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Originally Posted by Pia
I'm not sure i totally understand this...
So, charging is illegal, so why are they still doing it? How come one of them regulation companies haven't put a stop to it?
And how come they are allowed to close the bank accounts of people that claim?
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I suspect that they are refunding the fees but at the same time do not agree that these fees were unlawful. it's easier just to refund it rather than the expense of fighting the customer. if you go through the complains process and the banking ombudsman because they fail to refund then the cost to the bank will be £100s at least. also once an issue like this goes to the ombudsman and it rules in a consumers favour the banks would then be force to scrap or reduce these fees for all customers and then there might be the issue re back dating. so the last thing they need is a test case.
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Originally Posted by lemarsh
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.
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I'm not sure if you're referring to just lloydstsb or all banks but...I have it in writing from the nationwide that cheques into their current accounts take 5 working days to clear.