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    • hello9812
    • By hello9812 6th Jul 17, 1:54 AM
    • 1Posts
    • 0Thanks
    hello9812
    Bank Accounts with Real Time Transactions
    • #1
    • 6th Jul 17, 1:54 AM
    Bank Accounts with Real Time Transactions 6th Jul 17 at 1:54 AM
    Hi I currently work freelance in the arts, and as a result my income is quite up and down. I am frequently busy however still due to the amount of free work, and working I do at home. Currently I bank with Lloyds and continually end up in my overdraft as a result of a) transactions not appearing immediately, when I've used my card, not even as pending transactions. Then three days later, they appear on my statement, they take the money out, I'm in my overdraft, and Lloyds are charging me £10 a day. I can't get a planned overdraft with them, as my income is not high enough, and it really grinds my gears that they see fit to charge me £10 a day, considering it's Lloyds, the bank who when they went significantly more overdrawn than me, got a bailout in the billions. So my question is are there any retail high street banks that have real time transactions on your card in the same way that Monzo cards work? I have a monzo card, but would like one I could just go to the high street and deposit money, as opposed to doing this with Lloyds then sending it onto my Monzo card. It only takes a minute, but repeatedly it adds up.
Page 1
    • damoC
    • By damoC 6th Jul 17, 3:51 AM
    • 33 Posts
    • 10 Thanks
    damoC
    • #2
    • 6th Jul 17, 3:51 AM
    • #2
    • 6th Jul 17, 3:51 AM
    Hsbc seem pretty good. It still takes a few days for the money to come out on a card purchase although what you spend is kind of 'put aside' so you can't spend it again.
    The only place I have found it doesn't do this is at pay at pump petrol, instead it takes a pound (I imagine to validate the card) then it takes the amount a few days later.
    • omega27
    • By omega27 6th Jul 17, 6:42 AM
    • 250 Posts
    • 37 Thanks
    omega27
    • #3
    • 6th Jul 17, 6:42 AM
    • #3
    • 6th Jul 17, 6:42 AM
    Look at Starling Bank, nearly as immediate as Monzo and probably as real-time as you can get for a current account. Also, you can pay in over the counter at a NatWest bank to their account with your account reference number and it appears the next day in your Starling account.
    Last edited by omega27; 06-07-2017 at 7:51 AM.
    • colsten
    • By colsten 6th Jul 17, 7:28 AM
    • 8,788 Posts
    • 7,466 Thanks
    colsten
    • #4
    • 6th Jul 17, 7:28 AM
    • #4
    • 6th Jul 17, 7:28 AM
    Forget the notion that you can use your bank account as a budgeting tool because you can't, for a whole host of reasons.

    Get a personal finance app instead. YNAB is very popular with MSE users.
    • worried jim
    • By worried jim 6th Jul 17, 7:31 AM
    • 8,699 Posts
    • 13,276 Thanks
    worried jim
    • #5
    • 6th Jul 17, 7:31 AM
    • #5
    • 6th Jul 17, 7:31 AM
    Monzo show transactions within seconds. Excellent customer service.

    https://monzo.com/
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • agrinnall
    • By agrinnall 6th Jul 17, 8:05 AM
    • 18,543 Posts
    • 14,271 Thanks
    agrinnall
    • #6
    • 6th Jul 17, 8:05 AM
    • #6
    • 6th Jul 17, 8:05 AM
    Bear in mind that with any card that guarantees real time transactions you run the risk of being unable to complete a transaction with that card if the retailer, merchant acquirer or card issuer is suffering any sort of communications problem.
    • Shakin Steve
    • By Shakin Steve 6th Jul 17, 8:40 AM
    • 1,052 Posts
    • 764 Thanks
    Shakin Steve
    • #7
    • 6th Jul 17, 8:40 AM
    • #7
    • 6th Jul 17, 8:40 AM
    Maybe it would be easier to just keep track of your spending. Something as simple as a notepad and pencil in your pocket would do the trick.
    I came into this world with nothing and I've got most of it left.
    • colsten
    • By colsten 6th Jul 17, 11:49 AM
    • 8,788 Posts
    • 7,466 Thanks
    colsten
    • #8
    • 6th Jul 17, 11:49 AM
    • #8
    • 6th Jul 17, 11:49 AM
    Monzo show transactions within seconds. Excellent customer service.
    Originally posted by worried jim
    So do most banks if the retailer sends them the transaction details there and then. There is no guarantee for that. Even if this did always happen, a bank account will still not show you what your spending commitments over the next few days or weeks are. Most people will have commitments that involve more than card payments.

