Advice please: paid with debit card but no money in account!!

FLY_GUY_2

Hi,

I made a purchase for £400 with my debit card. The retailer hadn't taken the money from my account yet however, an emergency came up where i had to withdraw the £500 I had in my account, leaving a £0 balance.

What will happen when the retailer tries to take the money in the next couple days? My overdraft limit is only £50.

Will my bank still allow the retailer to take the £400 leaving me in debt of £350 beyond my £50 agreed overdraft?

Or will the refuse payment and the retailer will insist for another payment before delivering my goods?

Any light or wisdom on this will help..

Thanks

akashi

There is a good chance the payment will be declined when the retailer attempts the transaction.

Or, depends on your account the payment might go through and put you overdrawn with fat bank charges.

Have a word with your bank, they might give you a temporary overdraft to cover this.

Mikeyorks

First piece of advice is not to post the same thing in 3 different areas.

Following that ..... not sure I believe the post in any event. The DC transaction would have been authorised ... and the sum deducted from your available balance. So, with no real overdraft, it should be very difficult to do what you claim?

If you did manage it ..... expect the DC transaction to stick, as it's authorised and within 7 days, and some resultant charges.

cassy

depending on the bank you will proboably get charges up of £60 then charges for each day it still over the limit

ShelfStacker_3

Which bank is it? That's the main question.

FLY_GUY_2

Mr Mikey know it all,

It is a true circumstance where I made the retail transaction on Friday and due to an emergency situation where a friend needed cash right away - I withdrew my entire balance from my account on Saturday.

From my online account statement, it does not appear that the retailer has attempted to debit the expenditure from my account and my available account balance allowed me to make the withdrawal.

FLY_GUY_2

ShelfStacker wrote: »

Which bank is it? That's the main question.

Lloyds TSB... retailer is a furniture outlet.

Can you shed any light on this situation please?

Mikeyorks

FLY_GUY wrote: »

From my online account statement, it does not appear that the retailer has attempted to debit the expenditure from my account and my available account balance allowed me to make the withdrawal.

In which case .... it appears the retailer intends to debit ... immediately prior to delivery. If the account isn't adequately funded to authorise at that point ... the transaction will fail and the retailer won't proceed. Ringing them in advance might be sensible?

Trifle unusual ... most outlets at least authorise at the point of order whilst they have your card in the terminal!!

FLY_GUY_2

Should the retailer debit before I am able to credit sufficient funds to my account (next month at least), is it true that as the transaction had been authorised, payment will be made to the retailer as a matter of terms and conditions, thereby leaving me in a massive (£350 beyond my agreed £50 O/L) debt and incurring penalty fee's etc etc.....

FLY_GUY_2

Mikeyorks wrote: »

Trifle unusual ... most outlets at least authorise at the point of order whilst they have your card in the terminal!!

Have you not shopped with a debit card where a purchase had been made but payment is taken upto 5 days later? As shown on bank statements...

Morty_007

FLY_GUY wrote: »

Should the retailer debit before I am able to credit sufficient funds to my account (next month at least), is it true that as the transaction had been authorised, payment will be made to the retailer as a matter of terms and conditions, thereby leaving me in a massive (£350 beyond my agreed £50 O/L) debt and incurring penalty fee's etc etc.....

Yes. Why not contact the retailler as previously suggested, and ask them to cancel the transaction? That way you will avoid the hassle of bank charges when your account goes over drawn. Or contact the bank and ask for a temporary overdraft...as previously suggested.

Or maybe you are hoping that the retailler doesn't notice the money hasn't gone out and dispatches the item anyway...:rolleyes: I'm afraid you can't have your cake and eat it too...looks like you might have to forgo your puchase for being such a great friend and offering to help out in an emergency.