Need advice

FRUGAL_4

I Bank with IF online, they don't accept any monies being paid in at the Halifax branch which they are apart of, so I sent in a bankers draft by special delivery so it would hit my account immediately, they have credited the bankers draft today but they have credited the account with "cheque" and not bankers draft, I telephoned them and asked them why they have not cleared the funds immediately even though it is a bankers draft from the Halifax paid into IF, they say they treat Bankers Draft as cheques, and will take 5 days to clear, is this normal? Goodness me, it is so frustrating that IF don't accept monies being paid in at the Halifax Branch, I am currently looking into moving my account to First Direct online bank who do accept monies being paid in at HSBC branch, but this does not help me at this moment in time. Arrgh..

I would appreciate some advice.

FRUGAL

techno_geek

If you need the money to be there immediately, you could do a CHAPS payment from Halifax to IF - the fee is £25, but they might offer you a preferential rate because it's going to another member of the HBOS group! If you don't ask you don't get!

FRUGAL_4

Thanks techno-geek, I am assuming from your post it is the norm for banks to process bankers drafts as a cheque, I will use the CHAPS payment in future.

techno_geek

If you're able to plan ahead you could do a standard BACS electronic transfer, (which you can make online, in branch or over the phone) which will take 3 working days to clear for free...

Bankers drafts are normally cleared as cheques because it has to go through the clearing system (even though the funds are guaranteed)

FRUGAL_4

Thanks for clarifying the bankers draft, I thought they were being a wee bit difficult.

I have to see if I can set up a BACS transfer, I have some accounts in the childrens names to take advantage of the 10% interest from the Halifax, so I am not sure if I can set up a BACS on their accounts - this shouldn't occur again as I have just sent off a form to cash in some premium bonds to put into another online account, (never won a flipping thing) why is it when you have no instant access to online saving accounts, something needs urgently replacing - I think I need to get a credit card for emergencies only.