Backwards step in clearing cheques

pinkdalek

NOWSE wrote: »

You haven't read my post (or perhaps understood it) The cheque was drawn on the branch I was paying it in at. As someone who worked for the Midland Bank for over 25 years I can tell you that the proceedure was that, as the cheque was paid in, it was scrutinsed by the cashier and became a paid item at the end of the day.

Considering you had 25 years working in the banking industry you would appreciate that during that 25 years that you worked many things changed from when you first started to when you finally finished. Just because that is what they did in your day does not mean that is how they operate today. As previous people have posted there is a lot of cheque fraudsters out there who know the system, who clicked on to the fact that "house cheques" can be cashed the same day and who have in turned fraudulently cost customers, the bank and the criminal investigation teams lots of wasted time and money.

NOWSE

YorkshireBoy wrote: »

Your experience is from over 20 years ago. Banking fraud has increased significantly since then. :)The the current situation is generally as follows:Cheque fraud losses, specifically, saw an increase of 17% in 2011 to £34.3m

My experience is not from over 20 years ago. I said that I'd worked with them for over 25 years.
I might have joined the Midland but it was HSBC when I retired. Any former colleagues that I meet up with all talk about what an awful place it is to work in.
I would think that the cheque fraud losses are a price the banks are willing to pay as in view of the savings they have made on staffing. Staffing cut backs that have resulted in corners being cut.
Endowment mortgage or PPI anybody?

YorkshireBoy

NOWSE wrote: »

My experience is not from over 20 years ago. I said that I'd worked with them for over 25 years.

You actually said...

NOWSE wrote:

As someone who worked for the Midland Bank for over 25 years...

...and the Midland Bank ceased to be in 1992.

So you can see how I, and others, posted replies along similar lines.

realaledrinker

Milarky wrote: »

.......everyone else at the same time too, it seemed) would no longer pay interest from 'day 1' on a cheque - it became 'day 4' instead I think.

Britannia still pay interest immediately on savings accounts - even if paid in on a Saturday!

Mrs_Ryan

1992?? Really??? Reason I say that is when I opened my student account in 1999 my debit card was branded HSBC Switch but my cheque book said Midland Bank... and a quick google suggests that Midland was in fact taken over by HSBC in 1999.... which is 13 years, not 20...but thats just the pedant in me

NOWSE

HSBC took over Midland Bank in 1992. Midland branches were not re-branded HSBC until 1999. I know because I was there.

JuicyJesus

NOWSE wrote: »

I would think that the cheque fraud losses are a price the banks are willing to pay as in view of the savings they have made on staffing.

Thinking logically here, if you had the choice between saving on two costs or saving on one and letting the other one keep growing, which would you choose?

Cheques are bloody fraud magnets.