i put money in account on 15th, dd came out 17th yet they say no funds in my account, r they usually this slow, can i charge them for making a mistake ? i have another dd coming out today, so no doubt they will charge me again, is this the way they make all there profits ?
2006-07-21 20:59:47 · 14 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
it was cash xx
2006-07-22 01:23:25 · update #1
Most definitely challenge them regardless of the fact that you paid in a cheque. Banks have been in the news recently regarding how quickly they charge their customers - as has been pointed out above, this is how they make their money!
A recent documentary showed customers who have threatened to sue their bank. Knowing they are operating incorrectly, several banks have paid off these customers with large sums of money (usually around £5,000) in order to avoid the negative publicity. One woman was told by Barclays that she would only be given the money if she kept her mouth shut! She was so incensed with this demand that she went straight to the media and ended up appearing on the documentary talking very openly about it (and she kept the money). Brilliant!
I recently paid in a cheque for £1,500 and rang the bank (Barclays) 4 days later to ask if it had cleared. They told me it hadn't, but I was able to draw on £1,000 worth of the funds. Why not all of them??? I wasn't given an answer to that question - was told that this was their policy! Not good enough!!!
What annoys me more than anything is that, if you pay in a cheque drawn on the same bank as your own, the bank should be able to credit cleared funds immediately ... the technology is there, but the willingness of banks to use it is not; again, they are a business and make money unjustly at the expense of their customers.
So, do not take no for answer. If you get no joy on the phone or in the branch, write a letter of complaint to the branch, copying it to the bank's Head Office.
Good luck!
2006-07-22 00:49:43 · answer #1 · answered by DeeBee 2 · 5⤊ 0⤋
Depends in what form you paid money into the account and how.
If you paid cash into the account at a Barclays Branch then you may have a case as the Barclays Bank web site indicates that these funds would have been available imediately - certainly they should have been available when your DD came out on the 17th.
However if you paid by cheque then the process takes longer and the funds would not have been available.
2006-07-21 21:13:48 · answer #2 · answered by John H 6 · 0⤊ 0⤋
I am sorry but I just think that banks must be laughing their heads off at the money they make from us.
I transferred via the internet a sum of money from one account to another. The instant I did this, the money was taken out of my account and went ....... where? It showed up 3 days later in the account I had asked the bank to send it to. Now here is the rub. The money in my account was cleared funds, it should be perfectly possible to put it into another organisation's account almost instantly via the internet, but no it sits in a "holding account" at my bank until they decide to send it to another. In other words, they take MY money and keep it for themselves for 3 days before carrying out my wishes. Whilst it is temporarily in their care they are gaining interest on it and everyone elses money which is awaiting to be "cleared".. I can't help but think that if you did the same with the bank's money, you'd be reading this in gaol!
2006-07-22 00:41:50 · answer #3 · answered by Raymo 6 · 0⤊ 0⤋
Hi Ya
As long as the money you put in was by credit transfer or cash and had cleared by the 17th you are alright, if this is the case write to your Branch explaining and charging them a £25.00 fee of thier mistake.
However if your payment was a cheque it would have taken at least three working days to clear, therefore would not have been cleared in time for your DDM.
2006-07-21 21:08:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The 15th was a Saturday, so your credit would not be processed until the 17th which was monday. If your statement shows that the money went in on monday morning, you should demand they refund your fee. Phone them up and tell them what has happened and that you want the fee refunded as you paid in before the direct debit came out.
2006-07-21 21:07:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes this is the way all banks make their profits ,did you pay in cash on the 15th cos if it was a cheque it will take a week to clear,I cancelled all my dd as they were costing me a fortune I now pay with my debit card over the phone to whoever i owe the money to,
2006-07-21 21:07:37 · answer #6 · answered by dumplingmuffin 7 · 0⤊ 0⤋
The banks use an electronic clearing system called BACS and that takes three working days from you paying in the cheque to the money actually being available to you to spend in your account.
2006-07-22 00:09:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It sounds like the money you put in hadnt cleared? - Was it a cheque?
15th July was a Saturday? so the cheque wouldnt have been cleared until the 19th for interest, so effectively you would have been overdrawn.
Query it with them though and you might get it refunded.
2006-07-21 21:05:21 · answer #8 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
banks really are rip off merchants i think they forget that its not their money its ours!! Go into your local branch and ask to speak to someone regarding your account they should have it on their records that your money was in their ready for the direct debit. Dont take this lying down go in there and make them refund you for any charges. May the force be with you.
2006-07-21 21:05:28 · answer #9 · answered by princess tinkle UK 4 · 0⤊ 0⤋
cheques take 5 working days to clear and show in your account,cash is added next working day.soz u cant do anythink,get yourself an overdraft
2006-07-21 21:13:07 · answer #10 · answered by Anonymous · 0⤊ 0⤋