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Originally Posted by Chrysalis
I deposited 2 payments into my bank on the 23rd may via online transaction from another bank.I have a standing order that goes out on the 2nd june.
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It is now 7th june and one of the deposits is in my account, the other one (larger) still nowhere to be seen, the other bank informed me it was marked as cleared their end on thursday 1st june.
The bank is Lloyds TSB and I have noticed recently they are incredibly slow, cheques usually take over a week to clear, my sister says in her bank they 1-3 days and for me its 5-7 working days.
If I use a cash machine or buy something on my debit card it doesnt show on my statement for 1-3 days instead of the expected instantly so their entire system seems lagged.
However I am concerned that after they pay out they turn around and say we no longer want to do business with you and closing your accounts, please pay of all outstanding debts (I have a loan and cancelled credit card balance) within X days to avoid debt collectors.
Is there any kind of protection to stop banks simply closing accounts for people claiming back their charges? since that customer will simply be not profitable for the bank anymore apart from interest on any debts so the bank will want to get rid.
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OK - have worked for LTSB (many years in a branch, but not at present) - so would like to just add a few things into this.
I am not going to comment on the rights or wrongs of returning cheques etc - only that can be agreed between you and the bank, and the history of the account. As I do not know (or want to know) - I will leave that area.
Standing Orders from other Banks should be sent and receievd within 3 working days - and this has always been the case. In some cases it will be quicker (i.e. from same banks in some cases - but should never take longer). Only change to this is when the credit has incorrect information on it, and needs to be manually processed to the account.
The credits will (for all major banks) leave your account the day in is sent - not 4 days later, to time in when the account is due to get to the other end.Banks may pay interest during this period - but it will have left your bank. Therefore, you need to get them to explain how a payment is 'ceared' 7 days later. Doesn't make sense if you are using major bank - or at least one using APACS.
Cheques DO NOT TAKE 7 days to clear. Fact. They have always taken 4 days (and same day sometimes). Only exception if not drawn on UK bank sort-code. The computer systems automatically make cheques as cleared on the 4th (or earlier) day. No branch involement can change this.
The systems do not lag. They will debit your account the moment they get the 'electronic' payment through. If you withdraw through LTSB Cashpoint (and I believe Link) the payment will show immediately out of your account. However, if a retailer holds onto a transaction, then (although it may have been authorised), until the retailer and their processessing bank process the payment, no monies will come out of your account.
Loan accounts cannot (I believe) be closed early - they are dealt with under the Credit Act. You have agreed to pay then £x over £y months. Providing you make these payments, you are not in breach of the terms, and therefore OK. However, as Alliance & Leicester are doing, they are within their right to ask you to close your account, and give you 30 days notice.
The majority of customers pay (unlike most of Europe) no fees for running their accounts - and therefore people are receiving a free service (which costs a fortune to run - but everyone expects something for free). If people run their accounts badly, they should expect to pay for it. After all, if you go overdrawn without getting agreement, you are taking something that technically does not belong to you (i.e. the bank's money).
Ultimately, if everyone goes down the line of askiong for refunds over the last 6 years, I can see the banks starting to get very pciky, and only operating accounts that are for good customers, and do not run their accounts overdrawn and outside of limits. Therefore, getting accounts in the future would be more difficult, and if people stray from the right side of the limit - accounts closed quickly. Or running accounts for free will disapear. Not going to haooen over the next few years, but at some time in the future, who knows.
All the above are personal opinions, and in no way reflect in Chrysalis. Just setting a few facts right, and then a general opinion on the banking at present.