Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
MSE News: Warning over bank holiday cheques
13 replies
3.2K views
MSE_Guy
MSE Staff 1.7K posts
This is the discussion thread for the following MSE News Story:
"Consumers were warned today that cheques could currently take up to two weeks to clear because of the high number of bank holidays ..."
"Consumers were warned today that cheques could currently take up to two weeks to clear because of the high number of bank holidays ..."
0
This discussion has been closed.
Quick links
Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support
Replies
With a wider range of instant payment options available to the banks than ever before why haven't they implemented them?
Let me give you a ridiculous example of why I had to intervene and spend 2 x 5 minutes of my time on Saturday ...
I have standing orders set up to pay my kids pocket money fortnightly on a Friday. They bank with the same major bank I do. Transfers are instant between our accounts, right ?
Wrong - not on a bank holiday or a weekend unless I trigger it myself. My boy called me - seems that he was downtown and his ministatement showed he was not as in funds as he was expecting on a Saturday morning. I logged on to online banking - instant transfer - had to adjust the Standing Order of course which on Saturday 23rd April was telling me "Next Payment 22nd April" but job done. Then I had to do it again for DD (Dearest Daughter - don't get me started on Direct Debits!)
Why couldn't the banks have set their computers to do that ? Everyone knows banks don't turn off their computers on "Bank Holidays" and weekends. They seem to be expending more effort thesedays on preventing instant transfers on the flimsiest of excuses which their systems are perfectly capable of than they spend on achieving instant transfers. Funny that, eh?
1. It's not just cheques that could take longer to clear - it's also things like credit-card payments.
2. It's a bit late for this when two of the four bank holidays around last week/this week/next week have already passed. It would have been far more useful to publish this warning a week ago.
Hopefully there will arrive later this week, Will be good to top up the ISA.
So better to be safe than sorry I have just rung them up to check. The person who answered the phone said well you have only left five working days so I can't guarantee it will be on time! (well I never I'd worked that out for myself!)
I did get her to put a note on the account to say that i had called,when I had sent the cheque and for how much so fingers crossed.
Maybe worth people in the same situation do at least giving their credit card company a call to explain at least that way it shows you have tried to acknowledge!
Not sure it would hold any water if it didn't quite make it on time but at least I tried!
I find it amazing that we've seen the fiftieth anniversary of sending the first man into space, but banks still take up to six working days to clear a cheque!
Aye mse guy is always a bit slow in posting his 'news'
usually he posts it after some other mse member has, but in this case he has completely dropped the ball and done it a week late :rotfl:
It can be done in around ten minutes BUT it's how the banks generate profit and keep running for free.
It's going to be an interesting new world of banking when cheques disappear