Abbey Charges

$17mma

bargains83 wrote:

I remember buying some food from an airport last year on an Electron card. This was authorised (i.e available balance less than current balance) but 3 days later the money was available in my account again and the actual transaction itself didn't show on my statements until a further 3 months later. So I could have been overdrawn from that.

I also purchased a tv costing £270 towards the end of last year on the same electron card, this did the same, however 4 months have now passed and the actual amount still isn't showing on my statement nor has it being deducted from my balance. I am still expecting it to be taken at some point which is why i always make sure there are plenty of funds in the account for when it does come through.

So quite right, it is very possible to go overdrawn with an Electron card.

Yes it is terrible that it takes a transaction so long to show but this is down to the store, if they are efficient then they will claim the funds within 3 working days which is quite normal however they have an unlimited time to when they can claim a purchase/transaction from your account which could be upto 18 months!!!!!! :eek: so if you buy something now and the store does not claim for it within a few weeks the bank returns to your available balance the funds that they held for the pending transaction. However if the store then claims the funds that have been re credited to your account and you are not aware this can take you overdrawn.

Most banks give a cut of of 6 months for stores to claim the funds. But it is still disgusting that they can take that long to claim funds from your account... so whilst I usually point the finger at the bank sometimes transactions are beyong their control.

sujman

Considering banks love to hold on to our money for longer than necessary (long transfer times, days to clear cheques etc etc) I'm surprised in these instances they dont "hold" the money in a seperate suspense account and only return it back to the card holder once the deadline for shops submitting their claims have passed.

$17mma

sujman wrote:

Considering banks love to hold on to our money for longer than necessary (long transfer times, days to clear cheques etc etc) I'm surprised in these instances they dont "hold" the money in a seperate suspense account and only return it back to the card holder once the deadline for shops submitting their claims have passed.

Well they kind of do and put it aside until it is called by the store, which is why sometimes your available balance will vary to your balance..but i see what you mean for the whole 6 months or so..

dchurch24

$17mma - I have to ask - is that you in your avatar? :-)

$17mma

dchurch24 wrote:

$17mma - I have to ask - is that you in your avatar? :-)

.........

dchurch24

Ha ha - good answer!