Can the bank ‘UNCLEAR’ cleared funds?

[Nicola Bell]

Re: Can the bank ‘UNCLEAR’ cleared funds?

ooh, thanks for reply, lots of interesting bits here but lets break it down a bit, let's start with; why do you think the money was withdrawn on T+4? (the bank says it was T+2)

[Amethyst]

Re: Can the bank ‘UNCLEAR’ cleared funds?

5th Dec counting it was T+4 ... actually it was T+4 plus a day that isn't a business day as you took it out on the Saturday.

btw - the banks defence is appallingly rubbish which is in your favour.

[Nicola Bell]

Re: Can the bank ‘UNCLEAR’ cleared funds?

erm, my maths isn't the best but if you agree it was paid in on the 5th, how could the 14th be T+4 (esp when the bank says it was T+2?)

- - - Updated - - -

glad you think their defence is rubbish though.

[Amethyst]

Re: Hello Lovely People!

That's my memory on days .... here T+5 not T+4 but still before T+6 which wasn't until Monday. ( and T+4 is the relevance as thats 'available for withdrawal day )

Weds 5th - Deposit to post office
Thurs 6th -
Friday 7th - received at bank ( T day )
s
s
Monday 10th -
tue 11th - - T+2
wed 12th -
thu 13th - T+4
fri 14th -
s ----------------- took out money?
s
mon 17th - T+6
tue 18th -


The bank saying it was T+2 in their defence is just ballhooks either way - you did the transfer on the saturday (?) so if the cheque was T on the 13th t+2 would have been on Monday 17th (which is when the transfer shows on your account) - but you are arguing against the banks defence - however I think you are arguing too far the other way in treating Weds 5th as T - as it is quite clear in the terms that cheques paid in at PO have two bus days before T.

[Nicola Bell]

Re: Can the bank ‘UNCLEAR’ cleared funds?

this doesn't really make sense to me, there's no reason to think it arrived at the bank on the 7th? off out to lunch back soon

[Nicola Bell]

Re: Can the bank ‘UNCLEAR’ cleared funds?

I'm a bit lost, T is the transaction day, i.e. the day that the transaction happened, as explained in Kati's reference to Mr Cox

"(a) Depositing the cheque and branch processing: TOn, for example, the day of a transaction (T), the payee deposits the cheque at the branch ofthe collecting bank. Cheques may also be sent by post or, for a large business, be delivereddirectly to the processing centre of their bank."

In my case T must be the 5th, there is no other way to define the process that I am aware of. The bank can add an extra day/s, but either way, T=0 is the 5th, can we agree on that at least?

[Amethyst]

Re: Can the bank ‘UNCLEAR’ cleared funds?

Nope xx

[Amethyst]

Re: Can the bank ‘UNCLEAR’ cleared funds?



T is the 7th

[Crazy council]

Re: Can the bank ‘UNCLEAR’ cleared funds?

hi

admittedly, i havent read all the thread, but,

I'm not sure what you mean of how it will appear to others, I can see that the bank has made a costly error, that could be a windfall for me that is all.

You must have known you wasent entitled to the funds, when you transferred them out, and, with these types of mistakes, it will be the cleark or admin worker that takes the consequences, if the bank did, unclear the funds after the time limit, that would probebly have been a manager, trying to correct the mistake of someone under them.

Do you think they will win because they have a case or just because they are the banks?

The checks was cancelled, you transfaired funds you knew did not belong to you,, teh problem your going to face is the actions you took to make it this way.

Did there actions cause you any loss ?

I think re-fairing it to a windfall is a bit of a stretch as well, banks tend to be ruthless to employees that have made mistakes that cost them. I bet that person would not call it a windfall.

Sorry to seem so blunt, but i would imagine any adjudicator is going to consider the same things.

[des8]

Re: Can the bank ‘UNCLEAR’ cleared funds?

From http://www.co-operativebank.co.uk/as...ns.pdfwithdraw the money. If you pay a cheque into youraccount via a Post Office® the payment into youraccount will be delayed by up to two Business Days
From http://www.co-operativebank.co.uk/cu...clearing-cycle
Cheques deposited after 4:30 or via the Post Office will be subject to one day's delay

These terms are not contradictory, on top of which the customer was assured that the funds had cleared.
From that viewpoint it can be argued the customer did have an entitlement to the funds


Cleared funds, past T*6, certainty of fate..... all add up to the funds are the customers

Also IMO this is not a matter of morals.
I understood this site prided itself on being non judgemental. It certainly isn't judgemental when it comes to supporting eg shoplifters, so why is there from some quarters a sense of disapproval here?
The courts may decide unjust enrichment has occurred, but that is a different matter from fraud which has not been suggested by the bank.

[wales01man]

Re: Can the bank ‘UNCLEAR’ cleared funds?

Alleged shoplifters they have not been convicted think this thread is going the way of to many others due to differing opinions.

[des8]

Re: Can the bank ‘UNCLEAR’ cleared funds?

OK Wales change to support others who admit wrongdoing!!

[wales01man]

Re: Can the bank ‘UNCLEAR’ cleared funds?

I do not condone or support wrongdoing or law breaking I DO support everyones right to a trial in a Court of law not subject to harassment and threats from the likes of RLP im sure everyone on LB agrees.

[EXC]

Re: Can the bank ‘UNCLEAR’ cleared funds?

I understood this site prided itself on being non judgemental. It certainly isn't judgemental when it comes to supporting eg shoplifters, so why is there from some quarters a sense of disapproval here?

To qualify that we don't support shoplifting but we do support shoplifters (convicted or otherwise) who are the subject of civil demands which we believe are unlawful regardless.

[Crazy council]

Re: Can the bank ‘UNCLEAR’ cleared funds?

hi

i understand your point [MENTION=39710]des8[/MENTION], am not really disagreeing , the poster mentioned "am not sure how it comes across to others", i was just adding how i see this from the beginning, I understand the bank/teller may have made a mistake, i just think transfairing it out, when you know its not your funds, shows intent.

Ther T&Cs bit over when it should have gone passed the date they could automatically reclaim it, does not say, the person can keep the money, so i dont understand what the posters justification would be for not repaying it when requested. I have no opinion on what the poster should or shoulnt do, reading through othere people post on this thread, she has had some good advise.

I suppose the other consideration should be, if it goes wrong, how badly can it go wrong for the poster, being ordered to pay it back may not be the limit, In any fight, you have to properly consider the consequences of loosing