Garner says (11:20 AM): "hello mr bank, here is 150 pounds cash. please accept this deposit now, because at the end of the day, we have three standing orders that will go out and this money is needed to cover them." "why sure little boy, we'll be happy to do that." "thank you mr bank." Garner says (11:20 AM): act II Ali/Katcal - Coin & Coin on board says (11:21 AM): oooh, a comedy ! Garner says (11:21 AM): "little boy? i'm afraid we have some bad news, there wasn't enough money in your account to cover your standing orders. however, because we're so nice and generous, we covered those orders for you. however, this means we spent our own money. so now you owe us that money, plus a thirty pound fee." "what? but i gave you money to cover those orders! i don't HAVE another thirty pounds!" Garner says (11:21 AM): "no little boy, you see, there were three standing orders, so now you owe us NINETY pounds" "but- but- but-" "you're a valued customer, and we covered those orders for you out of our own money because we value you." Garner says (11:21 AM): act III Garner says (11:22 AM): FUCKING GODDAMN CAPITALIST PIGS! Garner says (11:22 AM): fin the question is: is this legal? and secondly, since it blatantly can't be, how do we stop it.
I checked the current Banking Code, and all it says that is even vaguely related is: It doesn't say anything about cash, but I am taking it to mean that they can take as long as they want to have money show up in your account, as long as they are honest about it. (I'm assuming that the cashier at the bank didn't tell you that your money would go in right away; you just assumed it.) My bank also takes a ridiculous amount of time to process money. There have been so many complaints in the UK about unfair overdraft charges that it has been changed into one big court case, which means, unfortunately, that all related complaints are being frozen (and held in a queue) until the case is resolved. So you should write a complaint to the bank and the Financial Ombudsman (google the address) but don't expect to hear anything for a long time. What bank was it, by the way?
The overdraft fee can only be the amount it costs them to administer the charge, so £30 for each charge is excessive and illegal. But nothing will be done about it until the court case is completed.
I dropped the Halifax a long time ago, in 1992 when they charged me £25 for going 5 pence overdrawn and closed my account so there was nowhere for my student grant to be paid into, all while I was away during summer holidays in Amsterdam for four weeks.
Even had the deposit order been done on the same day, it would have most likely been queued with all the other operations done at the end of the day. So, it wasan't certain that the deposit would have been registered before the billing even if both were done on the same day. But this overdraft fee is murder. Preplanned and masterfully executed murder. Here in Israel they just start charging you an overdraft interest until you cover it. The charge thus is little more than a monthly percentage on the debt as long as there is one, rather than a stupid flat fee. You might get into trouble if your debt becomes too deep, but that's a different matter altogether.
If you pay cash directly into your account, it should go threw immediatly. Lesswise that is the case with natwest.
Cheques take a few days to go through the system, which if fair enough. Cash should go through immediately since I'd imagine the guy who takes it off you at the counter adds it to your a/c there & then. Adding to this the fact that they verbally said it would be fine gives you grounds to give out. I wouldn't take someone trying to charge me 90 pounds in such circumstances. Kick up a fuss until they sort it out. Demand to talk to a supervisor or something.
If you pay in cash, it should be a given that it goes through on the day. That's meant to be pretty standard. It should be processed while you are there.
They may automatically process the debits the first thing in the morning, before anything else. You can check that and whether they have to put cash in the same day by looking at the Terms and Conditions of the account on the bank's website.
Rinso has a point, cash deposits ought to be done immediately. It's that way with my own bank, and I get this Account Status update paper after a cash deposit, which shows that my total in the account has indeed increased. But oh well, I guess some banks don't bother with efficiency or customer satisfaction.
Hi just scanning and came upon this. We are in a battle with our bank at the moment for this. It is NOT illegal at all. The banks are being taken to court at the moment by the financial ombudsman as they are charging unfair fees. They are trying to get the fees reduced to what ever it costs the bank to send you a letter. £12 seems to be the reasonable amount they are trying for. We are trying to get the last 4 years worth of charges back, just over £3700. Our case has been put on hold and even solicitors wont touch this subject at the moment until it all goes through and a judgement is made on the big case. The only thing you can do is ask for the money back and explain that you put in cash and that you know cash is immediate to clear (which it is in all banks as long as its put in before 3pm) Hope this helps
Abbey bank has ripped me off this week, sort of. Paypal tried to take some money out of my account and I didn't realise there wasn't quite enough, like about £5 short, so it got refused. My fault of course, but I wasn't told about it. Paypal were quite persistent though and re-attempted to get their money three times before resorting to my credit card. The first I knew about it was when Abbey phoned on Saturday asking me if I knew I was £180 overdrawn. When I checked it out Abbey had charged me £60 for each time they refused Paypal because of my funds been too low, which of course were getting lower each time they tried. :lol:
£60 per transaction! is your cheque book made out of gold as standard! Abbey are the worst i have heard of so far, the charges usually range from £20 to £40. You should report them hun. Go to the ombudsman!
