£12 charge for £1.03 overdrawn on Capital One

Eydon

giruzz wrote: »

'it is a merchant fault, they should have declined and they didn't.

Surely that is utter rubbish. The merchant will have put the transaction through. Capital One will have either authorised, declined or referred the transaction. Only if they authorised it will the transaction be debited to your account and the merchant get their money.

To blame the merchant is just plain wrong. How on earth are they supposed to know the transaction will take you over your limit.

I'd call them back, be polite, but tell them that their CS advisors are spouting rubbish, and see if they'll budge over the £12 fee.

But as for assigning blame, there is only one person at fault and that is you I'm afraid. If they won't refund the charge then you just have to chalk it up as a lesson learned.

INT1

johnllew wrote: »

Then you're not living in the real world. You go over by 1p and the computer will spew out a charge and you will have no argument against it. Stick within the limits that you've agreed to.

I think I am. The company I work for have this 10% allowance.

Moggles_2

aldo wrote: »

The company I work for have this 10% allowance.

May I ask if your firm is a credit card company?

giruzz, if you accidently exceed your credit limit, you've broken the terms of your agreement which can have more serious consequences than a £12 charge.

If you register your details on Capital One's website, you can monitor the spending on your account as frequently as you like - daily if necessary - to make certain you never go over your limit ever again.

With today's online facilities, it's never been easier to keep track of your spending from day to day.

INT1

It is yeah.
I know a bank would do this sort of thing for going in to a un-arranged overdraft, normally £15 a day capping off at £x amount.

sammie383

Moggles wrote: »

May I ask if your firm is a credit card company?

giruzz, if you accidently exceed your credit limit, you've broken the terms of your agreement which can have more serious consequences than a £12 charge.

If you register your details on Capital One's website, you can monitor the spending on your account as frequently as you like - daily if necessary - to make certain you never go over your limit ever again.

With today's online facilities, it's never been easier to keep track of your spending from day to day.

I have to agree moggles, as stated in my post above capital one do offer services in order to help you not over step the mark.

Jemma-T

sammie wrote:

Capital one do offer a service where they will e-mail you when you are near your limit.

Cool, I didn't know that, thanks Once logged in it's here https://www.capitaloneonline.co.uk/CapitalOne_Consumer/ViewNotificationSubscriptions.do?method=view

jamalfatty

aldo wrote: »

I think I am. The company I work for have this 10% allowance.

So someone as an example with a £20k limit could potentially go £2k over their limit and not incur any charges? I very much doubt this and that every customer would have a 10% shadow limit but if it's true then that could be seen as irresponsible lending, and why not just set the limit with the additional 10% included in the first place to save everyone a load of hassle?

giruzz

Hi All,

It's very interesting to see how some people react and don't have any consideration for anything else apart their point of view.

Just to clarify one or two points:

1- Acquirers (e.g. the bank that provide the POS to the merchant) can pre-authorise transaction below a certain level for certain categories (low risk, low volume) ence you could go over limit without knowing for very limited amount. Other institutions (e.g. Visa/MA) could authorise the transaction based on certain parameters and you could go over limit for large amounts...but this time you should be aware of it...and there are few reasons for that...
(I know this because I work in the sector and I spend my day dealing with issuers and acquirers).

2- Issuers (e.g. Capitalone) are here to make money. I am a new client who pays the bills and has never been late with anything. You would expect a bit of flexibility given that not everyone has time to spend to check the online balance? I went over limit for 1.03GBP ...my fault,said from the beggining...but maybe not !!!!ing off clients for an honest mistake and good customer service manners bring more revenues than charging 12 pounds?
It is too easy to throw !!!! at people but there are a huge number of situations that may have caused my over limit..but hey..too easy to speak loud when you are in front of a computer..go out and get a life

3) A nice customer rep refunded the 12GBP and told me not to do it again for 6months. I'm now an happy customer...not giving me a refund would have translated in loosing a customer. Is it better 12gbp now or having one happy customer for the next years?

4)Some issuer have a more 'smart' way to manage similar issues because they understood that an happy customers brings more money than !!!!ing off with 12GBP charges. For example Issuers can charge you only if you go over a certain amount (e.g. 20GBP) so they know that if a transaction is pre-auth by the merchant/acquirer it is not your fault because maybe it wasn't your intention to go over limit...or they may let you go over limit for a % of your total amount (e.g. 5-10%) without moaning...

Anyway...I'm happy now...

giruzz

INT1

jamalfatty wrote: »

So someone as an example with a £20k limit could potentially go £2k over their limit and not incur any charges? I very much doubt this and that every customer would have a 10% shadow limit but if it's true then that could be seen as irresponsible lending, and why not just set the limit with the additional 10% included in the first place to save everyone a load of hassle?

Yeah if you are a "Good" Customer. Each customer has it's own score base.
Also if you read my post I state "Up To"

I will state though I wouldn't recomend going over the agreed credit limit as depending on the amount you can fall in to a dialler so we can collect the overlimit amount, but I can assure you we don't charge like other banks/credit card companies do.

ILW

aldo wrote: »

I think I am. The company I work for have this 10% allowance.

Why dont you use one of their cards then?
Sorted