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why do cheques take so long?
Comments
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For crying out loud.
Next people are going to be suggesting that the Royal Mail should be able to get a letter dropped in to a red box somewhere in Yorkshire to turn up at my home in the south of England a few seconds later.
If you use an archaic method to move money around it will be slow.0 -
opinions4u wrote: »For crying out loud.
Next people are going to be suggesting that the Royal Mail should be able to get a letter dropped in to a red box somewhere in Yorkshire to turn up at my home in the south of England a few seconds later.
If you use an archaic method to move money around it will be slow.
Yes but if you said that the OP would presumably complain "well I could use e-mail but they both use the alphabet so letters should be instant too."urs sinserly,
~~joosy jeezus~~0 -
Banks opened on a Saturday and they made a big deal like they were doing us a huge favour... I work in IT and the job I do means we are on hand 7 days a week, 12 hours a day even on Sundays to deal with any problems.
The banks being open 9-5 mon-fri is good for nothing, they need to understand the average person works those hours also and does not want to spend their Saturday morning in the bank..
Cheques do also need to clear quicker, the whole banking industry needs to be brought into 2013.0 -
Cheques do also need to clear quicker, the whole banking industry needs to be brought into 2013.
The banking industry assisted with this particular problem by providing methods of payments that not only clear, at the very latest, the next working day, but also don't even require a physical cheque to process. They're called "debit cards" and "Faster Payments" and they work really nicely.
If you wish to use a backward, antiquated system like cheques, don't be surprised if the clearance is backward and antiquated.urs sinserly,
~~joosy jeezus~~0 -
I wonder how the banking staff would feel if, for example, the phones, electric. gas etc stopped over the weekends?
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Nice to see someone living in the dark ages still then.....
I work over the weekend as do many banking staff.
To perhaps if you woke up and got back into the real world you would know that :rotfl:
Had the banks had their way cheques would have been phased out. But luddite's wanted them kept going.....
Even the 2-4-6 has to be taken with care as banks have upto day 8 to reject a fraudulent cheque.Never ASSUME anything its makes a>>> A55 of U & ME <<<0 -
put a cheque in from barclays to santander on tuesday, still hasn't cleared this morning? are they always this slow? no wonder they're being phased out!
Its precisely this kind of attitude that will see the cheques phased out. You can then start a thread on the fact that you cannot pay people money without giving them the details of your bank account or paying extra for the privilege.
The reason why a cheque paid into a Barclays Branch takes several days to clear (so that you can withdraw it from Santander) is that this is the process agreed by the banks.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
dalesrider wrote: »Nice to see someone living in the dark ages still then.....
I work over the weekend as do many banking staff.
To perhaps if you woke up and got back into the real world you would know that :rotfl:
Had the banks had their way cheques would have been phased out. But luddite's wanted them kept going.....
Even the 2-4-6 has to be taken with care as banks have upto day 8 to reject a fraudulent cheque.
Maybe you do as well as others, i.e. telephone banking, (if you read my post #19 you will see I already acknowledged that), but banks still class Saturdays, Sundays and BH as "non working" days and in relation to cheques and BACS,(BACS being auto system once loaded onto the system, via the phone call), won't allow the process to continue on those days, thus holding on to customers money without the need to pay interest,i.e. ask for a BACS on Friday and it will be debited immediately but not received into the credit account until Tuesday at the earliest thereby the customer will lose 5 days interest, (7 if a weekend)!
Re FP, the banks resisted this as long as they could, then only implemented it because of legislation and some, from what I have heard, put very low limits on these!
The 2-4-6 rule was forced on the banks by legislation, they will do nothing to help the customer,(the ones who pay your wages), until the government step in!
It isn't me living in the dark ages, it is the banks re "non working days"!
.Don`t steal - the Government doesn`t like the competition0 -
Maybe you do as well as others, i.e. telephone banking, (if you read my post #19 you will see I already acknowledged that), but banks still class Saturdays, Sundays and BH as "non working" days and in relation to cheques and BACS,(BACS being auto system once loaded onto the system, via the phone call), won't allow the process to continue on those days, thus holding on to customers money without the need to pay interest,i.e. ask for a BACS on Friday and it will be debited immediately but not received into the credit account until Tuesday at the earliest thereby the customer will lose 5 days interest, (7 if a weekend)!
Re FP, the banks resisted this as long as they could, then only implemented it because of legislation and some, from what I have heard, put very low limits on these!
The 2-4-6 rule was forced on the banks by legislation, they will do nothing to help the customer,(the ones who pay your wages), until the government step in!
It isn't me living in the dark ages, it is the banks re "non working days"!
.
Since 1/1/2012 outgoing BACS transfers are only available to business customers. The process is initiated 3 working days prior to the payment date and the money is debited and credited on the payment date.
Personal customers have the option of faster payments or CHAPS.
Faster Payments under the banks limit will usually happen within 2hrs.
All the banks I have accounts with have limits of at least £10000.
If I have needed to make a faster payment above the banks limit but within the FP system limit of £100000 it has been
carried out the next working day with simultaneous debit from my account and credit to the beneficiary account.0 -
Outgoing BACS transfers are only available to business customers and the money is debited and credited on the same day.
Personal customers have the option of faster payments or CHAPS.
Faster Payments under the banks limit will usually happen within 2hrs.
All the banks I have accounts with have limits of at least £10000.
If I have needed to make a faster payment above the banks limit but within the FP system limit of £100000 it has been
carried out the next working day with simultaneous debit from my account and credit to the beneficiary account.
BACS are available to personal customers as well, my bank,(Halifax), offer them, whenever I have used BACS the money is debited immeadiately but not received until 3 "WORKING" days later when it is credited. Not all banks and building societies operate FP, especially building societies who, despite saying they do, don't, as the payment arrives at the end of the next "WORKING" day, and if started on a Friday means Monday, i.e 3 days loss of interest!
CHAPS, despite someone who disputes, is an extortionate charge, up to £40.
FP don't always go, sometimes a window will pop up saying something along the lines of, "this payment cannot go immeadiately but will be at your bank within 3 WORKING days, i.e. BACS!
Some banks do, (or used to), have ludicrously low limits.
If it goes next day it is not FP! Faster Payment Rules.
.Don`t steal - the Government doesn`t like the competition0 -
You cannot provide a single example of a personal payment being made from a UK bank account to a UK bank account that takes 3 working days.BACS are available to personal customers as well, my bank,(Halifax), offer them, whenever I have used BACS the money is debited immeadiately but not received until 3 "WORKING" days later when it is credited. Not all banks and building societies operate FP, especially building societies who, despite saying they do, don't, as the payment arrives at the end of the next "WORKING" day, and if started on a Friday means Monday, i.e 3 days loss of interest!
CHAPS, despite someone who disputes, is an extortionate charge, up to £40.
FP don't always go, sometimes a window will pop up saying something along the lines of, "this payment cannot go immeadiately but will be at your bank within 3 WORKING days, i.e. BACS!
Some banks do, (or used to), have ludicrously low limits.
If it goes next day it is not FP! Faster Payment Rules.
.0
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