4 working days for cash to clear into a current a/c?

System

Hootie19 wrote: »

Yes, I can understand all that - but four days?? It was paid into a Lloyds TSB account at a Lloyds TSB branch. I accept that it would probably take a day longer to process, but the more I think about it, the more cross I get that it took so long.

And if cash paid in over the counter is cleared instantly, then surely the same cash, taken out of an ATM envelope (and presumably security checked to make sure it's not forged notes) and credited to the account which is held by the same bank, would also clear instantly the day it was done? Which presumably would be the first banking day after the Easter holidays, i.e. the Tuesday?

On a brighter note, however, when I looked at my account online, there's no sign of the DD being bounced after all

At least it seems to be sorted.

I would have thought the cash machine provider and bank would be the same, as you can't pay in at another banks cash machine nor at remote locations, only those in/outside branches.

Certainly when worked for a bank, the machines were empted for payins at least once per day (normally 2/3 times per day). They were then credited in a similar fashion to a normal payin.

Iamthesmartestmanalive

Hootie19 wrote: »

Yes, I can understand all that - but four days?? It was paid into a Lloyds TSB account at a Lloyds TSB branch. I accept that it would probably take a day longer to process, but the more I think about it, the more cross I get that it took so long.

And if cash paid in over the counter is cleared instantly, then surely the same cash, taken out of an ATM envelope (and presumably security checked to make sure it's not forged notes) and credited to the account which is held by the same bank, would also clear instantly the day it was done? Which presumably would be the first banking day after the Easter holidays, i.e. the Tuesday?

On a brighter note, however, when I looked at my account online, there's no sign of the DD being bounced after all

but the money will need to be emptied from the ATM and reports taken, this wont be done everyday in most likiehood and wont be done by branch staff

In most cases it is done by security personel and processed at a central location, the reports then have to be provided to the different banks etc and transfers made

4 days seems resonable

Wereas over the counter, the same person can take the cash, process it etc straight away

As for taking cash out, its completely different and far easier

In an ideal world better processes would exist but at the moment they dont and given banking such as this is free to those who comply with terms 4 days seems reasonable

chappers

Probably bank holiday Monday BH no processing Tuesday as after bank holiday doesn't get processed until after the 3pm curfew plus the one day for paying it in at the ATM makes four days

donna1987

Hootie19 wrote: »

On a brighter note, however, when I looked at my account online, there's no sign of the DD being bounced after all

Lloyds don't charge you for a bounced DD straight away- it will show up at the end of the month apparently :rolleyes: . We had this problem a few months ago with my OHs account. We thought everything had been paid with no worries until the end of the month came and they added the charges on.

Hootie19

I know the charge doesn't show up immediately (I've had more than my fair share of experience with bank charges :rolleyes:) but it does show up as a returned DD straight away.