Visa bill paid with cash takes 2 days to clear

dusty1

I have just discovered that cash is not king when paying my Visa bill in full and that it takes at least 2 days for cash to reach my Visa account. The reason? the cash is held in a "suspense account" - standard procedure for cheques - which in that case take 4 days to clear, whether paying into to a current account or a credit card account. No explanation was available as to why my cash had not been credited to my Visa account by close of business on the day of payment other than to repeat the mantra about "suspense accounts". Cash can of course be credited to my current account on the same day but not to the credit card account although both accounts are held and managed by the same bank. Would I be correct in thinking that this is another lucrative way of playing the Money Market with their customers' liquid funds?

mojo_jojo

I always thought that even though credit cards can be issued by the same bank/building society they are effectively run as a separate company. Is that right?

When you pay cash it takes time to go from the bank to the credit card section - effectively waiting for it to clear like a cheque. Online banking is quicker though.

exel1966

What card and what bank are you referring to ? Generally, payments will take 2-3 days to show up on accounting systems, but most companies backdate this to the actual payment date.

Bloke_with_a_simple_life

dusty1 wrote: »

Would I be correct in thinking that this is another lucrative way of playing the Money Market with their customers' liquid funds?

Mmmmmmm - No

inmypocketnottheirs

Even when paying my Barclaycard Visa cash at a Barclays Branch it takes 4 days to reach the account. This delay is only serving the banks interests (no pun intended). The fact that Barclaycards account is a Barclays account, then the funds show up the very second that the funds are credited. It is a scam, pure and simple.

I was however surprised however last week, when I phoned Barclaycard last week to pay my card (in full) by debit card, the account was clear the very next day. The debit from my current account still took 4 days to show too. Looks like I can play the banks at their own game!!!

exel1966

inmypocketnottheirs wrote: »

Even when paying my Barclaycard Visa cash at a Barclays Branch it takes 4 days to reach the account. This delay is only serving the banks interests (no pun intended). The fact that Barclaycards account is a Barclays account, then the funds show up the very second that the funds are credited. It is a scam, pure and simple.
quote]

In Barclays case it looks if they are milking their customers here. I Pay my Lloyds card over the counter with cash every month ON the due date. It gets credited immediately!
With Mint I pay ON the due date over the phone usuing my LLoyds Debit Card. It takes 2-3 days to show up in their accounting system, but the payment is ALWAYS taken as the day the call was made. That also used to apply to AMEX cards and may still do, but I gave AMEX the push a while back for having such **** customer service.
With the PO card I pay by EFT online via my Lloyds account and the payment always arrives the next day.

[Deleted User]

Yes you are quite right it is a scam that the banks are allowed to get away with because they are allowed to create money out of thin air they should be allowed to get away with everything else too. Evil init, but live with it as you you dont have the power to change it, power - the ability to get everyone to comply with your decisions.

YorkshireBoy

Yant1 wrote: »

...live with it...

...but hopefully only until November.

http://www.fastpayments.co.uk/