Incorrect Available Balances Displayed (online)

Hi folks,

Is there a reason why my online RBS available balance should state the wrong figures quite often? There's no overdraft on the account at all.

For example, I have a stated available balance (not balance) of £6,500 - this is definitely the correct available figure.

I deposit £1,500 by Switch into a Bookmaker's site (fear not, I'm not a gambler - I'm a Matched Bettor... see gambling introductory loopholes forum on this site if you don't understand and want to!).

The available balance reduces to £5,000 - still correct.

The following day, I receive £5,000 into the bank account.

Instead of stating £10,000 as an available balance, it states £11,500.

That day, I deposit another £1,500 into a site by Switch.

The stated available balance then says £10,000.

With no further transactions on the account, the following day the available balance has corrected itself to £8,500.

So, why doesn't the bank account always display the correct available balance? I appreciate the balance figure can show an uncleared cheque for example but I can't work out the wrong available balance thing.

Thanks:)
After posting about receiving an email to my MSE username/email from 'Money Expert' (note the use of ' '), I am now unable to post on MSE. Such is life.

Comments

  • MPH80
    MPH80 Posts: 973 Forumite
    Part of the Furniture Combo Breaker
    The reason is because of 'pre-auths'. When a company does an online transaction - it makes an immediate request for authorisation for the money. However, the settlement of that money comes a few days later.

    When they request authorisation - the bank reserves the amount requested. However, after one or two days - this authorisation can expire - leaving you with an 'available' balanca which actually isn't because the settlement of the amount will remove it.

    Make sense?

    M.
  • cifpower
    cifpower Posts: 6,502 Forumite
    Apropos of "authorisations" my account with the Halifax was showing a pre-auth of £187.50 today. Apparently there was an issue on 2 October with debit card transactions going through twice. I had to ring up and the CSA had to manually remove one of them and recredit my account.
  • vetfred
    vetfred Posts: 5,099 Forumite
    Thanks for the explanation - I guess that it's possible for people to go overdrawn if they log into their account which shows a "false" figure not knowing the system and withdraw in accordance with the stated figure. It certainly confused me but that's clarified why. Thanks again:)
    After posting about receiving an email to my MSE username/email from 'Money Expert' (note the use of ' '), I am now unable to post on MSE. Such is life.
  • vetfred wrote: »
    Thanks for the explanation - I guess that it's possible for people to go overdrawn if they log into their account which shows a "false" figure not knowing the system and withdraw in accordance with the stated figure. It certainly confused me but that's clarified why. Thanks again:)
    Then they charge you accordingly, great isn't it.
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