Bank refused to allow a branch withdrawal

haras_nosirrah

Really interesting antrobus. I didn't know that it showed day 2 but couldn't be withdrawn until day 4

If you get any offer of anything e.g £25 for inconvenience op then take it as the branch manager was correct. It shows as cleared funds and interest payable on day 2 but cannot be drawn on until day 4 which was monday.

And so endeth the complaint

colsten

haras_nosirrah wrote: »

Really interesting antrobus. I didn't know that it showed day 2 but couldn't be withdrawn until day 4

Withdrawal on day 4 is not a guarantee. The banks may let you withdraw it but they can decline the request and not let you withdraw until day 6. Even if you are allowed to withdraw on day 4, the money is not really yours until day 6, and you may have to pay it back.

Different banks have different T&Cs relating to this.

newwave19

Thanks for your replies. The bank told me that it was only cash from the branch that i couldn't have as it hadn't cleared and that they would be liable. i was able to use the debit card at a different dealer to pay for a different car. In fact we had lengthy conversations with customer care who said that even balance transfers work.


As to replies about cheques clearing process, the money shows up by day 2 in the account (but unavailable), it done this, but on the Wednesday the money then became available.


As for the dealer who we paid the deposit to, he was perpared to keep the car for us, but as we needed a replacement car ASAP, and the money was available we wanted to sort it out that day as it would have been the following Wed or Thurs before being able to do anything with work patterns.


As for the clearing, and actually getting access to the money, these are different. "The industry has set a maximum of day 4 for the customer to access the money after paying in a cheque." Also "under the Banking Conduct of Business Sourcebook (BCOBS), banks and building societies are required to provide clear details of their policies." At no point in the terms and conditions did it say that even when the money does show as available, it will only be by some methods and not others. These quotes were taken from http://www.chequeandcredit.co.uk/resources/faqs/cheques_and_cheque_clearing/


Anyway, i got the matter sorted, i got the £100 desposit back and a further £100 for the inconvenience and stress. At the end of the day, they showed the money there but unavailable one day, the next day the money was available. If the money has been then made available, it shouldn't matter by what method for method for withdrawl. And they complaints department guy did agree with that.

Super_Whiskey

I am struggling to see what the branch did wrong. If they had let you withdraw the money and then for whatever reason the funds had to be returned to the issuer, you would be left out of pocket and possibly might say 'Why was allowed to have this money when it might've been returned etc etc'.

If the initial car dealer was having problems with their card merchant then they should've made allowances for this by taking a cheque, direct deposit etc.

Depending on the bank this will usually be displayed on their website and/or in their terms and conditions which is clear. If you wanted a definitive answer, you should've pressed the cashier for one.

In my experience, different departments in any bank have little idea what the other is doing so to be honest I think you were lucky to get that £100 from the bank!

Westie983

Interest on a cheque by day 2, but withdrawal clearance is day 4 - 5 certainty of fate is day 6, when the money is yours and can no longer bounce...

Im surprised that your cheque was available to spend on day 3, could it be that it showed on your statement as available for interest, Im also confused to how the customer services could have seen it was available, then unavailable on whatever days, as all that could see was paid in and clearance date.

Did you not ask when it would clear when you paid the cheque in? It shows on the computer the clearance date, of which you can withdraw the funds...

Was St. Patricks Day at Bank Holiday? or have you got your dates wrong with the easter Bank Holiday weekend for Easter?

newwave19

Yes, Saint Patricks day was the bank holiday.


We had ask the cashier when paying in the cheque and was told 3-5 days, but that as it was first thing when the branch opened on the Monday, that it might be available of the Friday.


On the Tues, the money was added to the acc, but not available (so that interest could be calculated), but it was made available on the Wed, and if we had of when to use the card on the Wed, it would have worked. As for the cheque not fully clearing, it was coming from another bank, and the cashier even said on Friday that it wouldn't be an issue getting cash that day, but it was the manager that said no.
I was supprised that it was showing as available on the Wed aswell, and infact so was the guy in the complaints dept, who checked this out and was also supprised.


As for what the branch did wrong, is a mixture of the branch and the banks system.....once the money is moved from unavailable to available it shouldn't matter what method of withdrawl is used, or state clearly somewhere so that customers are aware of this.

antrobus

colsten wrote: »

Withdrawal on day 4 is not a guarantee. The banks may let you withdraw it but they can decline the request and not let you withdraw until day 6. Even if you are allowed to withdraw on day 4, the money is not really yours until day 6, and you may have to pay it back.

Different banks have different T&Cs relating to this.

That's not my understanding.

My understanding is based on what the Cheque and Credit Clearing Company say, and they say that 2-4-6 are the "maximum timescales".

http://www.chequeandcredit.co.uk/resources/faqs/2-4-6_cheque_clearing_timescales/

Super_Whiskey

And until the C&CCC let you deposit and cash on cheques, it's the banks who have the final say!