Natwest...Sneaky Tricks to Get Charges??

Extant

Errata wrote: »

If people kept track of what they've spent - remember the olden days when we wrote cheques and wrote up a running balance in our cheque books - they wouldn't have any problems.

I don't use a cheque book because I hate cheques with a blinding passion, but I keep everything I spend recorded on my Blackberry, and then input it to a program called CheckBook Pro.

So I guess that's the modern day equivalent.

Mark7799

Errata wrote: »

If people kept track of what they've spent - remember the olden days when we wrote cheques and wrote up a running balance in our cheque books - they wouldn't have any problems.

Unfortunately, this is a badly neglected area of money-saving;)

dunstonh

Lloyds used to refer to these as earmarks. When they first came in (from debit cards) it was worse than now. Visa debit cards used to convert the transaction to dollars and then back to sterling and the amount of the earmark never matched the actual transaction. Earmarks used to last 5 days back then because it took so long to come through. However, when a faster one arrived the earmark would often still be on there even though the transaction had come off.

If people managed their accounts correctly there would be no need for earmarks. Sadly that is not the case but even the earmarking system cannot make up for not controlling your own finances.

piglet39

Have to agree with what others have posted. Never 'rely' on the available balance to give you an accurate picture of where you are in your finances but look upon the fact that the bank reducing your available balance whenever you use your debit card as a courtesy to you. I am sure that it's certainly got to be better than using your card willy nilly and having every transaction 'authorised'

In my expereience generally with most retailers the funds that have been 'earmarked' for debit transactions come through in one or two days and because of this we don't go unauthorised overdrawn. It's not the banks fault that the transaction took longer to be presented by the merchant.

Not saying the banks aren't still charging 'scandalous' amounts in charges LOL but hopefully that will change some time soon!

Piglet

ClaretHead

I bought a weekly rail season ticket (110 pounds) from a machine at the station, and the payment took 4 months to hit my bank account! I even spoke to the rail company, who said that they had some problems with new equipment, but that the payment would be taken eventually.

I put every bank account transaction on a spreadsheet, so I knew that it was coming, but I can see how it would be very easy for this sort of thing to be missed.

And if you miss it, there's a 35 pound fine for the bank.

Crazy-Daisy_2

I use an excel spreadsheet which I made myself.

The minute I write a cheque or use the credit card I enter the amount and item. This then adjusts my available spending balance. I'm often surprised at how long things take to clear and am unable to rely on my memory. I've also noticed that credit card amounts sometimes take a while to process. Quite often I will see a pound or two in "processing transactions" sections. When my husband rang the credit card company to see what it was - they said it's the merchandiser keeping the transaction open until they are ready to take the money (eg. if stock isn't immediately available)

ixwood

Do people really sail that close to the wind that a small sum like £100 can mean incurring charges? Scary.

We got paid a day or 2 late by work a while back and LOADS of people had issues with charges etc. It's shocking that some people are so financially incompetent.

Errata

I guess long version short is "If you've spent it, it isn't there - whatever your balance says"

staffie1

ixwood wrote: »

Do people really sail that close to the wind that a small sum like £100 can mean incurring charges? Scary.

We got paid a day or 2 late by work a while back and LOADS of people had issues with charges etc. It's shocking that some people are so financially incompetent.

Some people are not as well educated in this area of their lives and £100 to some is a lot of money! At least they are subscribed to this site and learning how to be more competent, and recognising their problems.

Sharon87

I always keep a record of what I've spent, if it's only something small I tend to just remember it. Like I bought an itunes voucher on 28th December. The money came out of my available balance, but today I can access it again. I just have to remember I spent that £10 on itunes.

I guess over Christmas merchants take longer to process transactions.