Bank/Building Society cut of times

opinions4u

realaledrinker wrote: »

Some examples of BoE imosed cut off times:

http://www.bankofengland.co.uk/markets/Documents/money/documentation/sfguide.pdf

But in the context of needing to fund an account by 3.30pm to avoid overdraft charges, not relevant.

System

I've recently paid cash into a Halifax account (at a BoS branch) just before 5pm and it never incurred the daily £1 overdraft fee.

I've only seen the 3.30pm cutoff displayed in a HSBC branch and even then it only related to other bank payments such a Bank Giro Credits.

BASFORDLAD

It just seems from what people have said to go back to the day when you had to fill in a bank giro credit slip for paying in or writing a cheque in lloyds payable to cash to do a withdrawal

Do Barclays still use those machines in branch which seem to separate the cheques ?, seems to put them in to bunches, what exactly are they?

JuicyJesus

realaledrinker wrote: »

Chaps Cut off 4.00pm
Link Cut off 5.30pm

LINK as in the debit card interchange? Not sure I've ever heard of there being a cut-off time for that...

JuicyJesus

BASFORDLAD wrote: »

Do Barclays still use those machines in branch which seem to separate the cheques ?, seems to put them in to bunches, what exactly are they?

I don't work for them, but as I understand it they still do that, whereas other banks send their cheques and credits to a central processing centre and do the clearings that way.

As far as I know, it basically organises all the cheques to be sent to the requisite banks. But again, I don't work for Barclays.

Hasty1991

Gromitt wrote: »

Same goes for ATMs, but I'd image they'd do the later after closing the doors.

Ha, I don't think so!

System

Yes, for the Cashpoint network and CHAPS. The transactions after that point will be processed the next working day.

With the LINK network, banks don't exchange individual transactions but the total amount by all their customers and interchange fees to other members. They will net this amount off with other members using their machines

JuicyJesus wrote: »

LINK as in the debit card interchange? Not sure I've ever heard of there being a cut-off time for that...

BASFORDLAD

So when these banks close do the staff actually have much to do?, as soon as they close its like the bank empties and the staff are not to be seen