You what?

A Co-op spokesman said the bank has to follow an EU directive not to accept cash for credit card bills.

What in hell is that all about?

You cannot now, by law, use legal tender to settle your bills?

Seriously?

9 comments on “You what?

  1. First they came for the gold and I did not speak out because it was all such a long time ago.

    Then they came for the cheques and I did not speak out because I use online banking.

    Then….

  2. Is this yet another “we can’t be arsed, so let’s pretend it’s data protection/human rights/health and safety/EU regulations”?

    I bet it’s something to do with money laundering regulations regarding large sums to settle debts.

  3. I’ve wasted several minutes of my life following this up, but I think I have a theory. The Payment Services Directive came into force on 1st November, implemented by the Payment Services Regulations (PSR) in the UK.

    The PSD/PSR provided for common definitions and standards for things like time taken to credit accounts, how to refund monies, etc. It does cover the payment of cash into accounts for settling bills etc. (including credit card accounts), and specifically the PSR includes this:

    72. Where a payment service user places cash on its payment account with a payment service
    provider in the same currency as that payment account, the payment service provider must—
    (a) if the user is a consumer, micro-enterprise or charity, ensure that the amount is made available and value dated immediately after the receipt of the funds;
    (b) in any other case, ensure that the amount is made available and value dated no later than the end of the business day after the receipt of the funds.

    In other words, when you take cash to pay for something you have to clear it immediately, no hanging on to it for ages cheating the customer. There is nothing I can find that says you can’t use cash to pay a credit card bill.

    I bet the Co-op used to regularly cheat their customers on cash payments for settling credit card bills (issuing “late payment” fees etc. when cash doesn’t ‘clear’ immediately). And I bet they couldn’t be arsed to update their systems to comply with the PSR and so took the easier option of simply refusing cash payments.

    I hope their customers punish them.

  4. I bet the Co-op used to regularly cheat their customers on cash payments

    As did they all. The 3 day clearance time applied to cash payments over the counter where the account wasn’t in the same bank / branch.

    But how ironic that the Bank that trumpets its ethicality (can I say that?) in all things, and which promotes Fair Trade, personal responsibility for climate change and all those other warm and fuzzy things should have been exposed.

    Nice bit of digging, KT. I favoured the money-laundering explanation until I read that. They’re supposed to ask for the origin of all cash payments to accounts, especially payments to third-party accounts (which your own credit card would be, seen from the bank branch’s perspective).

  5. But how ironic that the Bank that trumpets its ethicality (can I say that?) in all things, and which promotes Fair Trade, personal responsibility for climate change and all those other warm and fuzzy things should have been exposed.

    Given that it took me minutes not hours to find this out (assuming I’m right) then why hasn’t any decent journalist taken this story to the correct conclusion? Any Guardian journalists out there want to run this? Anyone?

  6. Good digging, KT.

    The trouble is, the true story doesn’t fit with anyone’s ideology: the right-wing press doesn’t have any interest in showing that this story actually has nowt to do with ZaNuLieBore and the EUSSR’s Evil Controlling Plans, whereas the left-wing press doesn’t have any interest in showing that Lovely Friendly Cuddly Mutuals are actually no better than Evil Corporate Bankers.

  7. “Given that it took me minutes not hours to find this out (assuming I’m right) then why hasn’t any decent journalist taken this story to the correct conclusion? Any Guardian journalists out there want to run this? Anyone?”

    Is it possible that they only read it in today’s Sun? Now if Maurice had let them know in advance…

    http://mauriceclairvoyant.com/

  8. Well the EU’s the government now so I guess they can do whatever they want.

    I know, let’s vote them out at the next election!

    What?

    Oh.

  9. It is obvious rubbish

    What the hell else would you pay your credit card bill with if not cash-another credit card?

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