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  • FIRST POST
    • peter999
    • By peter999 29th May 07, 12:30 AM
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    peter999
    Bank Giro Credit -what is it ??
    • #1
    • 29th May 07, 12:30 AM
    Bank Giro Credit -what is it ?? 29th May 07 at 12:30 AM
    What is Bank Giro Credit ??

    I think it's another way of paying bills, but I have never used or understood as I think banks can charge for it & it's not as widely used as other payment methods.

    peter999
Page 2
    • rb10
    • By rb10 12th May 09, 11:08 AM
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    rb10
    It strikes me as strange that your bank would accept coinage and notes without filling in a bank giro credit. After all its that bit of paper that gets processed (spot the numbers encoded on the bottom of the BGC). Its possible that your bank manually creates a BGC when you do pay in.
    Originally posted by dunstonh
    When you pay in at Halifax they don't manually create a BGC, or anything like that. Once they've swiped the card and entered the transaction on the system, it just goes straight into the account, so no need for bits of paper flapping about - just the receipt, which goes to the customer.

    It strikes me as strange that you would need to fill one in when you pay money in. Do the banks that still use them (for paying into personal accounts) not have a fully real-time system (such as the one Halifax has), and so they need the bit of paper to process at the end of the day? Or something like that? I don't understand the point of them, unless other banks have outdated computer technology that doesn't have the facility for swiping a card, and real-time update.
    • willo65
    • By willo65 12th May 09, 11:49 AM
    • 1,004 Posts
    • 348 Thanks
    willo65
    When you pay in at Halifax they don't manually create a BGC, or anything like that. Once they've swiped the card and entered the transaction on the system, it just goes straight into the account, so no need for bits of paper flapping about - just the receipt, which goes to the customer.

    It strikes me as strange that you would need to fill one in when you pay money in. Do the banks that still use them (for paying into personal accounts) not have a fully real-time system (such as the one Halifax has), and so they need the bit of paper to process at the end of the day? Or something like that? I don't understand the point of them, unless other banks have outdated computer technology that doesn't have the facility for swiping a card, and real-time update.
    Originally posted by rb10
    RBS do but if you are paying in cheques or cash and cheque together then the system will print one.
    • rb10
    • By rb10 12th May 09, 11:57 AM
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    rb10
    RBS do but if you are paying in cheques or cash and cheque together then the system will print one.
    Originally posted by willo65
    But why? What's the point of it? Presumably RBS's computer system records all the cheques that you pay in, so why is a scrap of paper needed as well? And what happens to it after it's printed? Does it just get filed away in a cupboard?

    Sorry for all the questions, I just don't have a clue what they're for!
    • BruceyBonus
    • By BruceyBonus 12th May 09, 12:33 PM
    • 1,124 Posts
    • 636 Thanks
    BruceyBonus
    I wondered the same as rb10 when I was in HSBC a little while ago. The cash was credited to my account instantly, but I still had to complete a BGC slip.
    • peter999
    • By peter999 12th May 09, 11:51 PM
    • 6,950 Posts
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    peter999
    It strikes me as strange that you would need to fill one in when you pay money in. Do the banks that still use them (for paying into personal accounts) not have a fully real-time system (such as the one Halifax has), and so they need the bit of paper to process at the end of the day? Or something like that? I don't understand the point of them, unless other banks have outdated computer technology that doesn't have the facility for swiping a card, and real-time update.
    Originally posted by rb10
    Maybe thay are just the convenient way nowadays to clearly show how much you are paying without having to say it out loud in a bank in a transaction between customer & cashier or without having to discuss it at the counter.

    They also have all the payee account details so you can use the BGC in any bank.

    Any place where you say how much money you are carrying around with you to pay-in could lead to criminals targetting people.

    peter999
    • willo65
    • By willo65 13th May 09, 9:08 AM
    • 1,004 Posts
    • 348 Thanks
    willo65
    But why? What's the point of it? Presumably RBS's computer system records all the cheques that you pay in, so why is a scrap of paper needed as well? And what happens to it after it's printed? Does it just get filed away in a cupboard?

    Sorry for all the questions, I just don't have a clue what they're for!
    Originally posted by rb10
    The BGC and the cheques go off together to voucher processing so the know which account to credit the cheques to but after they have done that im not sure what they do with them.
    • rb10
    • By rb10 13th May 09, 9:31 AM
    • 6,304 Posts
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    rb10
    The BGC and the cheques go off together to voucher processing so the know which account to credit the cheques to but after they have done that im not sure what they do with them.
    Originally posted by willo65
    Interesting ... in Halifax they just print the details of the account to be credited on the back of the cheque and then just the cheques are sent to be processed, no additional paperwork.

