Using your chequebook

[Posh]

Yeah, the money will have tried to come out of your account at around 6am in the morning.

Debits always come off before any new funds are added to the account, so if you have something coming off on a Thursday then the funds need to be in the account by close of business Wednesday.

[L@ur@]

what bank you with?

[sardonyx]

I can't recall the last time I used my chequebook, nor for that matter where the hell in the house I've stashed it?

[L@ur@]

infact it doesnt matter.
apon reading the whole thread it doesnt matter.
the money would have needed to be in the bank on the wednesday to cover the cheque coming out on the thursday.
this is coz youve guaranteed the money being there. (fine £20 in lloyds for a returned item, such as a returned DD and a bounced cheque)

however, guaranteeing a cheque means that you write your debit card details on the back of the cheque meaning that they can take the money out using your debit card details stated as a DEB on your account (a bit like swiping your card, but theyll have your signiture on the cheque like before chip and pin you signed for using your card over the counter)
anyway, if the cheque bounced they could have taken it out as a DEB on the account which would have taken you overdrawn on the account, the company would have been paid by the bank and you would have been liable for the charges from the bank as they had to pay it for you.
in lloyds youve got until 3:30pm on that day to bring the account into credit, but apparently with this bank you just get automagically charged.
which sucks.



basically, youve guaranteed the cheque which means that if the moneys not there, youve agreed to pay a charge because the company will always get paid and itll be from your account (when funds are available) or from the bank (when funds are not available and you get a charge)
x

[Posh]

Yep. You can't say 'it was there later in the day' because you agreed that the money would come out that day which means first thing that day.

[L@ur@]

when a cheque is due to clear on your account the funds are available at 12:00am
so say on the screen is says "cheque due to clear on the 6th of may" the funds will be there for you to take out on the 5th at midnight

so i think it works both ways, the funds have to be there for the companys account to take out on the morning of when the cheque clears.

not 100% on that, when a customer asks, i always tell them to have the money in the day before to be 100% that they wont get a charge

xxx

[sardonyx]

Originally Posted by L@ur@

infact it doesnt matter.


basically, youve guaranteed the cheque which means that if the moneys not there, youve agreed to pay a charge because the company will always get paid and itll be from your account (when funds are available) or from the bank (when funds are not available and you get a charge)
x

I read somewhere that banks make more money from all those little bank charges that they do from loans and mortgages.

[Posh]

Yeah, the debits and credits are done before the branches/callcentres etc open. So if they miss each other by like an hour, yer getting a charge.

[L@ur@]

CAN EVERYONE PLEASE NOTE ALSO:

that see when you pay for someone either: over the counter; on the internet or on the phone using your Debit Card. the money doesnt come out right away
its earmarked on your account and is taken out at the company's discretion. They have up to 6 years and 1 day to take the money out
The money is taken off your available balance (coz its not available to you) but isnt taken off your account balance until the money is actually transfered into their account)

so see when you go into a shop and think "och ive got plenty of money, (x) bill isnt going to come out till two days from now" the bill might come out first and then the debit the day after so then your fucked.

xx

Originally Posted by sardonyx

I read somewhere that banks make more money from all those little bank charges that they do from loans and mortgages.

yeah your prob right, stupid careless ppl make a lot of ppl a lot of money...

[linz]

Originally Posted by Ghostsuit

Same day it's basically the same as going to the teller. I think in general all things are balanced at 11.59pm so if your - at that point you get the penalty applied which is why if a DD comes out on the day you can technically pay in some cash before the day ends and you'll be ok (maybe not 100% on that). So quick Deposit is the same as a teller in that case. When it comes to Vonnie though I think the use of garentee card made a difference.

I meant more, what time of day do they empty out the deposit box and deal with the cheques, as I remember hearing that there was some sort of cut off in the day, and anything after that would be dealt with the next day.

Completely unrelated to the original question in this thread I know, but I was wondering if after a certain time of day I would be better waiting in the queue to see a teller rather than using quick deposit and delaying stuff by a day.

[Ghostsuit]

Originally Posted by linz

I meant more, what time of day do they empty out the deposit box and deal with the cheques, as I remember hearing that there was some sort of cut off in the day, and anything after that would be dealt with the next day.

Completely unrelated to the original question in this thread I know, but I was wondering if after a certain time of day I would be better waiting in the queue to see a teller rather than using quick deposit and delaying stuff by a day.

Ahh right, well I've always been suspicious of that myself but I've been told about 10 times by different members fo bank staff that if you use the Quick Deposit they will process it as the current day.

From memory I think the old cut off was 3.30 for everything and it would be processed as next day but that included tellers but I'm 99% sure thats been done away with due to the introduction of computers.

But yeah been told plenty of times to use the quick deposit box as it's processed same day. I still tend to use the teller though as I nearly always have additional things to do.

[L@ur@]

yeah it doesnt always get dealt with that day

depends on how busy the bank is tbh

loads of ppl moan about that

xxx

[Warped]

I'm proud of laura as a fellow B(w)anker. She's spot on what she said. The bank might change your debit card so you cant guarantee cheques anymore btw.

The deposit points are checked first thing in the morning then between 1-3. So depends how much stuff there is to process. If it's important wait on the teller.

Banks do make shit loads from charges, made some from me too and i work for them. But at the end of the day don't spend money you don't have and make sure you have enough funds in your account to pay any debit card transaction as it is a guaranteed transaction and the money can come out even if you don't have the funds, resulting in charges.

At the end of the day if banks lose the whole charges case then all they will do is charge everyone for having a bank account and increase overdraft interest that people pay on using their overdrafts. Shame for the people that look after their accounts really.

[Addy]

Originally Posted by linz

Just out of curiosity, what time are they meant to get round to dealing with stuff thats put into the quick deposit box?

Needs to be done by 3.30, same as any business transaction given to the teller before 3.30. Individual practices may vary, but generally the branches I worked in said do it at 12pm, 3pm, 3.30pm and whenever you get a spare minute outwith those times as well - to save it from getting built up unnecessarily by the end of the day.

Originally Posted by sardonyx

I read somewhere that banks make more money from all those little bank charges that they do from loans and mortgages.

Not strictly true, but it won't be far off. Where banks really make their money is by taking investments from savings accounts and investing it in the money markets, getting profits from that. At least that's what sensible banks do - idiotic banks like Northern Rock try and sell the value of their mortgages to get the money rather than using savings (they assume that the value won't fall - epic LOL) to get this money for investing. Charges exist because by going over your limits you're denying the bank the money it needs for this investing.

Vonnie was unfortunately in the wrong here as the guarantee required the money being in at the time, but I think that's been established. Cheques normally clear in 3 working days, but it can take up to 6 unfortunately - seldom happens, but Sod's Law determines that the one time it does is when you need the money Still, at least they've refunded the charge out of goodwill

[Warped]

Main earner for my bank is mortgages, same for them all i should think.