delay in US bank releasing funds to my UK bank/account

[Duke_of_Url]

Anyone else getting this problemo?

I got a cheque dated 21 October a few weeks back, and paid it into my UK business account as usual, on the 1st November.

The funds still haven't appeared in my account, so I chased it today, and my bank advise that the US bank haven't released the funds$ despite chasers being sent from this side of the pond. I've had no probs with payments clearing before (usually 5-10 days max). Is it not uncommon for funds to take weeks before they are released? I've been in adsense for a while and had no such delays before, I only hope the latest cheque (that I paid in yesterday) clears a lot quicker!

thanks
DoU

[trillianjedi]

If I understand it correctly, it sounds to me like your cheque has gone off to go through the US clearing system rather than being negotiated.

Was it a very small or very large amount?

TJ

[Duke_of_Url]

hi TJ

it was 4 figures $$$$, though not enormous, not too dissimilar from previous months that have gone thru quickly..

dou

[trillianjedi]

Strange why they would do it differently.

Again, if my understanding is correct, when your bank "negotiates" the cheque, funds are in your account faster than if they "clear" it through the US postal clearing system.

I always get mine negotitated, and they always credit to my account within 3-4 days.

Not impossible that they've experienced some fraud of course...

TJ

[Duke_of_Url]

I've only ever paid in cheques straight over the counter as normal - I'll have to ask about this negotiation then, see if they do things differently.

I sent an email off to adsense-support anyway, see if they can shed any light on things.

[valeyard]

According to my bank (Barclays) there are THREE different ways of handling foreign cheques:

Collection. They collect the money THEN put it in your account, could take weeks.

Negotiation. They credit your account within a few days, BEFORE having collected the money. They take the money back if the cheque bounces. Since they're effectively giving you credit there might be interest or other extra charges.

Deferred Credit. Like negotiation but "The funds are indicated on the customer's account and the ledger balance increased with forward value date". Whatever that means.

Perhaps your cheque is usually negotiated but this time is being collected. Don't ask me why though.

[Duke_of_Url]

thanks for that Valeyard, its Barclays that I am with.

cheers
dou

[adfree]

My bank started behaving differently (hold up to 10 business days) with last months check. Must be some new policy, maybe related to an exceeded amount or some check issuer.

[trillianjedi]

I'm with HSBC - they always negotiate for me.

Last months cheque cleared in 4 days.

My best guess is they are doing something different due to having lost money somewhere down the line. Could be some cheques have gone "missing" or fraud of another nature, and the banks are now sending the cheques through US clearing instead (collection)?

TJ

[europeforvisitors]

This is just a layman's guess, but could the dollar's recent troubles be a factor in the delay?

I'm wondering whether your bank risks losing money if it pays you in Sterling at the current exchange rate before the USD check has cleared.

[Duke_of_Url]

Thanks for the advice everyone

As a footnote, today the cheque I paid in on the 1 November has miraculously cleared, as has the 2nd cheque that I paid in on the 30th November. If only ggl would pay direct into my account it'd make life a lot easier!

cheerio
DoU

[Macro]

>>its Barclays that I am with

You're then using form 5691. Tick the box at the top right saying "Currency to sterling negotiation".

[Duke_of_Url]

ah righty, I'll make sure they tick that box for future cheques

thanks!
DoU