COLLECTIONS
Posted: Thu Oct 09, 2003 1:00 am
I now realise how to post to the correct area.
I get frustrated by what we in the U.K. call High Street Banks by their inability to carry out Collection instructions. Firstly re charges, expenses and commissions. We find that very often they will deduct say GBP20.00 despite the fact that it is stated in the collection instrument "charges, expenses and commissions may not be waived". I am glad to say that usually we get it back when we claim (plus our additional GBP20.00 of course) but it is really time wasting and I suppose immoral.
Secondly, these Banks are incapable of advising of payment as requested. It seems so simple to send an MT400. Their normal way of paying is by MT100/103 which is completely wrong as payment of a collection is not a Customer transfer.
The Principal suffers as usually we cannot apply good value as we would on receipt of an MT400.
And as for their Branches dealing with Bills of Exchange! I won't go there.
Does anybody else suffer?
I get frustrated by what we in the U.K. call High Street Banks by their inability to carry out Collection instructions. Firstly re charges, expenses and commissions. We find that very often they will deduct say GBP20.00 despite the fact that it is stated in the collection instrument "charges, expenses and commissions may not be waived". I am glad to say that usually we get it back when we claim (plus our additional GBP20.00 of course) but it is really time wasting and I suppose immoral.
Secondly, these Banks are incapable of advising of payment as requested. It seems so simple to send an MT400. Their normal way of paying is by MT100/103 which is completely wrong as payment of a collection is not a Customer transfer.
The Principal suffers as usually we cannot apply good value as we would on receipt of an MT400.
And as for their Branches dealing with Bills of Exchange! I won't go there.
Does anybody else suffer?