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

Mikeyorks

FLY_GUY wrote: »

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...

Often ..... but that's where I came in, with some doubt as to the accuracy of your OP!

If it was authorised (your receipt will show an authorisation number) at the point of sale then the funds will have been reserved in your account. Which, if you had inadequate overdraft to buffer it, should have prevented you drawing into that reserved sum.

If you've been able to - and the DC transaction was authorised, then your Bank will meet it provided the debit hits your Bank before the authorisation lapses (approx 7 working days after the transaction date).

FLY_GUY_2

Hi Morty,

Lol, I intend to contact the retailer and ask them for a refund and cancellation of the order to be delivered. But i've noticed on previous refunds - that the account is debited and then credited a day or so later.

Does that mean I will be overdrawn by £400 for a day incurring charges still? Will the bank even allow the transaction to go through seein as I only have an agreed O/D facility of £50?

What do you reckon??

Mikeyorks

FLY_GUY wrote: »

What do you reckon??

That you have enough experience ......

But i've noticed on previous refunds - that the account is debited and then credited a day or so later.

.... not to need to ask?

FLY_GUY_2

Mikeyorks wrote: »

That you have enough experience ......



.... not to need to ask?

Mikeyboy, you really are obnoxious and a bit irritating with ur constant smart alec commentary everywhere I go...

I'm just asking for peoples perspectives from their own experiences or knowledge in such matters - what is ur problem??

Take a chill pill, and relax yourself buddy :beer:

jonnyenglish

FLY_GUY wrote: »

Mikeyboy, you really are obnoxious and a bit irritating with ur constant smart alec commentary everywhere I go...

I'm just asking for peoples perspectives from their own experiences or knowledge in such matters - what is ur problem??

Take a chill pill, and relax yourself buddy :beer:

I can see your dilemma fly_guy, that you may incurr fees for each day the refund transaction takes to reach your account leaving your account overdrawn, but I think only a call or a visit to your bank's customer services department early doors monday morning is going to resolve the issue rather than making negative comments to other moneysavers. :rolleyes:

ShelfStacker_3

He doesn't even need to do that. Just call up and ask for an overdraft extension...

tiamai_d

Lloyds let you make debit card transactions with a zero balance. They also let you withdraw money 'already spent' by a debit card transaction.

I do remember that it used to be that as soon as you paid with DC the money was frozen (and most other banks do this), but some time last year it changed (and I was cought out!). When you use a lloyds tsb debit card the funds are not frozen and unless you are careful to make a note of how much you are spending, you will be overdrawn in 2-5 days.

What will happen is that in a day or two you will be £350 overdrawn. And unless you get £350 into your account that day, you will get a nice little (huge) fee for being overdrawn!

You can set up an overdraft online pretty easy, and then cancel it after the crisis has passed.

I bank with Lloyds tsb, and I do hate them :rotfl: oh so very very much... but alas, I am just too lazy to move elsewhere....

jimmo

Come on Fly Boy. Mikeyorks has been here a lot longer than you and has been very helpful to lots of people.
In the context of the dates and times of his replies to you I fully agreed with everything he said but we all learn as we go along.
What I have learned from this is that, according to tiamai_d Lloyds TSB seems to act differently from my bank and, apparently most others
However, the ultimate responsibility rests with you. In effect you have withdrawn £350 beyond your overdraft facility. Its not your bank’s fault that you have “spent” more than you can afford and its certainly not Mikeyork@s fault.
Others have offered possible solutions and perhaps you should concentrate on them.