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Don't know if this is the correct place to post this, if not, mods please move if necessary. Thank you
Friday of last week (Fri 11 April 2008 ) I paid quite a substantial cheque into my current account with the A&L, at 1130 in the morning. The lady at the counter said the cheque would clear for Thurs 17 April 2008, which worked out 5 working days. If a cheque is paid into an account with A&L before 1530 hours, then that day is included in the * working days needed to clear the cheque. Therefore, with this in mind, a clearance of Thurs 17 April is correct. Even their website states this.
I phoned the bank today to be told that no, the cheque wont clear until Fri 18 April. When I asked why, as this is 6 working days, I was told that the cheque was sent (via post!!!) to the clearance centre the day after I paid it in (Sat 12 April). I said, tough, what happens to it once it leaves my hands isn't my problem, I was told Thurs clearance by the lady at the counter and this was confirmed on the website.
To me this is false advertising on behalf of their website and a blatant lie by the staff. Who would I complain to about this? I have phoned the fos, Trading Standards (who have yet to return my call) and A&L Customer Relations Dept. And is there anything I can do to try and get this cheque cleared when it's supposed to, Thurs 17 April?
Bank customers will be allowed to withdraw cash from accounts within four days of paying in a cheque and will receive interest after two days under new regulations introduced by the government.
After a two-year long review into the time it takes banks to deal with cheques, the regulations have been agreed by the banking industry and the Office of Fair Trading (OFT).
From November 2007, all consumers and businesses will be able to withdraw funds deposited by cheque into current and basic bank accounts no later than four working days after the cheque is deposited, while deposits will begin to earn interest or count against overdrafts within a maximum of two working days.
SERIOUS??! Is there somewhere (on a website) that this OFFICIAL statement can be printed out, so I can take the print out to the branch manager and demand my money is made available to me?
Banks agree faster cheque clearance. By Dan Martin
Bank customers will be allowed to withdraw cash from accounts within four days of paying in a cheque and will receive interest after two days under new regulations introduced by the government.
After a two-year long review into the time it takes banks to deal with cheques, the regulations have been agreed by the banking industry and the Office of Fair Trading (OFT).
From November 2007, all consumers and businesses will be able to withdraw funds deposited by cheque into current and basic bank accounts no later than four working days after the cheque is deposited, while deposits will begin to earn interest or count against overdrafts within a maximum of two working days.
In addition the Payment Systems Task Force, set up by the government to investigate the banking system, will be replaced by the Payments Industry Association to self-regulate the sector.
Economic secretary Ed Balls said: "Today's announcements are good news for consumers and small businesses who will benefit from faster electronic payments, and more certainty and greater transparency when making cheque payments and good news for the payment systems industry which has worked hard to develop an innovative model of self-governance in line with the government's better regulation agenda." Critics of the current banking system have accused it of being archaic and slow, with many calling for the OFT to crack down on the time it takes to cheques to move between bank accounts. However, the watchdog backed down from forcing banks to speed up the transfer process after concluding that there is "no case for a complete rebuild of the cheque clearing system". It said cheques have seen a rapid decline in use over recent years, with many major retailers trialling other payment methods or stopping accepting cheques altogether.
I have been asking, for the last few days, when this cheque will clear (in my basic current account) to be told 5-6 working days.
Why oh why do banks continue to lie and why do they not adhere to GOVERNMENT REGULATIONS??? Is it because they hope we are ignorant to these guidelines? I don't know.
On one of the sites your link directed me to, took me to A&L site where it states 4 w/days to clear cheques. LOL. They shot themselves in the foot??
Yeah, I am going into the branch tomorrow to speak to him/her. Will ask "are you aware of the GOVERNMENT REGULATIONS? Would you like to be reported to the FSA, FSO, OFT etc? I'm sure a.n.other bank would like 35k worth of business.
A&L lie about cheque clearances
, Trading Standards (who have yet to return my call) and A&L Customer Relations Dept. And is there anything I can do to try and get this cheque cleared when it's supposed to, Thurs 17 April?
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