[Digger]

I know that if I go into a P.O. or Alliance&Leicester (who I am with) and pay cash into my account using my debit card/pin as proof it is immediately cleared funds.

My question is, if someone else with a different bank were to pay cash over the counter and request it to go into my A&L account would that immediately show as cleared funds as well, or would it be subject to the usual clearance delays - god knows why.

Thanks
Digger

[GBDG1]

Originally Posted by Digger

I know that if I go into a P.O. or Alliance&Leicester (who I am with) and pay cash into my account using my debit card/pin as proof it is immediately cleared funds.

My question is, if someone else with a different bank were to pay cash over the counter and request it to go into my A&L account would that immediately show as cleared funds as well, or would it be subject to the usual clearance delays - god knows why.

Thanks
Digger

It goes in instantly. although I think they might have to go to your bank to do it...

[Digger]

Thanks Lawrenzini...Presumably thats standard practise for all banks, as I am sure there would be an uproar, if any bank caused a delay, in this day and age...

[RMCF]

I recently received money from someone in the Channel Islands.

It appeared in my account immediately but they were charged £25 for the service!! Apparently most banks charge this type of fee.

[Digger]

Originally Posted by SOK

I recently received money from someone in the Channel Islands.

It appeared in my account immediately but they were charged £25 for the service!! Apparently most banks charge this type of fee.

That sounds like a BACS(sp?) clearance charge to me so tha tit clears next day

[shahedz]

if you give some your bank account number and sort code, then the money clears immediatley. they can go to any branch of the same bank and pay the money over the counter,

[sbowler]

I think its scandelous the charges banks make, BACS is an automated computer operated clearing system and they charge you £25. You can see why the big four banks made £30billion porfit between them.


Now lets see who works in the banking sector, by defending the banks!!!

[Astaroth]

If you go into a bank (say RBS) and pay cash into the same bank but not the same branch it will still show straight away.

If you go inot a bank (say Lloyds) and pay cash into a different bank (say RBS) then it takes up to 5 working days to clear through the normal BACS process. There is the option of doing a something (cant remember what it is called and it is bugging me) which does do a same day clearing but there is normally a fee of £25 for it.

[unique]

BACs is a 3 day transfer system (normally used paying wages) and CHAPs is the same day transfer system. CHAPs comes with a hefty fee, or at least it seems hefty if paying small amounts. when your sending thousands the significance decreases. whilst its an electronic system, if you go into the bank or phone/fax them etc, they essentially have to complete forms and do additional admin, thus the fee. with chaps you do it yourself on the computer (if you have the setup) thus the costs are lower

it sounds like you sent a transfer from one bank to another to get that fee, and you asked for it the same day. if you had went to the same bank you could have paid in with a deposit slip free

i dont know if being on the channel islands (offshore etc) makes a difference tho

the next bank shakeup needs to address the clearing times for cheques etc, as with the current system it doesnt need 3 days to clear.

[Digger]

So it sounds like what we are saying is for funds to clear to my account immediately and with no charges, a person would have to go to a branch of Alliance & Leicester, and pay cash over the counter with my account details...sorted then...hopefully

Thanks again

[Fusewire]

I think its scandelous the charges banks make, BACS is an automated computer operated clearing system and they charge you £25.

I think £25 is a bit much but just because a computer does the transaction doesn't mean it should be free, software developers have to develop the software to make it work and computers need maintaining.... it all costs money.

You can see why the big four banks made £30billion porfit between them.

I think they make most of their profit from selling worthless PPI policies that are virtually imposible to claim on and charging people a fortune for going a couple of quid overdrawn.

[Greg]

The £25 is only charged for the service called CHAPS. This is the same day service and has to be done manually (I think?) which is why there is a charge. The BACS 3 day payments system is free.

[shay0]

Funny this thread should have been started, I did a BT on here the other day and the member I sent it to was new to them. Well, I couldn't give a definitive answer as to why it took so long... but I can now

[unique]

Originally Posted by Digger

So it sounds like what we are saying is for funds to clear to my account immediately and with no charges, a person would have to go to a branch of Alliance & Leicester, and pay cash over the counter with my account details...sorted then...hopefully

Thanks again

yup, thats right

[Reign-Mack]

bacs is three day and free. Use it from time to time with online banking just need account number and sort code; some people are reluctant to share does numbers ...they think its like a pin number or something...

[shay0]

I must admit I was apprehensive about using a BT online at first, but you give out/receive less details doing a BT with someone, than you do with a personal cheque. You also save the time waiting for the RM to deliver the cheque and it to be banked, then clear. Win/Win all round!