Bank Charge of £690!!

natweststaffmember

a separate issue is was the cheque to pay for goods already sent to the originator because if there is a problem getting hold of them, then you may need to report this as fraud.

trytospendless

jamesd wrote: »

trytospendless, it was clearly done by negotiation or the funds wouldn't have showed up in his account.

I have a cheque with NatWest that is being handled by collection and I won't be seeing the money in my account for at least a few weeks. Perhaps worth noting that the NatWest page says that they will reclaim the value of the cheque if it's not honoured - and that cheque is in the foreign currency. Could definitely be clearer about exchange rate issues, though.

You'll need to recover the loss from whoever provided you with the cheque.

Thanks for the reply james but the fundamental flaw in your explanation is that the funds were not paid into his account, they were merely visable on the internet banking but not able to draw on. It clearly states balence, then cleared balence.

The goods were not sent because it was the first time that someone from abroad tried to buy something in a foreign currency and we did not know what to do.

Surely irrespective of exchange rates etc the bank has a legal obligation to inform customers what to expect in relation to possible charges etc It is afterall not a 'normal' transaction???

jamesd

The uncleared balance reduces an overdraft and earns interest. It's in the account like any other uncleared amount.

Good to hear that you haven't also lost the value of the goods.

trytospendless

Its interesting ref coments about uncleared balences earning interest.

His bank statement has just been added to the web which shows the monies in on the 29th feb and now out again on the 29th feb!! listed as a 'correction' thus losing and interest earned i suppose?

The 'cash' difference being taken on the 28th March, that explains that then.

There is no wonder banks can give million pound bonuses to the wonder workers.....

jamesd

That backdated correction is interesting. Hopefully it means that they will be withdrawing the apparent exchange rate difference.