Barclays Bank - Changes to uncleared funds

catgracie21

I received a letter today saying that from 3rd Nov 2012 if I pay anything in it will take 4 days to clear and until then if I use those funds to pay for anything it will be returned unpaid and I will incurr transaction charges (surprise surprise).:mad:
This is going to cause me a big problem and alot of charges as money is tight and sometimes I have to pay bills even though I had only paid the chq in the day before.. It is still in there though. Why does it take 4 days to clear too?
Can they do this, is it legal?
Thank you for any help!
Angela

dalesrider

catgracie21 wrote: »

money is tight and sometimes I have to pay bills even though I had only paid the chq in the day before.. It is still in there though. Why does it take 4 days to clear too?
Can they do this, is it legal?
Thank you for any help!
Angela

Yes they can legally do this.
Seems they are beiing very generous there....

A cheque can be returned upto 8 days.

A cheque goes from branch to banks clearing house, to bank it was presented from. (simple version).
No amount of computers can make this any quicker.
You want to be able to use funds you pay in. Pay in cash or make a faster payment from the account.
Stop trying to fiddle the system.

agrinnall

Read this which explains the 2-4-6 cheque clearing timetable (introduced in 2007, so if Barclays were previously allowing you to withdraw earlier it would have been in contradiction to these rules).

http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/cheque_clearing_timescales_%282-4-6%29/

mgdavid

catgracie21 wrote: »

.......sometimes I have to pay bills even though I had only paid the chq in the day before.. .......

you can always pay the bills by sending a cheque.....