Santander Cheque Clearance

[Deedy]

Hi everyone!

I'm new to the site so forgive me any mistakes!

We have been fortunate enough to have received a rather substantial inheritance from my husband's late father's estate, and deposited a personal cheque received from my mother in law last Friday at approximately 1.30pm.

On reading the Banking Code, the cheque should have been cleared by today, and in anticipation of the funds being cleared for withdrawal made an appointment to purchase a new car using some of the deposited funds, only to be told by Santander today that the cheque has gone into "extended security" due to the size of the deposited cheque. We were not informed that these terms would be applied at the time of deposit, and after a visit to our branch this afternoon were basically told to put up and shut up as there is nothing that anyone in the branch or within Santander, can do.

We have now been forced to cancel our arrangements re the car tomorrow and have been told that the cheque will probably not clear until Monday! There is nothing in the banking code that suggests that there would be any security issues and my personal understanding is that Santander are using this large cheque to earn interest for themselves under the guise of protecting the customer.

I am absolutely incensed that Santander are allowed to get away with this behaviour so does anyone know if they are breaching the banking code and how can I wreak my revenge?!

Thanks in advance!

Deedy

[leclerc]

Re: Santander Cheque Clearance

Hi everyone!

I'm new to the site so forgive me any mistakes!

We have been fortunate enough to have received a rather substantial inheritance from my husband's late father's estate, and deposited a personal cheque received from my mother in law last Friday at approximately 1.30pm.

On reading the Banking Code, the cheque should have been cleared by today, and in anticipation of the funds being cleared for withdrawal made an appointment to purchase a new car using some of the deposited funds, only to be told by Santander today that the cheque has gone into "extended security" due to the size of the deposited cheque. We were not informed that these terms would be applied at the time of deposit, and after a visit to our branch this afternoon were basically told to put up and shut up as there is nothing that anyone in the branch or within Santander, can do.

We have now been forced to cancel our arrangements re the car tomorrow and have been told that the cheque will probably not clear until Monday! There is nothing in the banking code that suggests that there would be any security issues and my personal understanding is that Santander are using this large cheque to earn interest for themselves under the guise of protecting the customer.

I am absolutely incensed that Santander are allowed to get away with this behaviour so does anyone know if they are breaching the banking code and how can I wreak my revenge?!

Thanks in advance!

Deedy

I should add that the timescale they have given is absolutely in line with the 2-4-6 clearing process and, in fact, Monday is close of business or the end of the 6th working day which means that the cheque will be cleared for fate. Tuesday morning is when the funds can be used as the cheque cannot be returned unless exceptional circumstances are involved..
They are NOT in breach of the banking code whatsoever.

[Tools]

Re: Santander Cheque Clearance

If you are unhappy with their service then the best thing you can do is close your account and move your deposits elsewhere.

[TUTTSI]

Re: Santander Cheque Clearance

I think that the bank have no right to hold on to your money for this extra length of time. I bank with Santander and if I bank a cheque say on Friday afternoon it would clear by the following Thursday. They should if what they are telling you is correct have made you fully aware of this fact when you deposited the cheque that if it was going to take longer to clear because of the size of it and extra security.

Unfortunely these days there is money laundering to take into account and the banks might have to if as what you say is a large cheque make certain that everything is legit.

You always have the right to make a complaint and if that were me I would have been on to the CEO of Santander to get to the bottom of this and I agree that they are using your money and earning interest, as I bet you are not receiving interest on this amount and they have had the extra use iof your money. I would also be seeking compensation.


The CEO's email addy Antonio.Osorio@santander.co.uk it seems Ana Patricia Botin is the new CEO of Santander UK. Botin will replace Antonio ... from 5th Novemeber 2010.

[leclerc]

Re: Santander Cheque Clearance

They earn interest on it after T+2 which is again in the rules of cheque clearance.

[northgeorge]

Re: Santander Cheque Clearance

Are banks sulking ? I have been with Santander/Abbey for many years and until recently cleared chqs in 3 days approx.
Since the scheme phasing chqs out was repealed they now take 7/8 days to clear. Comments anyone ? Anyone else noticed or complained ?

[leclerc]

Re: Santander Cheque Clearance

Are banks sulking ? I have been with Santander/Abbey for many years and until recently cleared chqs in 3 days approx.
Since the scheme phasing chqs out was repealed they now take 7/8 days to clear. Comments anyone ? Anyone else noticed or complained ?

Yes, everyone works the same and cheques will still show as available via the atm after 3 working days however, if you use the money and the cheque bounces then you're liable for the charges afterwards.

Does that help you?