Cheque clearing

[Uncle Buck]

Co-op are doing 8 cans of Carling for a fiver. Which would leave you a quid for some Doritos and a Lion Bar.

You might struggle to get pissed though.

How about something along the lines of Frosty Jacks that they used to sell in Kwik Save. A couple of litres of that and you will be finding bits of carrott from your childhood spread around your flat in the morning.

 

[CHAPPERS]

Another problem being that Carling tastes like PISS.

Spose i could get some Olde English in and get proper ruined for 3 quid leaving me some money for 10 snouts (yup i've started again).

 

[Weezle]

Going back to the cheque clearing thing - it's an absolute DISGRACE that they make you weight so long. In today's electronic age, there is no reason why they couldn't clear the cheque immediately, but do not do so for the interest that they save.

However, the Financial Services Authority has looked into the matter and ordered banks to 'improve' timeframes by the end fo next year.

 

[CHAPPERS]

Going back to the cheque clearing thing - it's an absolute DISGRACE that they make you weight so long. In today's electronic age, there is no reason why they couldn't clear the cheque immediately, but do not do so for the interest that they save.

However, the Financial Services Authority has looked into the matter and ordered banks to 'improve' timeframes by the end fo next year.

Indeed, especially as you can put money in peoples accounts immediatly on the internet.

 

[Curious Orange]

The reason why cheques take so long to clear is because the cheque has to go back to the branch where the cheque account is held in order for that branch to clear it. Theoretically if someone who banks at the same branch of a bank as where your account is held gives you a cheque it should be able to be cleared in one day. The reason why it takes three or four days is usually because people don't bank with the same bank, or the same branch of a bank. Typically what happens is that you bank a cheque at your branch, it is then sent to their head-office, who'll need send it to the head-office of the originating bank, who then send it to the branch where the account is held, and they clear it. Some (older) building society accounts take a day longer because they deposit all cheques in a collection account (which is a proper bank account with sort code and 8 digit account number), and then they allocate the funds to individual acconts off of that (as defined by a individual reference number).

 

[CHAPPERS]

The reason why cheques take so long to clear is because the cheque has to go back to the branch where the cheque account is held in order for that branch to clear it. Theoretically if someone who banks at the same branch of a bank as where your account is held gives you a cheque it should be able to be cleared in one day. The reason why it takes three or four days is usually because people don't bank with the same bank, or the same branch of a bank. Typically what happens is that you bank a cheque at your branch, it is then sent to their head-office, who'll need send it to the head-office of the originating bank, who then send it to the branch where the account is held, and they clear it. Some (older) building society accounts take a day longer because they deposit all cheques in a collection account (which is a proper bank account with sort code and 8 digit account number), and then they allocate the funds to individual acconts off of that (as defined by a individual reference number).

What a bunch of shit.

 

[Curious Orange]

What a bunch of shit.

Yeah, but this is a very old system and it is all to do with them physically having to present the actual cheque at the actual originating branch - all the banks have internal mail, but it still ain't quick!!

 

[Yorkie]

The reason banks hold onto money eg 5 days to clear an incoming chq and 3 to clear an outgoing chq is that the remaining days they have the money and get interest on it.

As most personal accounts are 'free' it is the only way they make money out of us.

 

[Weezle]

The only way!! I bloody wish. I get charged rediculous amounts of interest on my overdraft and they charge me £20 every time there is a withdrawal over my agreed amount. Banks are wankers and will charge you whenever they can. I try and manage my money, and you think you have enough in there and then a payment comes through from a few days ago and they sting you.

Last year someone wrote me a cheque which bounced. The person told me to represent the cheque, which i duly did, it bounced again and the bank charged ME £20 because of this - how is this fair?!!!

Banks are nobs who will make money out of you any way they can. All the major high street banks anounced profit running into BILLIONS each this year. They can afford to be a little kinder to their customers.

I know, i work for a bank!

 

[Yorkie]

My son worked for LLoyds before becoming a fireman and wasn't allowed an overdraft at all.

Have they changed the rules?

I have a big enough overdraft that I don't need to go over it. It just cost me £5 per month + daily interest whilst I am in it.