Banking in the 21st Century. Aaaaahhhhhh!

Discussion in 'The Intelligence Cell' started by EX_STAB, Jul 29, 2008.

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  1. Why is it that despite this being the 21st Century my bank are unable to supply a copy of my statements in electronic form so I can plug the data straight into my accounting system? The best they can do is a paper printout so I've now got twelve months of entries to type up manually..... :frustrated:

    And another thing, why does it now take seven days for a cheque to clear when ten years ago it took five?
  2. Because banks are cnuts?
  3. 'The software does exist to do this: I can 'send' all my on-line bank work - statements, transfers etc - to Excel. Have to admit, though, my bank is surrounded by Alps!
  4. My bank (lloydsTSB) have improved their systems. If I transfer money to another account it's now in the other persons account within a couple of hours. Same with cheques. It's a bout time!
  5. msr

    msr LE

    Change your account to a bank which can...

  6. Depends on the bank and the software.

    I can download my statements direct to Microsoft Money and I don't have the luxury of a bank account from a country famous for watches and large lakes!!
  7. HSBC allow me to download my statements in a variety of file formats (Excel, .csv and MS Money) whcih is quite handy. This is a bog standard account as well - not one of them posh £10 a month jobbies.

    Doesn't change the facts that banks are cnuts - I should know I work for one.
  8. sounds like you have a crap bank mate. I'm with HSBC, who are far from perfect (I hate the new banks that look like spaceships inside) but tehy seem to clear cheques within about 3 working days and I can download my statements....
  9. Yup, you should change banks, I'm with one of them that doesnt have branches, but is based in Leeds. Have been for years, completely painless, can download anything, in any format into most popular aplications. Dogs dangly things.
    And they treat me like a human been, and all the telephone staff speak excellent English!!!
  10. That automatically qualifies you to be complete cnut also. I bet your the bloke who writes those letters charging me £76 for being £3.15 overdrawn.

    CNUTs the lot of them. :x
  11. Allow the C&CCC to answer your questions in the usual cheerful and user friendly FO&D fashion:

    Why don't cheques clear instantly?

    "Cheques are paper items, which are physically transferred between banks. Although the paying bank receives some of the data electronically, the cheques themselves must also be transferred. This is so that they can be examined by the paying bank for security and fraud prevention purposes, to ensure that the cheque has been made out correctly and to make the decision whether to return a cheque unpaid.

    Despite the central clearing timescales individual banks may decide to allow customers to withdraw cheque funds more quickly. However, if a cheque bounces before the end of the 6th working day after paying in, then the bank may seek to reclaim the cheque funds."

    Why doesn't the banking industry speed up the cheque clearing process?

    "Market research, undertaken in 2005 and supported by the Office of Fair Trading, confirmed that there is no case for speeding up the central clearing cycle.

    Only 13% of customers placed any value on faster withdrawal and some customers use the current cycle to their benefit to delay money being taken from their accounts."

    So there. Also part of the plot to force as many as possible away from (expensive to process) paper cheques and on to (much cheaper) electronic funds transfer

    Find another bank and one with decent ebanking facilities ASAP.
  12. Grownup_Rafbrat

    Grownup_Rafbrat LE Book Reviewer Good Egg (charities)

    That's all an excuse.

    Historically it really was because people (known as Messengers) carried the paper cheques back and forth between the paying and receiving banks. It took two days.

    Then building societies started issuing cheque accounts. They weren't allowed to join the club of clearing banks, so their cheques took longer. Up to 10 days.

    Now, despite technology being available to do all this checking and balancing, the banks choose not to do it.

    They make A LOT OF MONEY in interest on the money paid in to their bank but not yet cleared into your account.

    They saved another lot of money sacking all the Messengers!

    But bear in mind that there are many thousands of people who rely on cheques not clearing immediately. Ever written a post-dated cheque? Ever written a cheque knowing it won't clear for 2 days and you'll have been paid by then? The Bank I worked for actually had to build in a 'clearing delay' on one of its electronic cards, because there was so much customer resistance to the concept of immediate cheque clearing.

    Most banks are run by cnuts, though, I have to agree.