The Final Death of the Cheque?

[BradNaylor]

For the past year or so, more and more of my clients have been paying me by internet banking rather than writing a cheque. To me it's not made that much difference, as it has still been taking a couple of days for the money to appear in my account.

Until now.

Yesterday afternoon I was working my magic with caulk gun and paint pot putting the finishing touches to my four alcove units. The delighted client slid out her laptop effortlessly from within her new desk and proceeded to pay me the outstanding balance.



Five minutes later I was pulling up outside Tesco's to stock up on cheap wine. I checked my bank balance at the cash machine.

Lo and behold, there was my dosh! All cleared and ready for action.

Finally, the banks appear to have done something right.

 

[houtslager]

being doing here right for the last 12 months afaik though international web transactions take 3 days - :? go figure that out, its the same system used

HS doing electronic payments as I sit here in A'dam

 

[Johnboy]

Think this only happens if you both use the same bank. Transfers between different banks still take longer AFIAK.

John

 

[studders]

I transferred some money using my internet account to my brothers account as I thought it would be quicker than using a cheque. It took five days before he was able to withdraw it from his account, Yet the amount was showing on my account as deducted the same day as I transferred it?

 

[wizer]

good riddance

 

[head clansman]

hi

I can never figure this one out , after all , it's an electronic payment from one account to another taking usually about five working days, why, it should be instant I've paid money to my sons account and vice a versa instantly out of my account but doesn't show in his for five days mind boggling. & this is progress ha don't make me :lol: . hc

 

[BradNaylor]

Think this only happens if you both use the same bank. Transfers between different banks still take longer AFIAK.

John

That's the thing.

She banks with NatWest and I'm with the Co-op.

They've been talking about bringing in an instananeous money transfer system between banks for a couple of years but I think they may have had their minds on other things just lately!

Anyway, it seems to be here.

 

[Jenx]

There does seem to be some inconsistency ..... My daughter transferred a small sum to me ( we both bank with the same bank ) and it took three days to appear in my account -- this was middle of last week.

She's done the same thing today, same account to same account, same sum of money... and it all happened instantly. :duno:

Maybe it can be a 'luck of the draw' ? I don't know ...

You'd think it would take the same time, each time eh ...
obviously not ! :?

 

[seanybaby]

Alliance and Leicester to Natwest is instant, but not on a sunday.

 

[Dave S]

HSBC say that money transferred this way can usually be expected to arrive within 2 hours.

Last week I bought new (secondhand) car and paid the garage this way (HSBC to NatWest) and the garage owner had confirmed back to me the same morning that he had received the money.

Dave

 

[brianhabby]

It's certainly time the banks pulled their finger out over this one. When the money disappears from one account but doesn't appear in another for three days - where is it? The banks have it of course and it's earning them interest while they sit on it.

It's the same for businesses that take cards. The money leaves the customer's account instantly but although authorised, doesn't appear on the business's statement for three days.

Legal theft - just no excuse these days :x

regards

Brian

 

[RogerS]

There is a scheme to speed up interbank transfer to same day. Not all banks have signed up to it yet but many have done so.

For example, an acceptance letter from me reached Abbey on Monday. By Monday evening, the funds were in my bank account. I transferred some funds to my wife's account later on that evening and she got it in her bank account the next day. All between different banks.

 

[Ironballs]

Dan/Brad/Duncan/Al

You may be pleased to hear that I'm taking you up on your call to arms, on Saturday I have an appointment with the Co-op to change bank accounts. After nearly 20 years with Lloyds I'm fed up with their obvious money making tactics and poor service/advice, their decision to purchase HBOS being the final straw.

Also waving goodbye to the Bank of Scotland credit card and it's hello to Co-op reward and help the Indonesian rainforest credit card. Wonder if I could put in a request for them to plant a bit of rosewood for me

Mortgage is already with a good old building society so feeling quite pleased with myself

 

[BradNaylor]

Dan/Brad/Duncan/Al

You may be pleased to hear that I'm taking you up on your call to arms, on Saturday I have an appointment with the Co-op to change bank accounts. After nearly 20 years with Lloyds I'm fed up with their obvious money making tactics and poor service/advice, their decision to purchase HBOS being the final straw.

Also waving goodbye to the Bank of Scotland credit card and it's hello to Co-op reward and help the Indonesian rainforest credit card. Wonder if I could put in a request for them to plant a bit of rosewood for me

Mortgage is already with a good old building society so feeling quite pleased with myself

Well done that man.

Go mutual!

Brad

 

[newt]

My Muns 91 and she likes to send money to her grandchildren. She used to send cash but the P.O. could not deliver eg it went missing. If cheques go how will she be able to send money, don't suggest electronically.

 

[Ironballs]

Postal order