Bank rant!

[Deleted member 2816]

I recently took the pains to get myself a code number to do phonebanking with Barclays. OK, got it at last, tried it out today.

I wanted to make a fairly large payment to a CC. I got a trainee customer service person, who really didn't know what she was about :evil: and who assured me the transaction would be an 'instant' one. Well, why not? The money's coming from her bank, she has my A/C details on the screen in front of her, easy peasy.

After a load of faffing about (the call took almost 10 minutes :shock: & it's not freefone), I was informed 'that's done now'. I asked for an authorisation code - no, there wasn't one. I confirmed that this payment was instant & the bill was now paid? Well no - it takes 4 working days to 'clear', I was informed!! :evil:

So....it takes 4 working days to 'clear' a cheque, but also takes the same amount of time to 'clear' a transaction which is crystal clear on a computer screen?? :!: :?: :evil:

These banks are taking us for fools!! I hate 'em all!! :evil:

Does this p*ss anyone else off??

Something very wrong somewhere :evil:

 

[Alpha]

Yes

It all gets me so p*$!!ed off about banks. With the computer systems that have been around for years there really is no reason why cheques cannot be cleared and applied to your account ON THE DAY they are received by the branch. The amount of money held by banks awaiting clearance probably runs into 100' of millions.

Back to the phone banking though, is your credit card a Barclaycard or another ? Lloyds TSB will pay their own credit cards the same day via phone banking and internet banking.

 

[Deleted member 2816]

Glad I'm not the only one!

Someone has just told me this:

...but because we are British the UK government is allowing the banks time to introduce a new system.

to do this all banks must agree to the same system, so all you need to do is nominate a couple of laggards and they can drag it out for ever.

in Sweden the banks were called in by the Swedish Finance Ministry and told that they would speed up their cheque processing inside I believe one months time scale.

now the longest it takes for a cheque to clear in Sweden is two, yes two hours.

when the UK Bankers Association were asked why they could not do this, the answer was "yes we could, but we have to change our system"

a majority of over 100 yet this bloody government can not pass a packet of crisps let alone bring the Banks to heel.

perhaps you should get Europe involved they seem to get useful laws passed for the citizens of this country.

:shock: Ripoff Britain again.

I've just been up the high street, & NatWest cheerfully printed off some transactions that I needed (in duplicate) but...Barclays said * they can't do that 'any more' - I have to phone a customer service number & they will send them to me!!!* :shock: :shock:

hate hate hate hate hate hate :evil:
(gosh, I never knew I could get so riled up about something!! :twisted: )

 

[Deleted member 2816]

PS It wasn't a Barclaycard, it was a Mint card. Wouldn't touch Barclaycard with a barge pole!

 

[Anonymous]

I recently took the pains to get myself a code number to do phonebanking with Barclays. OK, got it at last, tried it out today.

I wanted to make a fairly large payment to a CC. I got a trainee customer service person, who really didn't know what she was about :evil: and who assured me the transaction would be an 'instant' one. Well, why not? The money's coming from her bank, she has my A/C details on the screen in front of her, easy peasy.

After a load of faffing about (the call took almost 10 minutes :shock: & it's not freefone), I was informed 'that's done now'. I asked for an authorisation code - no, there wasn't one. I confirmed that this payment was instant & the bill was now paid? Well no - it takes 4 working days to 'clear', I was informed!! :evil:

So....it takes 4 working days to 'clear' a cheque, but also takes the same amount of time to 'clear' a transaction which is crystal clear on a computer screen?? :!: :?: :evil:

These banks are taking us for fools!! I hate 'em all!! :evil:

Does this p*ss anyone else off??

Something very wrong somewhere :evil:

yes it pi**es me off, The bank manager phoned me the other day, hows things going Geoff? oh fine just fine, can I come round and see you monday? yeh anytime you are welcome you know that!

until I got the statement £50?

they are all widely the same, managers have to earn thier fee and time is not cheap.

better though to let someone else pay?

 

[Anonymous]

I recently took the pains to get myself a code number to do phonebanking with Barclays. OK, got it at last, tried it out today.

I wanted to make a fairly large payment to a CC. I got a trainee customer service person, who really didn't know what she was about :evil: and who assured me the transaction would be an 'instant' one. Well, why not? The money's coming from her bank, she has my A/C details on the screen in front of her, easy peasy.

After a load of faffing about (the call took almost 10 minutes :shock: & it's not freefone), I was informed 'that's done now'. I asked for an authorisation code - no, there wasn't one. I confirmed that this payment was instant & the bill was now paid? Well no - it takes 4 working days to 'clear', I was informed!! :evil:

So....it takes 4 working days to 'clear' a cheque, but also takes the same amount of time to 'clear' a transaction which is crystal clear on a computer screen?? :!: :?: :evil:

These banks are taking us for fools!! I hate 'em all!! :evil:

Does this p*ss anyone else off??

