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  • FIRST POST
    • Al Mac
    • By Al Mac 26th Jan 07, 10:17 AM
    • 91Posts
    • 83,892Thanks
    Al Mac
    "obvious" answers, or maybe not
    • #1
    • 26th Jan 07, 10:17 AM
    "obvious" answers, or maybe not 26th Jan 07 at 10:17 AM
    The answer to questions such as.

    q) Money has appeared in my account. Can I spend it?

    a) NO!

    q) I wrote a cheque for £200, but only says £20 on my account. Can I spend it?

    a) NO!

    q) Direct Debit

    a) See here

    q) A debit card transaction from a month ago hasn't come through. Can I spend it?

    a) NO!

    Any other suggestions?

    Another few.

    q) Why does it take three or more days for money to transfer?

    a) The money leaves your account on day 1, through the system day 2, arrives day 3. This is the simple answer. The banks are working on systems to process payments faster, likely to start being implemented 3rd or 4th quarter 2007.

    nb Faster payments went live in May 2008. Depending on your financial institution and the amount, a payment will occur almost instantly.

    q) I want a large amount of money, but my bank say I have to give them a weeks notice, why?

    a) The branch only holds the money it needs for a typical day, they may get more in and they may get more out. They can not "afford" to hold large balances of cash. It would be a target for theft and would not be earning any money elsewhere.

    q) Why when I go to my branch do they try to sell me something?

    a) You are no longer a customer, you are profit. They are no longer cashiers, they are sales staff. They hate it more than you do, trust me You can have your records updated to prevent various marketing methods, inclduing in the branch, do it

    Q. What's the best bank account.

    A. It depends what you want. If it's interest/OD rates, etc - link to Martin's articles on best current accounts.

    Q) Why do my bank keep marketing to me?

    A) Because you haven't asked them to stop!!! Just go see a PB and tell them you want to be excluded from all marketing. They have to do it But you have to ask

    Q) Why didn't they stop payment when I didn't have funds?

    A) You have an anticipatory limit, an amount by which they will let you go overdrawn.

    Q) The bank have taken money from my account, to pay my loan or credit card, that I have with them. Surely this isn't legal.

    A) It's called the right to offset. And it is legal. You should consider keeping debts and bank accounts with separate financial institutions.
    Last edited by Al Mac; 18-07-2008 at 12:00 AM. Reason: Right to off set
    Competitions - See it, search it, post it, simples

    Cheeky Chicken the complete package

    Al "Purple" Mac
Page 1
  • leafton
    • #2
    • 26th Jan 07, 10:25 AM
    • #2
    • 26th Jan 07, 10:25 AM
    Sorry! The answers may be obvious to you, but not to everyone else. We all know different things.
    • Mark7799
    • By Mark7799 26th Jan 07, 10:34 AM
    • 4,679 Posts
    • 3,251 Thanks
    Mark7799
    • #3
    • 26th Jan 07, 10:34 AM
    • #3
    • 26th Jan 07, 10:34 AM
    No point in a sticky - doubt anyone would read it, they'll still post their own new threads
  • CopperPlate
    • #4
    • 26th Jan 07, 1:35 PM
    • #4
    • 26th Jan 07, 1:35 PM
    Hear hear.
    • sgx.saint
    • By sgx.saint 26th Jan 07, 4:36 PM
    • 1,571 Posts
    • 443 Thanks
    sgx.saint
    • #5
    • 26th Jan 07, 4:36 PM
    • #5
    • 26th Jan 07, 4:36 PM
    What would you call the sticky? lol

    Dummies Guide to Banking

    (not being offensive, just following the theme of a popular array of learning books)
    • nearlyrich
    • By nearlyrich 26th Jan 07, 4:41 PM
    • 13,335 Posts
    • 16,542 Thanks
    nearlyrich
    • #6
    • 26th Jan 07, 4:41 PM
    • #6
    • 26th Jan 07, 4:41 PM
    Ok I have stuck this, add your questions that you think should be on and I will edit it all into one read first message!
    Free impartial debt advice from: National Debtline or Stepchange[/CENTER]
  • CopperPlate
    • #7
    • 26th Jan 07, 5:16 PM
    • #7
    • 26th Jan 07, 5:16 PM
    Q. What's the best bank account.
    A. It depends what you want. If it's interest/OD rates, etc - link to Martin's articles on best current accounts.

    And to add to Al Mac's one above about transfers, a similar one should be on EFT payments and why they don't show up until a couple of days later too. Similar answer I should imagine.
    • Mikeyorks
    • By Mikeyorks 28th Jan 07, 8:10 PM
    • 10,287 Posts
    • 4,696 Thanks
    Mikeyorks
    • #8
    • 28th Jan 07, 8:10 PM
    • #8
    • 28th Jan 07, 8:10 PM
    Any other suggestions
    by Al Mac

    NO!

