Paying money in - Beware the trap!!

David_Stacey

Just found out today (by accident) that if I pay money into my account via the branch, if there is a cheque included with the paying-in slip, any cash will not be processed into my account until the end of the banking day (at the same time as the cheque). Although the cash funds will be available from the next banking day - the same funds would have been available immediately if seperated from any cheques.
Not a major issue, but could end up costing people if they had paid the money in to catch an outgoing payment on the same day.
Be warned!!!!

Millionaire

Yep, I now pay cheques in seperate to cash deposits.

Mikeyorks

Covered many times before .... and it doesn't apply to all Banks. Suspect the criteria is if you pay in using your Debit Card .... as Halifax, for example, then credit all items instantly.
If you use the more error prone method of a paying in slip ... yes, it can be delayed if you mix credit types.

David_Stacey

FYI...I did search the forum before posting - I could'nt see anything covering this (apologies if this thread is repeated elsewhere). The bank in question was HSBC and payment was via paying in slip as stated.

Millionaire

David_Stacey wrote: »

FYI...I did search the forum before posting - I could'nt see anything covering this (apologies if this thread is repeated elsewhere). The bank in question was HSBC and payment was via paying in slip as stated.

Same here HSBC via credit slips.

Scousebird_2

I've worked for 3 major banks and it's the same in all. The cheques are all sent away and processed overnight-the cash is processed with the 'credit slip' so ALWAYS pay the cash separate if you need it to show-otherwise it will be the next day-most cashiers would ask if you need the cash to go in that day and split the credit for you-however, if you have already filled the slip out then the question may not come up.

PBA

Scousebird wrote: »

I've worked for 3 major banks and it's the same in all

Which 3?

I know from working there Abbey always list cash and cheques separately, as their new systems won't accept them both on the same transaction any more.

chuckley

depends on the person serving you... some separate and some do it together. but abbey no longer do them together due to their system upgrade.

PBA

chuckley wrote: »

depends on the person serving you... some separate and some do it together. but abbey no longer do them together due to their system upgrade.

I'm fully aware of that, though it never made a difference if they were processed together anyway. I'm intrigued though as to which 3 banks process cash slowly if it's paid in with cheques, as I was under the impression it was only Natwest that did this.

brightonman123

what do the branch actually do then, nowaday- if everything seems to be processed / decided elsewhere?

i fear branches will become a thing of the past, with everything sone online / by post, as the profit hungry / credit crunched banks seek to cut their costs even more..

little_bear_3

Be aware also that the bank I work in and many others will no longer allow you to pay in on the same day to cover an item as the cleared funds should be in place the working day before the item is presented for payment so if the item is being returned unpaid they will NOT cover it for you especially if they have done it before, so be careful. We have not covered items like this now for a long time.