Banks.

[tim_noone]

I went along to the Bank today,wanted to put money in for my daughter. Handed over her details."sorry" you can't put money in without a paying in slip... I don't have one? "Sorry"you can't put money in then...it's the rules!can you get one off her? Ffs I thought id just give her the money! Ok can I have a paying in slip please..sorry we don't have any.can anyone enlighten me as to why a bank won't take cash with a relevant acc no. And sort code.

[MACCA]

A sh1t bank, I've never needed too. Although could be a new rule/fraud/laundering purposes
I got taken to 1 side and interviewed when I tried to put some cash into my wife's bank in notes.

[piston broke]

As usual the public suffers for the criminal.
We bring my pension over in chunks when the exchange rate is decent! If it is over 10k they automatically treat you like a money launderer.

[tim_noone]

I have a building society and shut my bank acc.10 years ago.poor do when you can't place a few used bank notes in a "bank"

[dpinsussex]

Fill in one of those envelope things and post it in the drop box. Dont bother speaking to the humans

[claretblue]

not as good as Heaton!

[Funkydrummer]

Transfer it online, or keep your cash and ask them to transfer money out of your account.

Then pay the cash into your own account if you need to.

Alternatively, sack the bank in question as there's plenty out there that will take your dosh off you.

[tim_noone]

Fill in one of those envelope things and post it in the drop box. Dont bother speaking to the humans

Well funny you mention "humans" I actually felt like I was in a cast from Royston Vasey.

[Sidney1st]

They ask for it to be written down in case of any errors and they can then blame you.

I made an error years ago, one digit didn't look right and they put it in someone else's account.
I queried how when it was my name on the form, but the system doesn't register names, just the numbers.
I never got that weeks wage back either.

[hampsteadclaret]

I have no time for Banks..a necessary evil.

They don't give a **** about any customer [individual/private or business] though their glossy propaganda/leaflets/advertising/sponsorship/e-mails etc would have you believe otherwise.

They care about the bottom line only. That's it. I get that's what they're about, no issue with that..everyone needs to be aware of that though.

However if they are being cautious in the way the OP suggests, what is the problem with that?

The world/the banking world is awash with financial irregularity/criminality/money laundering and the rest...good luck with keeping on top of that.

How difficult is it to fill in a 'paying in slip'?..

[tim_noone]

Transfer it online, or keep your cash and ask them to transfer money out of your account.

Then pay the cash into your own account if you need to.

Alternatively, sack the bank in question as there's plenty out there that will take your dosh off you.

Your third paragraph..not my bank.I was placing money "cash" into my daughters bank acc.who was located in another town.for her to go in and...collect it! Your first two paragraphs are one reason why I don't use banks.Drama

[TVC15]

They ask for it to be written down in case of any errors and they can then blame you.

I made an error years ago, one digit didn't look right and they put it in someone else's account.
I queried how when it was my name on the form, but the system doesn't register names, just the numbers.
I never got that weeks wage back either.

Really ?
That sounds very unlucky - the way account numbers are constructed across Banks means that if you got one digit wrong it's more than likely going to mean the number is invalid rather than someone else's account. Account numbers don't go up in ones.

Even on the small chance it ended up in a valid account the Bank should have still arranged to deduct the money from the other account and gave you your money. In these cases I'd always advise you to escalate the issue beyond the branch staff or cashiers.

As for the OP this does sound ridiculous - I doubt it is anything to do with money laundering - just incompetence. If you go into any Post Office you can pay into most Banks and you do not need a paying slip. Again I would have escalated this and if they still refused asked them why.

[tim_noone]

I have no time for Banks..a necessary evil.

They don't give a **** about any customer [individual/private or business] though their glossy propaganda/leaflets/advertising/sponsorship/e-mails etc would have you believe otherwise.

They care about the bottom line only. That's it. I get that's what they're about, no issue with that..everyone needs to be aware of that though.

However if they are being cautious in the way the OP suggests, what is the problem with that?

The world/the banking world is awash with financial irregularity/criminality/money laundering and the rest...good luck with keeping on top of that.

How difficult is it to fill in a 'paying in slip'?..

Opening post. Because the bank had no paying in slips.thats How difficult it was....the Bank had no paying in slips. You got off to a good start though.

[dpinsussex]

How difficult is it to fill in a 'paying in slip'?..

Well fill it in then. No issues then is there ?

[karatekid]

If you are unhappy with your bank just simply switch to a different one. It is all done for you via the the switching service and takes around a week. All direct debits,standing orders and wages are sorted automatically and most banks will give you a few quid for transferring to them. I have just got £125 for switching and it was simple.

[tim_noone]

TVC1 ridiculous indeed..I had to take into account it was Barnoldswock!.on a positive my daughter travelled from Burnley to Earby to collect the Money.

[barba]

Everybody who stays in credit and doesn't buy cross subsidy products gets an amazing deal from the UK banking system for day to day personal accounting.

