Banks still ripping us off.....

[lilelvis2000]

Switch to HSBC

Funds from cheques presented clear straight away... although if the cheque gets bounced they'll take the money back

You mean credited. the cheque still takes 6 days to clear absolutely. The bank just trusts you that it won't bounce.

[Mustang]

This has always been the case, or hadn't you noticed?

It was somewhat of a rhetorical question.......! I know what they do - perhaps that should have read: "Why?"

If the banks are allowed to "borrow" funds like this that pass through there systems, I wish there was a limit (24hrs?) that could be placed on it being "absent" accruing interest for the bank. If I was entrusted with similar amounts of money to move it from A to B and during that time I decided to invest it on a money market - would that be deemed illegal?

I can picture it now........!!

[SupremeSpod]

It was somewhat of a rhetorical question.......! I know what they do - perhaps that should have read: "Why?"

If the banks are allowed to "borrow" funds like this that pass through there systems, I wish there was a limit (24hrs?) that could be placed on it being "absent" accruing interest for the bank. If I was entrusted with similar amounts of money to move it from A to B and during that time I decided to invest it on a money market - would that be deemed illegal?

I can picture it now........!!

But you're not a trusted financial institution...

[shaunbhoy]

It was somewhat of a rhetorical question.......! I know what they do - perhaps that should have read: "Why?"

But woe betide you if someone presents a cheque and the required funds are not there on Day 1!! Won't matter if they are there by Day 2, even though the presentee won't be able to access them for days after that. The bastards will still sting you for all sorts of charges!!

[SupremeSpod]

But woe betide you if someone presents a cheque and the required funds are not there on Day 1!! Won't matter if they are there by Day 2, even though the presentee won't be able to access them for days after that. The bastards will still sting you for all sorts of charges!!

Try that kind of shenanigans in the Middle-East and charges will be the least of your worries.

[AtW]

Try that kind of shenanigans in the Middle-East and charges will be the least of your worries.

Quiet, try charging interest on loans and you'll see how far it would get you ...

[Spacecadet]

Quiet, try charging interest on loans and you'll see how far it would get you ...

Charging interest is definitely a no no.
But I can charge you a monthly administration fee to make sure you are paying the loan back. Obviously the size of this fee should be comparable to the size of the outstanding loan.

[SupremeSpod]

Quiet, try charging interest on loans and you'll see how far it would get you ...

Dick-head.