My cash deposit at post office gone missing

Vittel

On Monday 24th Jul I payed in £500 cash at my local post office. I bank with TSB and this was my first deposit at Post Office branch. Previously I always used TSB branch for my banking needs, but my local branch has been closed down, so I have decided to give a Post Office branch a try. Looks like it was a big mistake. It's now 30th Jul and money is still not in my bank account, I have a receipt to prove the cash deposit, but that's it. I went to the Post Office on Friday, but they told that they can't help me. They can't provide any other proof. I checked the receipt and the correct account number and the sort code was entered. I used a preprinted pay in slip to deposit cash, so I doubt there could be an error. Or could they've deposited money to the wrong account? What should I do to recover the money? I went to the TSB brach and they took a copy of my receipt and told me to wait for the phone call. Is there anything else I can do? Post office claim there's no error at their end, must be bank. Bank claims they haven't seen the money so they can't trace it, must be an error at post office end. £500 is quite a lot of money for me

sausage_time

I have seen cash payments to RBS at the PO take a week - so I'd give it until Mon/Tue. It really is pants and no substitute for branch banking. FD use chip+pin for cash deposits at PO and is immediate credit - more like it. But they have zero branches do need to be competitive.

xylophone

Have you any bank branch locally?

If so, why not open an account there so that you can deposit cash and then use the internet to FP the money to TSB?

Vittel

xylophone wrote: »

Have you any bank branch locally?

If so, why not open an account there so that you can deposit cash and then use the internet to FP the money to TSB?

TSB was the closest to me. One of the reasons I chose to bank with them. If I knew that Post Office is so unreliable I would have never used their service. I would have simply waited and deposited cash at another TSB branch at the weekend. Definitely would never use PO to pay money into my bank account again. I just hope I will get my money eventually.

Shakin_Steve

I seem to remember a similar thread a while back. I believe the money showed up after a week or so.

Vittel

sausage_time wrote: »

I have seen cash payments to RBS at the PO take a week - so I'd give it until Mon/Tue. It really is pants and no substitute for branch banking. FD use chip+pin for cash deposits at PO and is immediate credit - more like it. But they have zero branches do need to be competitive.

One week? That's unbelievable. In 21st century? Are they using a snail mail to send cash to TSB? I know some banks do offer chip+pin deposits at PO, but sadly TSB customers can only deposit cash by using pay in slips.

Vittel

Shakin_Steve wrote: »

I seem to remember a similar thread a while back. I believe the money showed up after a week or so.

Tomorrow will be one week. I really hope to see the money in my bank account tomorrow and there is no way I will entrust my money to PO again. TSB is also not very helpful. They have seen my deposit receipt from the PO, but refused to credit my account. I need that cash to pay my bills

Geoff1963

I presume the "free service" is funded by earning interest on the money.
I use Tesco Bank, most cities have at least one store which will accept deposits, well outside normal banking hours.

xylophone

I seem to remember a similar thread a while back.

https://forums.moneysavingexpert.com/discussion/3383756

eskbanker

xylophone wrote: »

https://forums.moneysavingexpert.com/discussion/3383756

Interestingly there was reference in that old thread to how Lloyds TSB (as was) committed to have cash paid in via PO to be available within one working day, and this is still within 7.2(d) about cash deposits in the TSB Ts & Cs (for the Classic account, I haven't checked others):

Paid in at a Post Office®: we will show it in your account and it will earn any interest (or reduce the interest you pay) from that day. We will allow you to use it as soon as we receive it. We receive cash 1 working day after you paid it in at the Post Office®. So, for example if you pay cash into a Post Office® on a Monday, you will be able to use it as soon as we have received it on the Tuesday.

It seems a bit pointless for TSB to make a commitment like this to its customers unless it has a back-to-back contract with Post Office that obliges them to forward cash promptly, as on the face of it TSB are contractually on the hook for this even though it's out of their hands as to when PO actually forwards such cash.

Might be worth a complaint to TSB quoting the Ts & Cs (check that this clause is in those for the actual account) even though my suspicion is that it's actually PO that are likely to be holding this up?

firefox1956

Blimey one week for a cash credit !!
I pay cash into my Santander account at my local PO & it is in the account before I get out of the door.
One week these day is taking the wotsit I think.