    Trying to use a bank account as your personal finance management tool is bound to lead to problems sooner rather than later.
    • colsten
    • By colsten 6th Jul 17, 11:51 AM
    • 8,788 Posts
    • 7,466 Thanks
    colsten
    • #9
    • 6th Jul 17, 11:51 AM
    • #9
    • 6th Jul 17, 11:51 AM
    Need I say more. You might get stranded with no means to pay if you rely on just one payment method, too.

    http://forums.moneysavingexpert.com/showthread.php?t=5675391
    • eskbanker
    • By eskbanker 6th Jul 17, 12:13 PM
    • 5,804 Posts
    • 5,687 Thanks
    eskbanker
    it really grinds my gears that they see fit to charge me £10 a day, considering it's Lloyds, the bank who when they went significantly more overdrawn than me, got a bailout in the billions.
    Originally posted by hello9812
    Seems odd to choose this aspect to get worked up about, but if it makes you feel any better, you could always open an account with another bank that wasn't involved in bailouts nearly a decade ago and pay your £10 a day to them instead (or perhaps less)!
    • ERICS MUM
    • By ERICS MUM 6th Jul 17, 12:52 PM
    • 3,429 Posts
    • 6,379 Thanks
    ERICS MUM
    Why not just keep your receipts, tot them up every evening and work out what you have left. Make allowances for any DD, SO or cheques in the pipeline and TA DA - you know how much money you have in your account.
    • Don80
    • By Don80 6th Jul 17, 1:08 PM
    • 196 Posts
    • 77 Thanks
    Don80
    In the nicest way possible, I'm going to be blunt here, the issue isn't with Lloyds, it's with you. If you know you have (say) £50 in your account the only way you would be charged is if you keep spending beyond this and/or are unaware of direct debits etc due out of your account. If you know they charge you £10 a day, surely you would want to know what you have left to take out?

    In terms of when transactions show up in your account, all banks use the same payment systems (visa/mastercard/FP etc). These affect when things show up. I bank with Bank of Scotland (same group of banks as Lloyds and the same IT systems). If I use chip and PIN it shows in as deducted in my available balance immediately, even if it's not detailed for a couple of days. As with all main banks, contactless transactions can take a few days to show up.

    The main thing here is you need to be aware of what is in your account, what payments are due out (e.g. direct debits) and how much you are spending on your card. None of that is Lloyds fault, they are all payments you are asking the bank to make, but you are not leaving money in your account to pay for it.

    There are 2 things you can do:

    1. Stop using your card to pay and switch to using cash. Leave enough to cover direct debits etc, and you won't go wrong.
    2. (This is what I do) Have 2 accounts, one account you can use for spending and the other for your bills. Work out how much you need to have in your bills account to cover standing orders and direct debits. Transfer the rest to the spending account. With this, all I need to know is how much is in my account, and keep track of what I am paying for using my debit card. Bills etc can be ignored as the money is in my first account. If your second account is also with Lloyds, you can shift the money in no time via the app.

    Other tips: Use their app to track your balance every day, you'll know you have less available if you paid for something yesterday and it's not yet showing. Also sign up for text alerts which can tell you your balance every week on a day you choose, also sign up for the low balance alert which will text you when your balance drops below an amount you choose.

    I hope this helps
    Last edited by Don80; 06-07-2017 at 1:22 PM.
    • armistice
    • By armistice 6th Jul 17, 2:55 PM
    • 39 Posts
    • 10 Thanks
    armistice
    Look at Starling Bank, nearly as immediate as Monzo and probably as real-time as you can get for a current account. Also, you can pay in over the counter at a NatWest bank to their account with your account reference number and it appears the next day in your Starling account.
    Originally posted by omega27

    I can vouch for starling being realtime. If you draw cash out of an ATM, the app on your phone tells you You've made the atm withdrawal before you've even had time to walk away from the machine. If a Txfer is made to your starling account from another bank, the app notify's you of this within seconds.
    • Heng Leng
    • By Heng Leng 6th Jul 17, 5:18 PM
    • 4,213 Posts
    • 1,289 Thanks
    Heng Leng
    NatWest or RBS current account with overdraft control
    • jonesMUFCforever
    • By jonesMUFCforever 6th Jul 17, 6:11 PM
    • 24,185 Posts
    • 11,457 Thanks
    jonesMUFCforever
    Post 12 is the right answer to OP's plight.
    What goes around - comes around
    give lots and you will always receive lots
    • PeacefulWaters
    • By PeacefulWaters 6th Jul 17, 6:22 PM
    • 7,171 Posts
    • 8,833 Thanks
    PeacefulWaters
    I can vouch for starling being realtime. If you draw cash out of an ATM, the app on your phone tells you You've made the atm withdrawal before you've even had time to walk away from the machine. If a Txfer is made to your starling account from another bank, the app notify's you of this within seconds.
    Originally posted by armistice
    How good are they at instant debit card transactions?
    • eDicky
    • By eDicky 6th Jul 17, 7:18 PM
    • 2,919 Posts
    • 1,282 Thanks
    eDicky
    How good are they at instant debit card transactions?
    Originally posted by PeacefulWaters
    If your phone has connectivity a transaction instantly appears on the app, with a notification given, regardless of your global location.
    • takman
    • By takman 6th Jul 17, 11:25 PM
    • 2,821 Posts
    • 2,359 Thanks
    takman
    So do most banks if the retailer sends them the transaction details there and then. There is no guarantee for that. Even if this did always happen, a bank account will still not show you what your spending commitments over the next few days or weeks are. Most people will have commitments that involve more than card payments.

    Trying to use a bank account as your personal finance management tool is bound to lead to problems sooner rather than later.
    Originally posted by colsten
    Monzo is an online card so will report a transaction where an offline card won't. For example at McDonald's a transaction always takes a few says to appear if you use chip and pin or contactless. When using a Monzo card or appears instantly no matter if you use chip and pin or contactless.
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