OMG, the banking system in this country is crap !

[Westdene Seagull]

Paid a cheque in over the counter Wednesday last week and I only have the funds today ( Tuesday ). How difficult the the following procedure ?

1. I pay in cheque
2. My banks computer system checks with issuing banks computer system that there are enough funds
3. Funds get moved

Given you can send an email to Australia in seconds and even get a letter from this country to Africa in three days, how on earth do the banks justify FIVE days to move funds via a cheque ? Wankers the lot of them !!!!!!!!!!!!!

 

[Rugrat]

There's no justification other than the banks don't want to process cheques any more and they still have to use a totally outdated clearing system. On line transfer is "immediate"

 

[Woodchip]

Even transferring money from NZ to UK is quicker than that.

 

[Wozza]

Paid a cheque in over the counter Wednesday last week and I only have the funds today ( Tuesday ). How difficult the the following procedure ?

1. I pay in cheque...

F**k me, is it 1998 again?

 

[KZNSeagull]

7 days to clear a normal cheque here, 3 days to clear a bank guaranteed cheque! We have also experienced the bank phoning us to say that they have lost a cheque and can we go and get another one!

The moral of the story is - don't use or accept cheques. There really is no need for them any more.

 

[DBL]

Paid a cheque in over the counter Wednesday last week and I only have the funds today ( Tuesday ). How difficult the the following procedure ?

1. I pay in cheque
2. My banks computer system checks with issuing banks computer system that there are enough funds
3. Funds get moved

Given you can send an email to Australia in seconds and even get a letter from this country to Africa in three days, how on earth do the banks justify FIVE days to move funds via a cheque ? Wankers the lot of them !!!!!!!!!!!!!

...... Someone gave you a cheque?

Unemployment & state benefits are BACS surely.

 

[Frutos]

I can't even remember the last time I saw a cheque, much less used one. I thought they'd gone the way of the dodo tbh.

 

[cardboard]

If you cash in an ISA you get a cheque. If you get a PPI claim its a cheque.
My wife is a bookkeeper and she still has over 50% of her customers that give her a cheque.

So i think they are still used in small business etc quite a bit.

 

[Vegas Seagull]

Paid a cheque in over the counter Wednesday last week and I only have the funds today ( Tuesday ). How difficult the the following procedure ?

1. I pay in cheque
2. My banks computer system checks with issuing banks computer system that there are enough funds
3. Funds get moved

Given you can send an email to Australia in seconds and even get a letter from this country to Africa in three days, how on earth do the banks justify FIVE days to move funds via a cheque ? Wankers the lot of them !!!!!!!!!!!!!

Not quite the lot, TSB (Lloyds) cheques into all TSB banks are cleared instantly and have been for 30+ years thanks to their real time banking system which gained them 40% of the Estate Agent/Solicitor market & others who need same day clearance

 

[Uncle C]

Its quite simple really. For every day the bank have your money it is invested and they get the interest not you. How do you think they get to pay such big bonuses?

 

[Rugrat]

How do you think they get to pay such big bonuses?

Not by earning interest on a few cheques passing through the clearing system

 

[somerset]

Its simple really:

1) you pay in CQ, CQ is registered on your account.
2) Because there is no direct link between banks computer systems, clearing is used, they record and physically move the CQ to the relevant bank.
3) Inter bank totals are moved overnight via this clearing system.
4) your specific part of this is added to your account.

It is a three working day hop, clearing do not work on weekends.

 

[Common as Mook]

A lot of banks now have the amount cleared for interest at day 2 or day 1 I believe.