If you pay a cheque into your account it takes a few days (about four) to clear, but the money will be taken from the payee's account before this. My question is this. Who is being kind enough to look after the money between the time it is taken out of one account and the time it arrives in another?
The bank which receives the money.
Peter Saxton from London snipped-for-privacy@petersaxton.co.uk
which is able to earn money on it in the meantime.
I've just had a complaint going to Barclays. I made a payment online of
15000. All the supplier wanted was proof of making the payment, not cleared funds. The money was debited immediately from our account, but would not appear on the their account (NatWest) for another 3 working days - not even as uncleared funds. There was no confirmation online of the specific transaction.I was passed from pillar to post trying to find out about a confirmation of the transaction, and also my disbelief that with modern technology of electronic internet banking, it would still take 3 working days to appear on the recipients statement.
I concluded (with Barclays not disagreeing) that it would have been quicker and more efficient to have sent the cheque by first class post. I could, of course, had paid 20 for a same day CHAPS transaction.
However, I was told by more than one person the it is 'standard practice' for the transaction to take 3 working days to appear on the recipient's statement.
They've really got us, haven't they!
Iain
It was like that here too. I think they promise that the money appears on the receivers account on the second banking day, but in practise it seems to appear on the next day even if I do the payment very late, like at 23:59. (I know this well because I move money between my own accounts.)
At least 10 years old technology :-)
It was that modern technology which forced them act more swiftly. It might still be an perplexing experience to send money across border even if the receiving bank is the same. Especially to those countries which are not in Euroland.
Yes, they all use that line!
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.