General Chat

Nuffin like having a big box of cash under the Bed, eh?

Thanks to everyone who took the time to reply xxx pam

There are really only two possibilities, both of which have been covered.

1. The cheque contains an error, i.e. date, signature, words and figs don't agree etc

2. Your CLEARED balance is insufficient to cover. Direct debits which have already been triggered for payment within the past day or so and card transactions authgorised but not processed will affect this, as may payments in from external sources.

A TFR from your own savings at the same branch should be treated as cleared on the same day, provided it was made before the close of business cut-off time.

Llamedos Pam, I have given your problem some more thought and wonder if you had any direct debits due to leave your account in the near future that would have taken your account overdrawn?

Some banks will return cheques unpaid if by honouring it they thought it would not leave enough funds in that account to pay direct debits already in force and due to leave that account

Roy

Is your bank in the UK? I know that there are several people on here who reside overseas.

I have 2 bank accounts and when I transfer money by phone from Santander to Barclays (or vice versa) they will tell me how long before the money is there, usually within 24 hrs.

However, when I transfer money between my Barclays accounts (from savings to current account & vice versa) then the transfer is instant.

I agree with the others, there are no delays now days when transferring from one account to another or from bank to bank.

I have accounts at two different branches but the money is available straight away when I transfer from one to another. My daughter rang me gone midnight to ask to borrow some money so she could get a cab home, That was between two different banks...she got the money straight away, otherwise she would have been stuck.

Cannot remember last time I used a cheque...not even sure I know where the book is now...I pay everything with the debit card that includes my last car

I transfer money on a daily basis using internet banking I often get a phone call from OH saying she is at the checkout at the supermarket and she doesn't have the funds in that account so can I transfer some money from my account to her account, I do it and it is their instantly and the payment goes through the supermarket till

Problem with my OH is she never looks at her accounts until her card is turned down as insufficient funds, edit; she has no idea what cleared funds available is all she sees is available balance which is another thing altogether Does my head in but I wouldn't change her

Roy

added the only delay used to be when I paid my credit card at the end of the month then it used to take 24 hours on a week day and would not go through at week ends but even that is instant now

Pam have you checked the amount in your account(that is cleared funds available?) If the cheque has been returned, what day was the cheque presented? If you gave the cheque on friday and didnt make the transfer til saturday, it is just possible that the company may also use your bank and branch and presented that cheque on monday. If that happened, the transer may well have not been completed til the end of the working day( ie monday) and therefore technically there wasnt the funds available.

Some people think that all cheques takes at least 4 days to go through, but if the payee has their account where you do, the cheque will go through the same day.

Although you transferred the funds across, what was your balance before this?maybe you had a d/d or other payment go out at the same time and this would have lowered your balance. If you have on line or phone line you can check all last weeks transactions to see what has gone through since last fri and maybe that will shed some light.

Of course failing that, ring as soon as the bank is open and hopefully you will get to the bottom of it soon.

Hope this has been of some help
Florence in the hebrides

If the transferred funds went into your current account on Saturday, I would say it is something wrong with the cheque itself. Perhaps as JustGinnie has suggested incorrect date or signature doubtful to the bank. As long as your money is still in the current account shouldn't panic. Hope you get it all sorted soon.

Vera

I don't even have a delay transferring from one bank to another - it is available instantly whether the transfer is day or night, week or weekend.

However, it may be that because it was a large transfer amount it causes a delay whilst checks are carried out (no pun intended) because of the change in laws and rules about money laundering.

Roy that is true with say paying a Barclaycard bill........the money goes straight away, but moving funds from one account to another is likely to take a few days to actually be available for spending.............and working days is actually Monday to Friday ................. not weekends.......
Bob

Thanks everyone but all my accounts are with the same bank and it usually is an immediate transfer from one account to another and I moved it last Saturday so it still should have been available by today in the account. Sorry but this is me now in panic mode thinking all sorts of things it will be a sleepless night for me tonight !!!!!!!! Pam

Normaly with internet banking the transfer from one of your account to another at the same bank is instant 24/7

There is only a delay when transferring from one bank to another

Roy

Bob is most likely right as it was a friday the transfer may well not have been done till the Monday.

No ideas why, I have not used cheques to pay for anything for years now because you can pay using a debit or credit card even on large amounts, I have paid for my last half a dozed or so new cars using my debit card and never had a problem.

Roy

I wouldn't have thought it would be a timing issue but it could be or it could be an error on the cheque eg date or it not being signed, unlikely but i have done so in the past. You should be able to get an answer tomorrow hopefully and then contact the caravan company to explain.

Probably because that amount of "CLEARED" funds was not enough to cover the cheque

it will take a day or so for the transferred amount to " CLEAR"

Just looked at my on line banking and have seen that today my bank has returned a cheque even though more than enough money to cover it. Last Friday Evening i put a deposit on a new caravan and went home and moved the money from savings account to current account to cover the cheque, I have just been on line and the cheque appears to have been presented today and returned unpaid, I contacted the bank and was told that the department that can deal with it is closed I have now gone into panic mode as to why this could have happened the cheque was for 12g so a large amount of money the last time I wrote a large cheque for 9g a few years ago when I lent my son some money the bank phoned me to confirm this cheque but this cheque was for a large company. Has anyone any ideas why this has happened Thanks Pam

Update
The problem was I had written the numbers different to the words so the bank wouldn't cash the cheque, but the nightmare didn't end with that while sorting it this morning I mentioned I need a new security PIN number the girl thought I wanted a new card pin so I can't use my card until I get it so couldn't use that card to pay for the new caravan so the kind lady at Lloyds transferred the money into another account so I could pay with that card , phoned the site and gave them the details and while I waited for it to go through she came back with 'it's been declined' so it was back to the bank and they said they had put a stop on my account as they thought someone was trying to access my accounts , thankfully after a few minutes I was able to phone the site back and she put it through again and it went through with no problem, so thanks to everyone of you for taking the time to reply and I know I will sleep better tonight Pam xx