    Think you've adequately covered the bits ..... people will still post new threads for! But top of the sticky class for perseverance in the face of adversity!

    (Sorry .. having one of those days. Were I a woman .. I'd be able to plead understandable hormones. As it is I've just been told, locally, that I'm a moody sod .. and it's inherited:rolleyes: )
    If you want to test the depth of the water .........don't use both feet !
    • Mikeyorks
    • By Mikeyorks 29th Jan 07, 7:51 PM
    • 10,287 Posts
    • 4,696 Thanks
    Mikeyorks
    • #9
    • 29th Jan 07, 7:51 PM
    • #9
    • 29th Jan 07, 7:51 PM
    Al Mac

    While you are still feeling somewhat Sticky - and getting really good at it. Could you nip across to Savings etc and organise a long overdue one there?

    The question runs a bit like this :-

    Q. Acting on the advice of this site .. I have, for the past year, paid 250 monthly into a Regular Saver account purporting to pay interest at 6.25% / 7% / 8% / 10% / 12% / 12.5% (delete as appropriate). However I am utterly dismayed to find that the gross Interest allocated to my account, on its anniversary, is a meagre 94 / 105 / 120 / 150 / 180 / 188 (delete as appropriate). When, having 3000 in the account, anyone would realise that the correct interest is 188 / 210 / 240 / 300 / 360 / 376 (delete as appropriate). How do I complain .. and ensure the shortfall is made good? PS Am I entitled to compensation?

    The Answer .... you have to write ' cos you're really good at it. I've tried a few variations on a theme as these have cropped up ... but the Questions still arise, so the Answers are clearly useless! I was tempted to use this, next occasion ....

    " You're quite right. This happens all the time .. and appears to be as a result of your not getting interest on money you hadn't put in the account - but did intend to. And the inability of the Bank to realise that, is causing a lot of complaints and frustration. Write to the CS Manager - and setting out your problem exactly as you posted, above. When you have a reply - please post it back here (word for word, mind?) - and Al Mac will turn it into a Sticky for other people suffering this problem ... to learn from .... once and for all."

    Or - we could form a Committee - and work a suitable answer out over the next 12 - 18 months, if we stick at it I'd be eligible to join .. as I was officially told today that I'm not a moody sod, after all. Apparently - it was her hormones. Phew ... what a relief, as I'd never have guessed that could be the case.:rolleyes:
    If you want to test the depth of the water .........don't use both feet !
    • reehsetin
    • By reehsetin 8th Feb 07, 11:40 PM
    • 4,818 Posts
    • 4,554 Thanks
    reehsetin
    Al Mac - little suggestion just to make the post easier to read- how about putting the questions in bold?
    Yes Your Dukeiness
    • tomstickland
    • By tomstickland 8th Feb 07, 11:44 PM
    • 18,904 Posts
    • 15,428 Thanks
    tomstickland
    You are no longer a customer, you are profit.
    You are both.

    Q) Why do my bank keep marketing me?
    What? Have they put your picture up on a billboard or something?
    Happy chappy
    • Mark7799
    • By Mark7799 2nd Apr 07, 7:25 AM
    • 4,679 Posts
    • 3,251 Thanks
    Mark7799
    Having seen yet another thread started about this, can we add the issue of payments being 'taken' on a Sunday when they are not due until the following day?

    Whilst we are at it, how about in big bold black letters - MOST BANKS EXPECT YOU TO HAVE CLEARED FUNDS IN YOUR ACCOUNT TO MEET A PAYMENT NO LATER THAN THE CLOSE OF BUSINESS ON THE PREVIOUS WORKING DAY BEFORE THAT PAYMENT IS DUE. FOR A PAYMENT DUE ON A MONDAY, THIS MEANS GETTING THE MONEY IN THE BANK BY THE FRIDAY AFTERNOON. (Yes I know I'm shouting but this topic seems to be getting more and more regular)
  • natweststaffmember
    I can answer the above question. It is all to do with money markets and Bank Of England clearing accounts. Effectively Monday to Friday are processing days so after Friday the next update is Monday so all transactions on saturday sunday and monday will show up on saturday.
  • iwanttobreakfree
    This sort of information isn't obvious to everyone - the banks don't tell you in easy or brief ways (if that makes sense).
    Proud to be dealing with my debts!DFW Nerd No. 634 LBM: 3rd time - Dec2008 I NEED TO BEAT IT THIS TIME!
    Total Loan Debt = 13,737.80 13,042.44, Total Non-loan Debt = 5,289.33 4,704.45 - Total= 19,027.13 17,746.89 FEB 09
    Freelance earnings - Feb 09 = 260 so far Make 30 a day in Feb - 260.40 of 840 5 NSD in Feb 09 - 1 of 5
  • natweststaffmember
    Not sure if this is the right place to put this(I should know as well). There is a way around the NatWest Card Reader problem of setting up payees on online banking.
    If you have NatWest Online banking you are automatically set up for the telephone version of it called Actionline. You can basically set up the payee over the phone and make as many or as little payments as you like without a calculator object.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
  • lyverbyrd
    I do hate that card reader, although I appreciate the security measure...it's just that I have to carry it round with me all the time as I work away from home most of the time.
  • lyverbyrd
    I have one...well, statement more than a question.
    Call your bank if you're going to be using your card abroad, and don't want to be standing next to a cash machine at a foreign airport, unable to withdraw money, and with no krona for a taxi.

