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  • FIRST POST
    • MSE Guy
    • By MSE Guy 26th Apr 11, 11:23 AM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: Warning over bank holiday cheques
    • #1
    • 26th Apr 11, 11:23 AM
    MSE News: Warning over bank holiday cheques 26th Apr 11 at 11:23 AM
    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 ..."

    Read the full story:
    Warning over bank holiday cheques


Page 1
  • 2sides2everystory
    • #2
    • 26th Apr 11, 12:11 PM
    • #2
    • 26th Apr 11, 12:11 PM
    "With a wider range of payment options available to us than ever before, taking five minutes to check up on your ways to pay can help you make sure that you aren't affected."

    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?
    • blueberrypie
    • By blueberrypie 26th Apr 11, 1:07 PM
    • 2,354 Posts
    • 5,197 Thanks
    blueberrypie
    • #3
    • 26th Apr 11, 1:07 PM
    • #3
    • 26th Apr 11, 1:07 PM
    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 ..."
    Originally posted by MSE Guy
    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.
    • pmduk
    • By pmduk 26th Apr 11, 2:38 PM
    • 10,134 Posts
    • 7,757 Thanks
    pmduk
    • #4
    • 26th Apr 11, 2:38 PM
    • #4
    • 26th Apr 11, 2:38 PM
    It would have been better included in last week's newsletter. Millions would have seen it, many of who probably never visit this forum.
  • redbull5
    • #5
    • 26th Apr 11, 2:41 PM
    • #5
    • 26th Apr 11, 2:41 PM
    ahh, thats why its taking over 2 weeks for my bonds to be paid into my current account, i thought they were lost in transit lol.

    Hopefully there will arrive later this week, Will be good to top up the ISA.
    From England - Live in Edinburgh and work as a bus driver
  • Theblueone
    • #6
    • 26th Apr 11, 5:37 PM
    • #6
    • 26th Apr 11, 5:37 PM
    I could have done with thinking about this before now. I have a tescos credit card payment due 4 may. Sent the cheque 21 April thinking this was plenty of time only to now realise that this doesn't leave the required number of working days!

    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!
    • corbyboy
    • By corbyboy 26th Apr 11, 10:05 PM
    • 1,137 Posts
    • 1,378 Thanks
    corbyboy
    • #7
    • 26th Apr 11, 10:05 PM
    • #7
    • 26th Apr 11, 10:05 PM
    What actually happens during these 5 working days? I understand that the cheque would initially be processed by hand, but then surely after that everything is done automatically?
    • jgriggle
    • By jgriggle 27th Apr 11, 10:41 AM
    • 165 Posts
    • 262 Thanks
    jgriggle
    • #8
    • 27th Apr 11, 10:41 AM
    • #8
    • 27th Apr 11, 10:41 AM
    What actually happens during these 5 working days? I understand that the cheque would initially be processed by hand, but then surely after that everything is done automatically?
    Originally posted by corbyboy
    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!
  • Snakeeyes21
    • #9
    • 27th Apr 11, 3:26 PM
    • #9
    • 27th Apr 11, 3:26 PM
    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.
    Originally posted by blueberrypie
    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
  • Gemmzie
    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!
    Originally posted by jgriggle
    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
    No longer using this account for new posts from 2013
    • Milarky
    • By Milarky 27th Apr 11, 6:08 PM
    • 6,291 Posts
    • 2,210 Thanks
    Milarky
    Slow news day?
    .....under construction....
  • opinions4u
    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!
    Originally posted by jgriggle
    I find it extraordinary that the banks still offer cheques, a system that involves a small piece of paper being shunted up and down the county, as a method of payment when there are so many better ways of moving money around.
    • Spiggle
    • By Spiggle 28th Apr 11, 12:28 PM
    • 1,751 Posts
    • 14,202 Thanks
    Spiggle
    Recieved a cheque in the post Saturday. Paid into my First Direct current account via local HSBC branch Tuesday, value of cheque credited to FD account Wednesday.

    BUT weekly standing order with Satander for pocket money paid every Friday (for over 18 months now) was not paid until Tuesday! It'll be interesting to see what happens tomorrow with the devil's bank.

    Take care,
    Spigs
    Mortgage Free October 2013
  • Theblueone
    My tescos credit card cheque was taken out of my current account today so all seemed to be well. That was a week from posting and included the Easter bank holidays so might not be impacting to badly from that point of view so no late payment charges but will think about it better for the end of may bank holiday!
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