Free transfers in and out, direct debits and standing orders, account reconciliation, apps, branches, telephone banks, complaints system, compensation scheme all for free

I can't think of another private industry which offers such an essential service for free

another decade tops left of free banking for me

[TVC15]

Everybody who stays in credit and doesn't buy cross subsidy products gets an amazing deal from the UK banking system for day to day personal accounting.

Free transfers in and out, direct debits and standing orders, account reconciliation, apps, branches, telephone banks, complaints system, compensation scheme all for free

I can't think of another private industry which offers such an essential service for free

another decade tops left of free banking for me

Partly true...mostly not true.
Retail / personal banking subsidised by the charges on business accounts. A lot of the items you listed above are charged on business accounts and then some.

Also subsidised by the margin Banks make on interest rates - margins on every pound you deposit and also even bigger margins on everything you borrow.

That`s before we get on to the business of how much the Banks make when a customer is in need or in default - e.g overdraft charges ; charges for bouncing items ; credit card rates and fees etc etc.

The way you simplify it sounds like the Banks don`t make any money - instead of the billions that they do make. A big reason they give a personal current account for free is to make money off you by cross selling you other products. The main reason they give it you free is that your deposits give them the balances to be able to lend money to other customers. It`s cheap money for them - if they had to go to the wholesale market to raise these deposits it would cost them more.

Saying that Banks give personal customers "free transfers" is like saying British Rail give you access to a free table even though they just charged you £350 for your seat !!

The one thing you might be right on is that one day free banking might end - not for the reasons you have said though but because the government continue regulate banks so much that they lose all their income streams and have to start charging personal customers

[Jimscho]

As an ex banker admittedly over 20 years ago I still get information from banking friends and ex colleagues.I recently tried to pay some money into my sisters account at another bank and was told I would have to pay the money into my own account and they would then transfer it to my sisters account which they did.All I had to produce for them to do this was my debit card and my sisters Bank details..I didn’t fill in a paying in slip.A couple of Banks have been doing this for a couple of years but my Bank Barclays are now having to fall in line because of money laundering.All the Banks will eventually have to stop allowing inter Bank cash payments.I assume the directive has come from the Bank of England.I don’t understand many banking practices these days and some one above pointed out it’s all about bottom line and customer service has gone out of the window.

[cricketfieldclarets]

Banks. An unnecesary evil.

I feel sorry for the older generation too. Another industry thats doing away with face to face human customer service. Like the tfl.

[tim_noone]

Face to face human customer service is the scary bit. Can't wait for the robot.

[barba]

Partly true...mostly not true.
Retail / personal banking subsidised by the charges on business accounts. A lot of the items you listed above are charged on business accounts and then some.

Also subsidised by the margin Banks make on interest rates - margins on every pound you deposit and also even bigger margins on everything you borrow.

That`s before we get on to the business of how much the Banks make when a customer is in need or in default - e.g overdraft charges ; charges for bouncing items ; credit card rates and fees etc etc.

The way you simplify it sounds like the Banks don`t make any money - instead of the billions that they do make. A big reason they give a personal current account for free is to make money off you by cross selling you other products. The main reason they give it you free is that your deposits give them the balances to be able to lend money to other customers. It`s cheap money for them - if they had to go to the wholesale market to raise these deposits it would cost them more.

Saying that Banks give personal customers "free transfers" is like saying British Rail give you access to a free table even though they just charged you £350 for your seat !!

The one thing you might be right on is that one day free banking might end - not for the reasons you have said though but because the government continue regulate banks so much that they lose all their income streams and have to start charging personal customers

I mentioned personal accounts for those who remain in credit who don't buy other products get free banking.

Which bit about these individuals isn't true?

[Clarets4me]

Here's another one....

If you go into buy currency at Thomas Cook, and pay in cash, say £1000, you don't need any I/D or other details, drug money, knock over nice old lady and pinch her pension, not a problem...
However, if you go in and try to buy £1000 worth of currency, and pay on your debit card, for which you need a PIN, then you need to take your passport with you, even though the card can be traced back to your bank...

Always strikes me as strange......

[TVC15]

I mentioned personal accounts for those who remain in credit who don't buy other products get free banking.

Which bit about these individuals isn't true?

If you want to get technical on it then it's not true as you are lending the Bank money free of charge....so not really free banking as it's costing you money you could have earned if it was in an interest bearing account (Banks have removed credit interest on personal current accounts in recent years)

On a more general point very few people have just a personal current account - at some point they will open other products or take other services which are charged for.

If Banks were giving away products for free without selling other products how would they make billions every year.

Did you know that if you use your debit card abroad on these so called free current accounts you are charged on average 2.75% of the value of the transaction by every major Bank ? (except Nationwide). The Banks are making tens of millions from this and it costs them no more than a debit card transaction in the UK - which is fractions of a penny per transaction)

[cricketfieldclarets]

If you want to get technical on it then it's not true as you are lending the Bank money free of charge....so not really free banking as it's costing you money you could have earned if it was in an interest bearing account (Banks have removed credit interest on personal current accounts in recent years)

On a more general point very few people have just a personal current account - at some point they will open other products or take other services which are charged for.

If Banks were giving away products for free without selling other products how would they make billions every year.