Something very wrong somewhere :evil:

yes it pi**es me off, The bank manager phoned me the other day, hows things going Geoff? oh fine just fine, can I come round and see you monday? yeh anytime you are welcome you know that!

until I got the statement £50?

they are all widely the same, managers have to earn thier fee and time is not cheap.

better though to let someone else pay?

 

[David Shephard]

The FSB (Federation of Small Businesses) which is the largest organisation of it's kind in the UK, and which represents the small and micro businesses within the UK, has recently written to the Governor of the Bank of England to complain about the length of time it is taking banks in the UK to transfer not only online payments, but also cheques.

In Europe, it happens instantly, and the FSB wants to know why it cannot happen here. In Europe they do not all use the same banking software, this is just a smoke screen put out the the British Banking Institute. In reality it could happen tomorrow, but there is no "will at the moment" because, as the FSB have calculated, the banks make £30 million a year on money "in transit". They have been forced by the UK Government (mainly due to FSB pressure) to pay interest on current accounts, and now the FSB is bringing pressure to bear on the Governor of the BOE, to bring UK Banks into line with Europe.

In his latest speech to the BBI, the Governor asked banks to put the same amount of imaginiation into making transfers happen instantly, as they do in offering people loans they technically do not need. He wants to meet the banks in three months time, to see what they have come up with.

Needless to say the FSB are watching this development with great interest. But in the meantime, the FSB needs your support. Write to your MP, MEP and your prospective parliamentary MP's (don't forget that a general election is just round the corner) and the Governor of the BOE and complain about the amount of time it takes to pay and receive money.

British Business deserves far better treatment than we are currently getting. London is supposedly the Financial Capital of Europe; at present our banks are a joke and total disgrace, and until we, the businessmen and women of the UK say enough is enough, very little is going to change.

If we can succeed in this, perhaps who knows, we can then have a pop at the Oil Companies.

David Shephard

 

[Deleted member 2816]

"In his latest speech to the BBI, the Governor asked banks to put the same amount of imaginiation into making transfers happen instantly, as they do in offering people loans they technically do not need. He wants to meet the banks in three months time, to see what they have come up with." ....any more info about this, David?

Also I have a question here....
If you suddenly find several grand credited to your bank account - by mistake! - where do you stand legally?? If you grab it & run - what can happen? Will that be classed as theft? Or are the banks responsible for such a mistake?! Anyone know?

 

[Deleted member 2816]

If you suddenly find several grand credited to your bank account - by mistake! - where do you stand legally?? If you grab it & run - what can happen? Will that be classed as theft? Or are the banks responsible for such a mistake?! Anyone know?

I have since found out you can get into deep sh*t if you grab it & run! :?

 

[David Shephard]

Hello Thais,

I have no further current information on the Governor's efforts with the Banks, although I believe the FSB have a meeting with him in early December, and as soon as I obtain an update, I will post to the site.

Regarding your other query, there was a few years ago a particular case where money was accidentally transfered into the wrong account, and the recipient believing their good fortune, removed the funds. The bank took them to court to recover "their error" and the Judge ruled in favour of the bank, simply on a the fact that the recipent could not prove that the money, although deposited into his account by the errant bank, was actually his.

However, since 2003 we now have the European Proceeds of Crime Act 2003 (POCA 2003) and the Money Laundering Regulations 2004 (MLR 2004), which technically make this a thing of the past. It does not however prevent these errors from happening. Effectively, if you know the money is not yours and you remove it knowing that fact, you are now committing a criminal offence.

Accountants now have a duty under law, the report to NCIS (National Criminal Intelligence Service) any financial irregularities, which cannot be legitimately explained covering many areas, simple examples would be underpayment of VAT, underpayment of PAYE/NIC, any income which cannot be explained (for example if a customer accidentally pays you twice for the same goods) if you hold onto this money, it is a reportable offence. Consequently such as you have described above, would be a reportable offence.

The simple approach would be to write (not phone) to the bank, point out their error, and ask them to remove the funds into a "suspense account" until such time as they have determined to whom the funds belong. Keep a copy of the letter on your accounts file, for your accountant to see, so they know you were aware of the "error", and have dealt with it in the appropriate manner. Doing nothing is no longer an option.

David Shephard

 

[Deleted member 2816]

Thank you very much for taking the effort to post that, David - much appreciated. However, the person in question (my son :? ) has realised that he couldn't get away with it, and went personally to his bank to report it.

Thanks again!

Thais