coop account users

thegoodlife

I was wondering if anyone knows if you can withdraw more than your available balance at a cash point with electron. Yesterday the tax credit went in and I took out some money on it the slip said the amount that was left and it was correct, yet on the online banking statement it says the amount I took out in neg balance then the tax credit going in after.
So it looks like on the statement I went overdrawn , is it just the slow internet banking, or might I get charged?
Thanks

sieve

It's slow internet banking - it regularly shows your "available balance" as more than you have as it doesn't include debit card auths.

I doubt you'll get charged unless DD's start bouncing as a result of your cash withdrawal.

thegoodlife

Thanks ,I have realised that the only true balance I can get is from a cash point and it was available at time of withdrwal so it must be okay ,just dont like my statement saying DR it brings back bad memories lol!

sieve

I am surprised the credit doesn't show up on it as in my experience the credits showed straight away - another reason why I rather use Barclays now I'm discharged as the online banking is always up to date.

dreadingit

I had this problem once so I phoned co-op bank. What they do is show debits on the account first, then list the credits. I checked that this does not mean you are overdrawn and I was told no. I was particularly keen to make sure of this because money went into my account, I checked online that it had gone into my account, then drew money from the post office.

I was assured that this does not count as a DR as the account was in credit that day, and that is what they work on.

Hope this helps.

peachyprice

Credits are shown at the end of the day, even though they are physically there for withdrawl.

When you get your proper paper statement it will not show as OD.

HTH

kirsty24

Co-op told me that when money goes into the account, you should wait 24 hours before spending it...what a joke!! Also be careful because they WILL let you take out money that technically isn't there. If you have £20 in your account and spend £20 on your card, you can still take that money out at a cash machine, then they send you a letter saying that although there was insufficient funds in your account they have had to pay the debit card payment and you are overdrawn and will be charged. They closed one of my accounts because of this.

dojoman

Up to now all my credits that are due in are showing up first thing in the morning on the day that they are due in. This includes my pension and benefits, however the debits are another matter and are usually 2 or 3 days behind the actual transaction.

thegoodlife

On my last statement I had a DR shown it was the same scinario , money was in the cash point , the withdrawal showed on my statement before the funds went in, wonder why it looks like I am overdrwn and I never was. I might look to get a different account somewhere, its bad enough trying to keep track of things as it is with out the bank confusing me further lol

dojoman

What I have started doing is keeping a receipt of the transaction by my pc and when that transaction shows on my account, I then bin it. That way whatever is showing in my account online, I just deduct the transactions that are not showing, giving me a "true" balance of what is in there. Sorry for the rambling.

alastairq

another reason why I rather use Barclays now I'm discharged as the online banking is always up to date.

For some 40 years I banked with Barclays....using interent banking since...well...I got tinternet.


the ''critiscm'' being levelled at Co-op is a trifle misplaced, I feel....since my experience of Barclays online system was exactly the same......


the state of one's account is decreed by the 'end of business' figures...

I notice Co-op has in the past received the blame for the disparity in the time it takes for a transaction to appear on one's account.[Barclays were always the same too].....when in reality, the time a transaction takes to hit one's account is entirely down to the system the retailer uses to record card payments.

The new coop banking rules now guarentee a 3 bsuiness day timetable between a transaction's intiation, and its registration on one's account.

regarding the co-ops guarentee of payment, for a card transaction...the priority given has alwasy existed in banking.......remember the ''cheque guarentee '' cards?

Use of one's [electron] card needs to be likened to writing out a cheque.....the same attitude was needed with Barclay's debit card......the transaction is unlikely to be ''instant''...oh that it were?


From the Co-ops point of view....I find them a lot more approachable than ever I did with Barclays...but then, to be fair, I have observed that Barclays have had a quantum shift in customer appreciation....especially with regards to us lower orders.