A crazy glitch at Natwest with cash deposit.

malchish

stclair wrote: »

The 2.30 cut off time relates to the deadline of when a customer needs to pay cleared funds into their account to cover any payments that have debited the account on that day such a direct debit or standing order. If funds are not in the account by this time the items would be returned unpaid creating charges.

Thank you! This is very useful info, for myself as well! I thought this was the morning...So, if I have the direc debit coming out of the 1st of a month, I do not have to have funds in by 8am, but by 2.30?

Your post explains why staff spoke about 2.30 cut off in principle.

stclair

malchish wrote: »

Thank you! This is very useful info, for myself as well! I thought this was the morning...So, if I have the direc debit coming out of the 1st of a month, I do not have to have funds in by 8am, but by 2.30?

Your post explains why staff spoke about 2.30 cut off in principle.

This policy only applies to NatWest/RBS other banks may have their own policy. But yes providing you have the funds in your account by 2.30pm on the same day the item would be paid and you would not incur any charges.

NatWest/RBS offer a text alert service when you go overdrawn. To make sure you get the funds into your account to avoid charges.

http://personal.natwest.com/personal/ways-to-bank-with-us/text-alerts/act-now-alerts.htm

This might be useful for you aswell:

http://www.rbs.com/news/2014/08/rbs-meets-fca-requirement-on-arranged-payments.html

On the letter detailing they was being charged it details the transaction(s) they are being charged for? What transaction type was it?

Archi_Bald

malchish wrote: »

He made 3 cash deposits at 5.05 pm at the counter, totalling, say, £3000.
Confirmed with the cashier that the cash was available instantly. Took mini-statements.
Then he went to the cash machine at the branch - it showed the new funds.
He went back to the counter and made a payment
into Natwest credit card - of under £3000 at 5.30pm.

Why all the hassle with mini statements and checking account balance at ATM after the cashier had confirmed the cash was available instantly? Why did this take 20-25 minutes? Why did he not ask the cashier to pay the credit card straight after the deposits had been made?

malchish

Archi_Bald wrote: »

Why all the hassle with mini statements and checking account balance at ATM after the cashier had confirmed the cash was available instantly? Why did this take 20-25 minutes? Why did he not ask the cashier to pay the credit card straight after the deposits had been made?

1 Because this is what I assume he always does - taking ATM receipts. This is a normal precaution. .I always do this, too, many people do. How can this be relevant? Every time I check my balance, I take a mini statement. Every time I speak to a bank, I record the call, with name, tel. number, date-time recorded.
It is a habit, and it pays off. As you see, for the gentleman this practice paid off - always check balance before any withdrawal.
Do you wish he had not done it?

2 Why 20 min -- this is just what shows on the receipts. - was discussing a new option for a saving account maybe? Do you find it hard to spend 20 min at the Bank? Went to answer an important business call? Made other things - opened an ISA for example?
I do not understand on what grounds you are challenging 20 min.

malchish

stclair wrote: »

This policy only applies to NatWest/RBS other banks may have their own policy. But yes providing you have the funds in your account by 2.30pm on the same day the item would be paid and you would not incur any charges.

NatWest/RBS offer a text alert service when you go overdrawn. To make sure you get the funds into your account to avoid charges.

http://personal.natwest.com/personal/ways-to-bank-with-us/text-alerts/act-now-alerts.htm

This might be useful for you aswell:

http://www.rbs.com/news/2014/08/rbs-meets-fca-requirement-on-arranged-payments.html

On the letter detailing they was being charged it details the transaction(s) they are being charged for? What transaction type was it?

The letter does not define the transaction at all for some reason (I hold a copy). It is an automated letter with no signature/name ("customer service team"). It simply says "there have been withdrawals or payments on your account that could not be covered by the available balance in your account".
Upon calling them, he found out that it was the huge credit card payment, made after cash deposits.

Thank you for the very useful link! I never knew about this option. Just in case, it may be very helpful.

mgdavid

malchish wrote: »

1 Because this is what I assume he always does - taking ATM receipts. This is a normal precaution. .I always do this, too, many people do. How can this be relevant? Every time I check my balance, I take a mini statement. Every time I speak to a bank, I record the call, with name, tel. number, date-time recorded.
It is a habit, and it pays off. As you see, for the gentleman this practice paid off - always check balance before any withdrawal.
Do you wish he had not done it?