    Overseas or even out of normal pattern card usage can trigger fraud alerts so if you're going away, make sure you let the bank know...
    Last edited by lyverbyrd; 06-10-2008 at 12:33 PM. Reason: dyslexic typo
    • altocumulus
    • By altocumulus 10th Oct 08, 5:11 PM
    • 567 Posts
    • 305 Thanks
    altocumulus
    How about,

    If I go overdrawn on my account, why do I have to pay a penalty?!!!

    (or am I being unreasonable)
  • ShelfStacker
    How about:

    Q: Do I have to read all the terms and conditions that come with my account?
    A: Yes, because they're part of a legally binding contract. That they are long and/or you could not be bothered to read them and/or you thought they were just a bit of boilerplate and/or irrelevant is of no consequence, because you've agreed to them and are bound by what's in them.

    Q: I don't agree with xyz provision of the T&Cs!
    A: Then take your business elsewhere. The T&Cs are what is known as a contract of adhesion, in that your options are accept the contract as is or go away. If you really want to try and negotiate with the bank, feel free, but they're under no condition to accept your changes or even listen to you.

    Q: What should I do if I don't understand part of the T&Cs?
    or
    Q: The bank have changed my T&Cs, how does it affect me?
    A: Pop down to your local branch and ask. They'll be more than willing to explain things.

    Q: I've been charged a Reserve fee by Barclays/Arrangement Fee by HSBC, can I claim it back?
    A: Strictly, no. Both are not the illegal penalty charges you have heard about, they are both charges for a service - in Barclays' case, for using your unadvised limit ("Personal Reserve") or in HSBC's case, for setting up or using an increased overdraft limit either formally or informally. You can try, but don't expect much joy as it's at the discretion of the bank.

    Q: I've left my overdraft for XYZ period of time without a credit, and they've asked for it all back/referred me to a debt collection agency?! Why?
    A: Pretty much all overdrafts are repayable on demand, and require a credit each month of some kind. This, again, is in the T&Cs, and it's not the bank's fault you didn't abide by them.

    Q: I'm up to the hilt on my overdraft, and never away from the limit, and the bank wants to take it away?!
    A: Again, repayable on demand. Overdrafts aren't for long term debt or repayment like a credit card or loan, they're for making payments when you know you'll have money coming in to cover them at some point, and the bank is entitled to consider being in your OD all the time as abusing the facility. Your best option is to take out a loan or 0% balance transfer to the current account, or ask to set up a repayment plan with the bank.

    Q: I'm up to the hilt on my OD, but I'm sick of being charged interest. Should I move to the XYZ Bank 0% overdraft?
    A: Only if you want to continue always being in debt and never repaying it ever. Go for a loan or 0% super balance transfer instead, then cancel your overdraft facility.

    Q: Alliance and Leicester offers me 8% interest on my current account. What's the catch?
    A: The 8% AER only applies to balances up to 1000, and you have to deposit money each month. It's a current account, and if you use it as such then the interest you earn will necessarily be of a fairly small amount, as your money will be constantly moving elsewhere. If you don't have a branch near you, you could be stuck with using a Post Office to withdraw and pay in cash, and it'll take an extra day or so to clear cheques into your account. There are also (subjective) complaints about A&L's customer service and Internet banking.
    Last edited by ShelfStacker; 08-11-2008 at 12:53 PM.
  • Inactive
    Q; My bank have invited me in for an " Account Review ", what is this?

    A; It is basically a sales pitch to flog you stuff that you probably don't want and can probably get cheaper/better elsewhere.

    ( Bank Staff will of course deny this ).
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