General Chat

Got a question to ask you......

I used to work for Bradford and Bingley. Left in October 02 but if I can't answer your question my best mate is an area sales manager for them. Jack x

Hi Jack (not meant as a pun!), Perhaps you can answer this query: Our daughter wanted to borrow a bit of cash fairly urgently. I drew a cheque from an ISA account from my branch of N********* in Luton, and gave her the cheque on Sunday. She took it in to her branch of N********* in Solihull on Monday, where she was told the cheque would take 3 days to clear! She really had hoped to have used the money straight away, but had to bide her time. It cleared today, she tells me. Why could the money not be available immediately it was paid in to the second branch? I had handed over my pass-book when I drew the cheque so my branch knew there were sufficient funds (obviously, or they wouldn't have gone ahead witht the transaction), and, in effect, it was merely a transfer of cash from one branch to another. Plus, a Building Society cheque is a cast-iron as a banker's cheque, surely - guaranteed not to 'bounce'. I could have understood it had my daughter's Building Society been another company, but it seems ridiculous that this transaction was not able to be dealt with in a more efficient manner, branch to branch. Is this situation common to all Building Societies do you know? Brian, ; < O )

Sounds like a case of using your money to earn interest. Todays technology (!) this shouldn't happen, it makes my blood boil. grrr Sandra x

Nudge for Jack......are you there?

Brian - can't answer your question - but - I would have be inclined to ask if they could have just done a transfer from your 'N.......' ISA to your daughter's 'N.......' xyz account !!!

Hiya Brian Unfortunately that it correct - I used to work for a Building Society, if you had asked to transfer the money it would have been instant, but because it was a cheque even though it was going into another account with the same bsoc you have to wait for it to clear. Karen

Hi Brian I work for a bank. Even a bankers chq takes that amount of time to clear - reason really not for lack of funds but it can still be stopped so has to go through the clearing cycle to make sure all is in order. Ony things that are cleared straight away would be cash, internal transfer or CHAPS payment Penny

Thanks for that explanation, Karen, Trouble is, I had no idea who she banked with... came as a surprise when I found out it was the same Bsoc. I thought she banked with Lloyds. Could have arranged it better had I known beforehand. Brian, ; < O )

Hi Penny, Just goes to show......I always thought that a banker's draft was an instantaneously acceptable method of guaranteed payment. On occasions when I have, say, bought a car, the vendor has always been perfectly happy to receive a bankers draft/building society cheque, allowing me to take the car there and then, i.e. not waiting for the cheque to clear. (Hope the leg's better!) Brian, ; < O )

Unfortunately, even Bankers Drafts are not immune to fraud, so to be safe, they have to clear too!!

Sorry Brian, Ended up in a rather long meeting from which I have only just escaped. When I worked at B&B we could pay a B&B cheque in as cleared funds if we rang the issuing brance to confirm that they had in fact issued it. Not many people knew that though and if they didn't ask we didn't offer. Might have changed now though. Jack x