Co Op cashminder

fooman

I paid 2 cheques into my account at the post office last friday. Logged onto my account today and its showing

Account Balance£268.50 CR Available Balance£268.50 CR

Surely these cannot be cleared already ???

fooman

Well thats weird just made a payment on the phone with my electron card and it was authorised and paid

sieve

Beware - the coop online banking doesn't include any pending authorisations or take into account uncleared cheques when it shows your available balance. So you may have significantly less than that actually available to you - you need to ring them up to get the true figure.

Whitetornado

Hi, I have one of these accounts and paid a cheque in on Wed afternoon, it was showing as clear on Fri morn. The bank says you can draw against cheque funds but they can still be recalled if bounce before the 6th day, which is when it is truely cleared.

fooman

well this is the first time i have used it. just curious how the available balance is there after 4 days ???


I hope its not possible to over spend with these accounts ?

fooman

Whitetornado wrote: »

Hi, I have one of these accounts and paid a cheque in on Wed afternoon, it was showing as clear on Fri morn. The bank says you can draw against cheque funds but they can still be recalled if bounce before the 6th day, which is when it is truely cleared.

Well that makes it quicker to get funds than my old lloyds tsb account even tho i had to take the cheque to the post office and it had to be posted :beer:

Walter_J

One of the best things about the Co-op account is exactly this. It allows you to draw on cheques deposited after only two days, rather than the 3 or 4 days it takes with other banks. I believe that technically the cheque can still 'bounce' potentially leaving you in trouble but as this has never happened to me I cannot speak from personal experience. I would suggest that if you are not completely sure that a cheque is a good one that you do not draw on it for a full week to make sure it has passed completely through the clearing system.

Re 'available funds'. When you check online you wil be given a figure showing your available funds. Beware. This figure does not take into account any card transactions you have made in the last day or so, meaning that your real availability can be a lot less.

It is easy to check on the real figure at a cash machine, however. Why the online system is not up to date is a total mystery.

Merry_Gentry

fooman wrote: »

I hope its not possible to over spend with these accounts ?

I don't think so as when you use the card it's taking cash that's there. However I and others on here run a spreadsheet alongside to know exactly what's truly available and keep better track of your money. If you can't get to a cashpoint, at least you know how much money you should have in your account and can budget accordingly.

tigerfeet2006

Unfortunatly it is possible to overspend, I've done it . When my MIL first became ill we were running around all over the place and I took my eye off the ball and we had 3 overdrawn charges in a month and they suspended service and were going to take the account off of us. I rang up and explained the situation and they were quite good and let us keep the account, I had to have no DD's for a few months and pay by paper and then after a couple of months they allowed us to set up DD's again.

Do watch out for that 3 strikes and you are out policy.

k2nga

I pay in cheques regularly in the Post office and if i put the cheque in on a friday it clears Tuesday and i put one in Monday and it cleared today.

They are quick with the cheques it has to be said.