Bank lodgements as payments

Mrs Garth Brooks

I advertised an item to sell and agreed that they would lodge payment to my account. I was told that they would do it today.

I do online banking and it hasn't showed up. Its 5pm and banks are now closed, so I presume it hasn't been lodged.

So what now, do I sit and wait? What if they claim they lodged the money, what then.

BuffyBot

If the payment was made from a different bank than yours, it may not arrive until tomorrow (and if after 3.30pm, the day after).

coylemj

It will only show up in your account on the same day if the money was lodged as cash in your bank - not necessarily the same branch but the same bank, otherwise it could take up to two days to arrive and if it involved a cheque lodgement, it might be credited to your account before it's actually cleared so I'd wait at least a week before releasing the goods.

If you're a student or someone with an iffy credit record and someone lodges a cheque to your account, your bank won't credit the money to your account until the cheque has cleared whereas if you are a trusted customer of several years standing with a regular job and income, they may chose to credit your account with the money before the cheque has cleared through the system. That means that in some cases the cheque could appear as a credit in your account but a few days later (if it bounces) it comes back to bite you as a debit.