    I prefer the Halifax way, as I am NOT a fan of wasting paper. You must get through hundreds of these slips of paper in a day. How many trees is that?!
    • willo65
    • By willo65 13th May 09, 12:10 PM
    • 1,004 Posts
    • 348 Thanks
    willo65
    Interesting ... in Halifax they just print the details of the account to be credited on the back of the cheque and then just the cheques are sent to be processed, no additional paperwork.

    I prefer the Halifax way, as I am NOT a fan of wasting paper. You must get through hundreds of these slips of paper in a day. How many trees is that?!
    Originally posted by rb10
    But if you have someone paying in say 150+ cheques thats a lot of time spent printing on the back when you just print one credit slip to cover all of the cheques for that one account.
    • peter999
    • By peter999 13th May 09, 12:57 PM
    • 6,950 Posts
    • 2,926 Thanks
    peter999
    Just realised that normal bank pay-in books are Bank Giro Credit slips.

    Also the BGC slips may be used for tallying the cash & tills.

    peter999
  • jambosans
    It strikes me as strange that you would need to fill one in when you pay money in. Do the banks that still use them (for paying into personal accounts) not have a fully real-time system (such as the one Halifax has), and so they need the bit of paper to process at the end of the day? Or something like that? I don't understand the point of them, unless other banks have outdated computer technology that doesn't have the facility for swiping a card, and real-time update.
    Originally posted by rb10
    Lloyds TSB require you fill in a pay in envelope, even when handing in over the counter. As a direct result (unlike my BoS account) funds do not always clear instantly into the account. I agree, seems bizarre.
  • Extant
    Interesting ... in Halifax they just print the details of the account to be credited on the back of the cheque and then just the cheques are sent to be processed, no additional paperwork.

    I prefer the Halifax way, as I am NOT a fan of wasting paper. You must get through hundreds of these slips of paper in a day. How many trees is that?!
    Originally posted by rb10
    Yes, it's a system that I'm sure works fantastically for the Halifax - being that they are, relatively, a small institution and won't handle significant numbers of cheques on a day to day basis - which is probably why you have those bags for business customers, no?

    The process of endorsing each cheque falls apart very rapidly when you have a business that pays in 50+ cheques and you have customers waiting behind them.

    It is not unusual for the largest Barclays branches to process over 2,000 cheques a day - you could not realistically do that for each customer as Halifax does.
    What would William Shatner do?
    • rb10
    • By rb10 13th May 09, 5:34 PM
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    rb10
    That makes sense, I can see that for businesses it's really not practical to print each cheque individually.
    • dunstonh
    • By dunstonh 18th May 09, 1:09 AM
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    dunstonh
    Lloyds TSB require you fill in a pay in envelope, even when handing in over the counter.
    Not at my branch. You only use the envelope when you want to use creditpoint (or till service is not available).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jambosans
    Not at my branch. You only use the envelope when you want to use creditpoint (or till service is not available).
    Originally posted by dunstonh
    Last time I paid in cash was about a year ago and the cashier required I fill in an envelope before handing the cash over the counter. *shrugs*
    • dunstonh
    • By dunstonh 18th May 09, 8:29 AM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    Last time I paid in cash was about a year ago and the cashier required I fill in an envelope before handing the cash over the counter. *shrugs*
    Originally posted by jambosans
    Was that out of traditional banking hours or on a Saturday?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jambosans
    Was that out of traditional banking hours or on a Saturday?
    Originally posted by dunstonh
    I don't think so, although I can't really remember. It was a smaller branch in a shopping centre with only two members of staff, perhaps that effects the way they process deposits?
  • bigderek7
    giro credit
    do i just gave the bank giro credit book to my employer or just a slip out of it so he can put the money in my account
    • Mikeyorks
    • By Mikeyorks 17th Nov 11, 3:31 PM
    • 10,287 Posts
    • 4,696 Thanks
    Mikeyorks
    No. If he pays you via a credit transfer it will be by BACS Direct Credit or faster payment. If by cheque / cash - then you put it in your account? But for the credit transfer you do need to provide Sort code / Account number. So I suppose a pre-printed slip saves any confusion - but it won't otherwise be used.
    If you want to test the depth of the water .........don't use both feet !
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