2 Why 20 min -- this is just what shows on the receipts. - was discussing a new option for a saving account maybe? Do you find it hard to spend 20 min at the Bank? Went to answer an important business call? Made other things - opened an ISA for example?
I do not understand on what grounds you are challenging 20 min.

hmm so now you own up to 'assuming' what happens when this 'friend' goes to the bank. This is exactly why many on here will keep asking questions, wanting more detailed substantiated facts. The more we dig the more we uncover odd / unusual behaviour.
Whenever I pay into my bank I am given a balance slip with the receipt for the payment. Do NatWest not do this?

malchish

mgdavid wrote: »

hmm so now you own up to 'assuming' what happens when this 'friend' goes to the bank. This is exactly why many on here will keep asking questions, wanting more detailed substantiated facts. The more we dig the more we uncover odd / unusual behaviour.
Whenever I pay into my bank I am given a balance slip with the receipt for the payment. Do NatWest not do this?

Your suspicions are laughable.. I will ask tomorrow, exactly why!
I do not "own up" - I told clearly what documents I seen, For me this is more than enough. And I do advise you next time you go to the bank take a double proof - because they may mess up and charge you, spoiling your your credit rating.
you have been warned. after reading this thread you would be foolish not to take a double proof!
so i did not need to assume anything, it is irrelevant anyway. i was just kind to you, sine you do not seem to be able to find explanation and you asked for help.

I did not ask about this, since this is irrelevant.
There is no unusual or odd behaviour. When you just put £3000 into your bank and need to make a payment of £3000, would not you be extra cautious? Knowing that natwest can mess up (which is exactly what happened).
You are not digging, you are trolling.
the simple fact is: cash deposited over the counter somehow changed its date and looked as if deposited the next day, according to the online statement.
This is enough for you to :eek: at all the mess created by Natwest. If you don't, first of all, get horrified by this outrageous mistake by Natwest, you are not on the side of a consumer.
You are welcome to respond to the phrase in bold, The rest is irrelevant really.
Just explain how cash deposited over the counter can be not available until the next day (against the contract)- since this is the only thing that created all the trouble. bear in mind that the credit card payment by this very same cash has been successfully received on the day 0. Try to explain this!!! Welcome to dig!!!

AlwaysLearnin

It's a conspiracy I reckon...

agrinnall

malchish wrote: »

I posted for the others to be warned.

agrinnall wrote: »

In that case you should either have posted on the appropriate board (Praise, Vents & Warnings) or made it clear that you were not looking for anyone to offer explanations for what happened.

malchish wrote: »

I do not think I need to report to you. I made clear what I consider necessary to be made clear.
There were 3 useful pieces of advice here. Already.

This thread is not a vent - Natwest may resolve this to the full satisfaction of a client, why vent now?
If you have nothing useful to say on the thread (and you do not it seems), just please refrain from posting. I post for consumers, and I help them, this is all right.

I know full well, that any OP that posts a real consumer problem, gets immediately flooded by posts by people who post full-time. You may be very genuine and very interested,but please try not to do this, it won't help anyone.

Feel free to report me as much as you like, I certainly don't have to worry about implied threats from you.

As you will note from the quotes above, you used the word warned, and I suggested that the thread would therefore be better on the board that includes the word Warning in its title. At no point did I suggest your OP was a Vent.

There seems to be no need for me or anyone else to post "anything useful" as you specifically stated that you did not want replies. And of course, it's not up to you to control what other people say anyway, if you want to do that perhaps you should start your own forum where you can delete any posts that don't agree with your agenda. I very much doubt if the regular, genuine and knowledgeable members who have posted in this thread will be making much effort to offer you any help in the future.

stclair

malchish wrote: »

The letter does not define the transaction at all for some reason (I hold a copy). It is an automated letter with no signature/name ("customer service team"). It simply says "there have been withdrawals or payments on your account that could not be covered by the available balance in your account".
Upon calling them, he found out that it was the huge credit card payment, made after cash deposits.

Thank you for the very useful link! I never knew about this option. Just in case, it may be very helpful.

The letter always defines which transaction caused the account be over drawn. I'm suspecting that due to the 2.3O cut off being mentioned a direct debit or standing order was returned unpaid. It could be they had a positive account balance but the available balance was a negative.

Could you blank out the personal details and post the letter? To be honest I personally work in the charges department so I see the letters everyday so I'd be interested to see this one.

If the cashier made the payment on the clients behalf she would have told them there and then there was not enough funds to cover the transaction.