i paid cash in today at my hsbc account at 3:35pm, it was to cover a cheque that had come out today that i did not want to be returned, but they have still returned it. can they do this and is there anything i can do to reverse this process. thank you
2006-11-03 08:58:33 · 7 answers · asked by allyfielduk 1 in Business & Finance ➔ Personal Finance
If you pay cash in on the day to cover a debit due that day you must tell the cashier or personal banker that you are paying in for this purpose and ask them to pay the cheque.
The original decision to return your cheque was probably made by a central lending team not the branch and was probably made before 9am. There are too many accounts for the lending team to review each decision during the day to see if the customer has paid in.
The decision to pay your cheque can be changed once you've paid in cash but there are system cut off times which will vary for different banks after which the decision cannot be changed whether the branch want to or not.
If you're going to pay cash in on the day then you need to do it in the morning.
As one of the previous answers stated the terms and conditions of the account and the 1954 Cheque Act state you should not write out a cheque knowing that you don't have the funds to cover it.
Get out of this habit now or with a few bounced cheques it will start to have an adverse impact on your credit score.
2006-11-04 04:03:05 · answer #1 · answered by phooey 4 · 0⤊ 0⤋
Most banks consider "deposits" after 3:00PM to be for the following day. It's pretty standard and has been done for decades.
You may get the charge reversed if you call the bank & question the returned item. It may work if you've had no other bounced checks and you've been with them for a while. HSBC is one of the largest banks in the world with an excellent reputation.
Good luck!
2006-11-03 22:40:04 · answer #2 · answered by Common Sense 7 · 0⤊ 0⤋
Ok you are really going to hate me but I will answer this question.
Technically if you read the terms and conditions for your cheque account you will find that you agree to ensure that funds are available in your account to pay any cheques before you issue them.
Paying in on the day your cheque is presented for payment does not constitute ensuring adequate funds are available before issuing the cheque.
Your Bank are well withim there rights to return this cheque and charge you an administration fee as you breached ther conditions that you agreed to when you opened the account.
You could consider arranging an overdraft facility on your acount which could kick in to prevent future situations like this or if you have a good acount and a good relationshiop with your bank ask them if they will consider refunding any charges as a one off gesture of goodwill.
I know this answe will upset most poeple but ubfortunately that they way it is.
May I add that I am staff at a Bank and the same rules apply to me.
My cheques have ben bounced the day before payday, and I have been charge £28.00 for being £1.18p overdrawn and have been refused a refund. My cheques have been bounced even though I have had cleared funds available in a linked savings account.
2006-11-03 17:29:42 · answer #3 · answered by angie 5 · 1⤊ 0⤋
All banks have a day shift at 3pm so anything done after this time is considered the next day. They can do it!
2006-11-05 16:45:50 · answer #4 · answered by Kari 3 · 0⤊ 0⤋
Actaully, hsbc's cut off time is half three, so you may do well to ring them up as it is only five minutes out.
Just explain nicely that you were trying to pay it in before half three, but just missed it by the time you got to the counter.
2006-11-04 08:50:30 · answer #5 · answered by Vicky M 2 · 0⤊ 0⤋
after 3pm with them it will be paid in the next day.
2006-11-03 17:02:55 · answer #6 · answered by aholmes12003 4 · 0⤊ 0⤋
Banks will be banks, will we ever learn.
2006-11-03 17:05:45 · answer #7 · answered by Goofy Goofer Goof Goof Goof ! 6 · 0⤊ 0⤋