Charged for missed standing order

[Digger]

Here is my issue, lodged cheque on a Thursday and set up a standing order for the following Monday 4 days later. I bank with NIB, checked my online account the week after and saw they charged me 10 euro for not having sufficient funds in account. Rang them up to query this, as in my online account it appears the cheque cleared on the Friday,the day after, as value date on account says e.g 5000. Rang up there customer service ,who transfered me to my bank,but they couldn't explain why my account had a value date:5000 .They insist the cheque hadn't cleared yet cannot tell me the exact date when it did clear. Bank Manager was to ring me back, never did, who do I complain to next or at least find out when cheque did clear ???

 

[TarfHead]

It can take up to 5 working days for a cheque to clear.

Lodge Thursday - cheque in payer's bank on Monday who then have one or two days within which they could decide to 'unpay' the item. If this were to happen, it would be Wednesday before the payee's bank would be notified that they weren't getting value for the item.

 

[Mpsox]

Cheque would have been cleared for value(interest purposes) on Friday but not cleared for fate.

Assuming the cheque was drawn on another bank, lodged at NIB on Thursday, sent to the other bank on Friday, they would have updated their records Friday night, if they were going to bounce the cheque back, the electronic transaction would not have touched down with NIB until Wednesday. Irish banks require 5-6 working days (ie, exclude the weekend) for a cheque to clear for fate.

If you read the small print of your account terms and conditions, you'll find you probably don't have a case

 

[8till8]

I bank with NIB and they've told me it takes 5 banking days to clear a cheque, ie funds that you can use, so it seems through their appalling service levels they've extracted another 10 from you.

 

[Locke]

If you read the small print of your account terms and conditions, you'll find you probably don't have a case

+1

Echo this. People need to understand the T's n' C's before complaining as it will end up saving a lot of peoples time.

 

[Digger]

My whole point is it can take anything up to 5 working days, whose to say that the funds didn't clear the next day. Now I accept MPSOX explanation why the value date showed 5000 the next day in the account,it's a pity the bank official I was talking to could explain this to me. My other issue is why the banker at the counter didn't tell
this before creating the order for me.Anyway it's a lessen learned. Thanks for replies

just on a side note , got charged 10euro for the failed standing order

 

[Mpsox]

My whole point is it can take anything up to 5 working days, whose to say that the funds didn't clear the next day. Now I accept MPSOX explanation why the value date showed 5000 the next day in the account,it's a pity the bank official I was talking to could explain this to me. My other issue is why the banker at the counter didn't tell
this before creating the order for me.Anyway it's a lessen learned. Thanks for replies

just on a side note , got charged 10euro for the failed standing order

They wouldn't, couldn't and probably never will clear the next day if it is a cheque between banks The rules around payment processing between banks allow for some extra time if a payment gets lost or delayed, hence why the use the phrase "up to".