how long does it take for payment to clear

abrahams

I paid 500 pounds in cash into my Marbles card by depositing the money in a local Natwest bank on 21 Jan. This was well ahead of the due date on the statement (7 Feb) because I wanted to avoid going over credit limit and having the card declined. On 24 Jan Marbles recorded the cash received but card was declined twice on 28 Jan. When I phoned they said their policy is not to clear cash payments of 500 pounds or more for "3-4 working days". However apparently on my account the payment is noted as having been received on 24 Jan but not due to clear until midnight on 31 Jan. This is more than "3-4 working days". When I queried why payments in actual cash had to be held for clearance I was told "we can't tell you that but if you google you can find out". I did a quick google but can't figure it out. Can anyone tell me why Marbles are holding up clearance of cash? Thanks!

Gromitt

Most likely money laundering obligations.

Paying by bank transfer will typically avoid such delays, crediting your account the same day if done early enough on a working day, otherwise the next working day.

molerat

Gromitt wrote: »

Most likely money laundering obligations.

Paying by bank transfer will typically avoid such delays, crediting your account the same day if done early enough on a working day, otherwise the next working day.

Money laundering on £500 !! That is small change to a lot of people.

leicsmarkyr

molerat wrote: »

Money laundering on £500 !! That is small change to a lot of people.

Not on a Marbles card as being a sub prime card this will be the credit limit for a majority of customers.