Did you know that if you use your debit card abroad on these so called free current accounts you are charged on average 2.75% of the value of the transaction by every major Bank ? (except Nationwide). The Banks are making tens of millions from this and it costs them no more than a debit card transaction in the UK - which is fractions of a penny per transaction)

Thanks. Nationwide here i come.

[barba]

Thanks. Nationwide here i come.

Nationwide, on their basic flex account have started charging for cash withdrawals at 2% + £1. Their Plus account which you pay £13pm for has zero charges.

That said Nationwide use Visa exchange rate which on a rolling basis are often lower than MasterCards.

When I last went abroad I used Creation which is a MasterCard, offers Section 75 protection and has zero commission on withdrawals and purchases. I paid my bill as I went along before interest free period ended

[Sutton-Claret]

I hate it when you withdraw cash over the counter and they ask you what its for.......My old man refused to tell them once and they said they couldn't give it to him unless he told them what its for. Next time I'm going in armed with some obscure dodgy reason and see what happens.

[TVC15]

Just tell them half of it is for midget gems and the other two thirds is for sex acts - they'll never ask you again.

[Sidney1st]

Just tell them half of it is for midget gems and the other two thirds is for sex acts - they'll never ask you again.

Black midgets for sex acts??

[Hipper]

Surely the money the banks hold in current accounts cannot be reliable used for the bank to invest because they don't know when it's going to be withdrawn (I do appreciate they may have algorithms that will calculate on those lines).

The point is to use the bank to your advantage. When you are looking for financial products you don't have to use you current account bank. You can shop around.

It's the same with all consumer services - utilities, telephone etc.; stay put you get stung, shop around regularly and you can get better deals. That is the way companies and their sales teams have come to dominate the consumer market. All these companies want is new business. They don't seem to care about existing customers. It's not nice but that is the way it has become. Until consumers behave differently - meaning absolutely everyone shops around - then this is how it will remain.

[TVC15]

Surely the money the banks hold in current accounts cannot be reliable used for the bank to invest because they don't know when it's going to be withdrawn (I do appreciate they may have algorithms that will calculate on those lines).

The point is to use the bank to your advantage. When you are looking for financial products you don't have to use you current account bank. You can shop around.

It's the same with all consumer services - utilities, telephone etc.; stay put you get stung, shop around regularly and you can get better deals. That is the way companies and their sales teams have come to dominate the consumer market. All these companies want is new business. They don't seem to care about existing customers. It's not nice but that is the way it has become. Until consumers behave differently - meaning absolutely everyone shops around - then this is how it will remain.

The money that Banks hold has various / different classifications depending on the types of accounts they hold it in. The regulator lays down rules to all Banks about their liquidity ratios and how much they can lend - its all very complex but in simple terms the more deposits they attract in all types of account (current accounts or savings) the more they can lend. The other way they make their income is that they also invest their total deposits over night on the markets - so not paying any interest on current accounts as they all do means they are making a margin equivalent to around base rate on all these monies....that`s billions of pounds at half a percent currently,

Not sure my experience of Bank customer service is the same as others above. When I compare both my Banks (one for personal and one for business) to all the other customer service people I have to deal with like Virgin, my Utility companies etc etc the service I get from Bank is so much better than any of these.

I don`t agree with some of the ways the Banks make money and think that the government should be doing far more to regulate their profits and what they are allowed to charge for. In this day and age there is for example no justification whosoever in charging a small business customer for paying in or withdrawing from their account when a personal customer gets exactly the same transaction for free - it does not cost the Bank any more to process the business transaction. But from a service point of view I`ve no complaints at all.

[FactualFrank]

I 'closed' an account with Lloyds a few years ago - later found out, they purposely didn't close it and instead kept sending me mail to try and get me to use a credit card. I spoke to a friend who used to work there and was told they often don't close accounts when asked to, because they know some people will go back to them and use the account again. Something wrong there, surely.

Natwest is the worst bank I've ever dealt with though.

[TVC15]

I 'closed' an account with Lloyds a few years ago - later found out, they purposely didn't close it and instead kept sending me mail to try and get me to use a credit card. I spoke to a friend who used to work there and was told they often don't close accounts when asked to, because they know some people will go back to them and use the account again. Something wrong there, surely.

Natwest is the worst bank I've ever dealt with though.

Think it was probably just an error rather than a deliberate tactic to get you back. If you ask a Bank to close an account they have to act on your instructions.

Bank`s like Lloyds have so many different legacy systems because of all the historical mergers with other Banks and Building societies. It means they end up with loads of dormant accounts. These accounts cost them money to keep open but they would need to spend a fortune to tidy up all their systems and close these accounts.

[Quicknick]

I went along to the Bank today,wanted to put money in for my daughter. Handed over her details."sorry" you can't put money in without a paying in slip... I don't have one? "Sorry"you can't put money in then...it's the rules!can you get one off her? Ffs I thought id just give her the money! Ok can I have a paying in slip please..sorry we don't have any.can anyone enlighten me as to why a bank won't take cash with a relevant acc no. And sort code.

Banks in Thailand where I live are miles better. You don't get any sh1t like that.