*stares* I love my bank. I never thought I would say this, but I now simply adore my endless mini-charges, price-matching, Israeli bank. Now, I just need to visit said bank again sometime to get my various management charges removed again... (me soldier, me special ;-))
My bank is screwing us around. We've only just moved to them because of the home loan and already I've had enough of them. We sent them the invoice for the additional cost of the kitchen, which was in the builders contract and we were told that it would be paid even if it didn't end up being the builder who provided it. Well we checked with the bank that they'd received the kitchen invoice and they said they had and it was fine. the 2 weeks later we get a call from the kitchen supplier asking why he hadn't been paid yet and that our kitchen was being delayed because we hadn't paid. Well 3 phone calls to the bank later and a lot of irateness it turned out that the bank was refusing to pay the kitchen invoice because apparently it was supposed to be supplied by the builder so they couldn't release the money to any one else. AAHHHHH!!!!! What really gets up my nose is they didn't contact us to tell us that they weren't going to pay it and then it took multiple long winded phone calls to tell us the right reason why it hadn't been paid. We ended up having to pay for the kitchen out of our own money because the problem still hasn't been sorted and we couldn't wait for the bank to get their head out of their arse...
I wasn't ripped off by money, but I was by time. And I do blame my bank for my deterioration in health. Usually to change banks & remortgage to buy someone out of ownership should take a maximum of 3 months. It took us about 4 times that and for me, equalled nearly having a stroke and 2 very annoying stays in hospital, for which I completely place the blame on them and their paper pushing 'I really don't give a damn about you or your house' attitude. Ulster Bank seem to have a better handle on paying money in though. The last Cheque I paid in was credited to my account in under an hour. Must be a record.
Just a quick response to this , my good lady wife works for one of the uk``s leading high street banks and a word of advise. From experience and many discussions with my wife banks seem to have the ability of doing what they like when it comes to us said good customers. I currently have one ccj courtesy of lloydstsb and what for well me apparently owing them money for a pension and life insurance that i never took out with them. I couldn`t win they never accepted responsibility and now i`m stuck with a 7 year mark on my file. Technically though if you do pay cash into youre account it should clear immediatley, be warned though standing orders can be taken out of your account early hours of said banking day without the branch even being open.
This sort of arrogant behaviour by banks ("Customers? Oh, bugger them!") is nothing new. About thirty years ago, a problem arose with my salary cheque - the company had an arrangement with their bank to have the cheques covered by putting one account into overdraft, and then clearing it from another account - however, one month the person at the bank who knew about this arrangement was away, and all the salary cheques bounced. I had already paid in my cheque to my Midland (as it was then - now part of HSBC) account, then wrote my monthly housekeeping cheque to my mother (I was living at home at the time). She paid it into her account - also at the Midland, the same branch. Of course it bounced, and a charge was made on my account. Then a couple of hours later, they presented my cheque again, bounced it, and made another charge. Luckily I discovered what had happened (I think I went in to draw out cash) and managed to stop this procedure, but if I hadn't they could have been passing this cheque back and forth, possibly even between two adjacent desks, clocking up the charges, for as long as they liked! Belgian banks (or at least the one I use) seem to be better on customer service - when they queried why I kept getting overdrawn and I explained about the neighbour from hell who was extorting money from me at the time they upgraded my credit card, both raising my credit limit and converting to the version that only requires a certain minimum monthly repayment, rather than having to repay the whole lot each month! That's service!
Well we have a wa*k bank this month too. We went overdrawn last month. My fault so i accepted the £90 charge and paid it. We left enough in there to cover this. We didn't however leave enough for the debit interest that wasn't due to be taken until just after i got paid. Last week they took it. It put us £4 over the limit and low and behold, a letter for another £90 this morning. Luckily my mom is helping us out. I have decided to leave £100 in the account so it can't happen again but the £90 would have swallowed this up. I am fuming. I don't understand how decent people who make mistakes should get charged so bloody much for accidents. Then because the banks are blatently robbing us, stealing our hard earned money, when you try and claim it back, its "oh no, we are going to have to keep that money until someone better than you tells us we are naughty and have to pay it back" BASTARDS.
Thought I'd add my pennies worth! I noticed a difference between bank and credit card companies. The bank if you had a standing order/dd refused due to lack of funds do nothing to alert you of this. You would just find out when your statement, or letter appeared on your doorstep you will be charged.... Where as the credit card company - who charges less, do more. They phone up chasing their money. I had an experience years ago, when I received a letter from a bank saying I was over £8500 overdrawn:shock: I hadn't been using the account - the balance was less than a tenner! Who checks up on why a large amount would have been withdrawn from a little used account? And it was up to me to sort out. The bank staff were not very helpful. They didn't return phone calls, they couldn't check my account as the computers were down the day I went in. I was that angry that I sent them a bill for my time based on my actual hourly rate, phone calls etc, along with a letter of complaint ridiculing their claims to be a caring bank. They didn't pay my bill, but did offer me £20. Which I accepted as a cheque, to pay into a different bank! When I went in to close my account - the cashier I spoke to said I owed them money - the charge levied because of their mistake. She was not very polite, so I started to speak louder and louder... When she said I had to write a statement that I would destroy the cheque book they had recently issued to me, I asked for a copy. I was refused as it was handwritten and not something generated by the computer. 'Do you not have a photocopier...?' I got my copy along with attitude. Basically if something is the banks fault - charge them for your time. I didn't persist with claiming the full amount, but if something similar were to happen again I would. Rewr
