeping debts and bank accounts with separate financial institutions.
q) Money has appeared in my account. Can I spend it?
a) NO!
q) I wrote a cheque for £200, but only says £20 on my account. Can I spend it?
a) NO!
q) Direct Debit
a) See here
q) A debit card transaction from a month ago hasn't come through. Can I spend it?
a) NO!
Any other suggestions?
Another few.
q) Why does it take three or more days for money to transfer?
a) The money leaves your account on day 1, through the system day 2, arrives day 3. This is the simple answer. The banks are working on systems to process payments faster, likely to start being implemented 3rd or 4th quarter 2007.
nb Faster payments went live in May 2008. Depending on your financial institution and the amount, a payment will occur almost instantly.
q) I want a large amount of money, but my bank say I have to give them a weeks notice, why?
a) The branch only holds the money it needs for a typical day, they may get more in and they may get more out. They can not "afford" to hold large balances of cash. It would be a target for theft and would not be earning any money elsewhere.
q) Why when I go to my branch do they try to sell me something?
a) You are no longer a customer, you are profit. They are no longer cashiers, they are sales staff. They hate it more than you do, trust me
You can have your records updated to prevent various marketing methods, inclduing in the branch, do it Q. What's the best bank account.
A. It depends what you want. If it's interest/OD rates, etc - link to Martin's articles on best current accounts.
Q) Why do my bank keep marketing to me?
A) Because you haven't asked them to stop!!! Just go see a PB and tell them you want to be excluded from all marketing. They have to do it
But you have to ask Q) Why didn't they stop payment when I didn't have funds?
A) You have an anticipatory limit, an amount by which they will let you go overdrawn.
Q) The bank have taken money from my account, to pay my loan or credit card, that I have with them. Surely this isn't legal.
A) It's called the right to offset. And it is legal. You should consider keeping debts and bank accounts with separate financial institutions.
Competitions - See it, search it, post it, simples 
Cheeky Chicken the complete package
Al "Purple" Mac
Cheeky Chicken the complete package
Al "Purple" Mac
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Replies
Dummies Guide to Banking
(not being offensive, just following the theme of a popular array of learning books)
A. It depends what you want. If it's interest/OD rates, etc - link to Martin's articles on best current accounts.
And to add to Al Mac's one above about transfers, a similar one should be on EFT payments and why they don't show up until a couple of days later too. Similar answer I should imagine.
NO!
Think you've adequately covered the bits ..... people will still post new threads for! But top of the sticky class for perseverance in the face of adversity!
(Sorry .. having one of those days. Were I a woman .. I'd be able to plead understandable hormones. As it is I've just been told, locally, that I'm a moody sod .. and it's inherited:rolleyes: )
While you are still feeling somewhat Sticky - and getting really good at it.:p Could you nip across to Savings etc and organise a long overdue one there?
The question runs a bit like this :-
Q. Acting on the advice of this site .. I have, for the past year, paid £250 monthly into a Regular Saver account purporting to pay interest at 6.25% / 7% / 8% / 10% / 12% / 12.5% (delete as appropriate). However I am utterly dismayed to find that the gross Interest allocated to my account, on its anniversary, is a meagre £94 / £105 / £120 / £150 / £180 / £188 (delete as appropriate). When, having £3000 in the account, anyone would realise that the correct interest is £188 / £210 / £240 / £300 / £360 / £376 (delete as appropriate). How do I complain .. and ensure the shortfall is made good? PS Am I entitled to compensation?
The Answer .... you have to write ' cos you're really good at it. I've tried a few variations on a theme as these have cropped up ... but the Questions still arise, so the Answers are clearly useless! I was tempted to use this, next occasion ....
" You're quite right. This happens all the time .. and appears to be as a result of your not getting interest on money you hadn't put in the account - but did intend to. And the inability of the Bank to realise that, is causing a lot of complaints and frustration. Write to the CS Manager - and setting out your problem exactly as you posted, above. When you have a reply - please post it back here (word for word, mind?) - and Al Mac will turn it into a Sticky for other people suffering this problem ... to learn from .... once and for all."
Or - we could form a Committee - and work a suitable answer out over the next 12 - 18 months, if we stick at it;) I'd be eligible to join .. as I was officially told today that I'm not a moody sod, after all. Apparently - it was her hormones. Phew ... what a relief, as I'd never have guessed that could be the case.:rolleyes:
What? Have they put your picture up on a billboard or something?