21st Century Banks, aye right

Representation of a non-specific bankIt’s easy to have a swipe at the banking industry these days, in fact everyone does, relentlessly. In all reality, there’s not much us poor Joe-punters can do about it other than sit back and be affected in whatever proportionally smaller way the the billions or trillions that are talked about.

However, my gripe’s not with the spiffy hedge-fund boys, with their wonderfully complex financial models to efficiently lose shedloads of cash, nor is it the folks that reckoned sub-prime lending would be a wheeze or even those responsible for doling out massive payouts to executives of failing companies. While these are all undoubtedly ‘bad things’ that affect us all, they’re not affecting me directly, personally, right now.

I’ve just now come across a needlessly arcane banking practice that shouldn’t exist, needn’t happen in this technologically advanced day and age.

Why does it take five, yes five – count-em, working days for a cheque to clear in my bank account to allow me to spend the money?  Two cheques were paid into my account on Tuesday this weekand they tell me I cannot use the finds until next Tuesday!

Where my dosh is keptNow, I know for a fact we’re not talking about actually moving physical bundles of folding cash in a big crate from the account and branch of the cheque-issuer to my account in my home branch.

So we’re not talking about a horse-drawn Securicor van making a treachorous journey up a long, rainy motorway, adhering to speed limits and then having to wait till the teller opens the bank in the morning, checks his credentials, counts the cash and then, opening the big vault, locate my own personal money-drawer and carefully putting it in.

I know a little bit about computers. They can transfer the money from one account to another in a fraction of a second. Even allowing for the process not to start until the bank is closed for the day and adding in some time to include a few double-checks to make sure there’s no funny business, it could be processed and available to use the next day, 24 hours max, whether it’s a working day or not; the computers don’t go home at 5:00pm when the bank shuts.

So, Banks, NO!

Get your act sorted out and stop conning us. We know you just want to hang ont to the money for longer so you can cream a bit of profit off it in the international markets.

You’re delaying me getting my new car!

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