POS charges

Ray_Singh

hi, new to this, hopefully this is something you can help me with, i made an error with my banking this week.

thinking my loan had been taken out i went to the shops, i made several card transactions, as an example

£10
£20
£50
£100

now these transactions were authourised as there were availible funds, now we forward to monday when the loan was due to be paid, 270 debited from acc, then tuesday the card transactions show up on the acc as above
£10
£20 etc

i have recieved a 35 charge for each card transaction, as according to the bank they account for it as the transactions "hit" the account and not at the time of purchase..... is this fair???

chipbeck

Ray_Singh wrote: »

hi, new to this, hopefully this is something you can help me with, i made an error with my banking this week.

thinking my loan had been taken out i went to the shops, i made several card transactions, as an example

£10
£20
£50
£100

now these transactions were authourised as there were availible funds, now we forward to monday when the loan was due to be paid, 270 debited from acc, then tuesday the card transactions show up on the acc as above
£10
£20 etc

i have recieved a 35 charge for each card transaction, as according to the bank they account for it as the transactions "hit" the account and not at the time of purchase..... is this fair???

Apparently Yes!

Ray_Singh

chipbeck wrote: »

Apparently Yes!

insightful, and so helpful tks

chipbeck

Ray_Singh wrote: »

insightful, and so helpful tks

At the moment fact unfortunately.

Ray_Singh

but what i dont understand is how can the charge me.. the money was there at the time of the transaction, it was debited at the time from my availible balance on on line banking, i dont mind being charged for the loan, or whatever, nbut it seems like they have thought... hmm what will make us more money...

Matt16v

It's rubbish isn't it! I'm guessing that as they were card transaction they were authorised and came off your balance but the actual transactions hadn't been acted on your account, if that makes any sense! So the funds were 'earmarked' but not actually taken. Then your loan payment comes out, THEN the transactions after and then you get charged for them. I'm 100% with you, it's total bullsh*t, but i bet thats what has happened, and you know the worst bit about it? There's nothing you can do about it. Strange how the loan repayment can come out even though there weren't enough funds in the account? Wierd. It's almost like they WANT you to go overdrawn so they can charge you....

Who's the loan with? Wouldn't be the bank by any chance would it?!

Matt16v

Oh, and perhaps be ready for the 'you should manage your account properly and it wouldn't happen i'm a sad old b*stard' brigade!

natweststaffmember

Ray_Singh wrote: »

but what i dont understand is how can the charge me.. the money was there at the time of the transaction, it was debited at the time from my availible balance on on line banking, i dont mind being charged for the loan, or whatever, nbut it seems like they have thought... hmm what will make us more money...

I just want to clarify something. At the moment, it may not be fair since the charges themselves may cause a significant imbalance in the contract between yourself and the Bank and render it unfair(UTCCR 1999 s, 5(1) ).
The banks didn't win the OFT test case, they closed one road for reclaimers but the rest of the road is still not blocked quite yet.

Anyone else who says that the bank WON the argument on bank charges CLEARLY hasn't read the Supreme Court judgement press release which seems to have been unfortunately overlooked by many of.........THE PRESS.

Ray_Singh

Matt16v wrote: »

It's rubbish isn't it! I'm guessing that as they were card transaction they were authorised and came off your balance but the actual transactions hadn't been acted on your account, if that makes any sense! So the funds were 'earmarked' but not actually taken. Then your loan payment comes out, THEN the transactions after and then you get charged for them. I'm 100% with you, it's total bullsh*t, but i bet thats what has happened, and you know the worst bit about it? There's nothing you can do about it. Strange how the loan repayment can come out even though there weren't enough funds in the account? Wierd. It's almost like they WANT you to go overdrawn so they can charge you....

Who's the loan with? Wouldn't be the bank by any chance would it?!

haha, u guessed it!

but even if they are"earmarked", the funds have still been taken, so how can i be charged??

Matt16v

This highlights some peoples complaints about charges, the bank knew taking the loan out would put you over your limit, why did they allow this to happen? Why did they not hold it and contact you, maybe you could have made alternative arrangements to make the repayment? Probably because they don't have to, and had they done that they wouldn't be about to take £140 in charges off you!

Even if there weren't enough funds in your account to make ther loan repayment they can still take it and put you into the red. And they won't have charged you until the card transactions actually left your account. Let me give you an example, if i have £0.01 in my account (which i often do!!) and i manage to put a £20 transaction on my card, as long as i go to the bank and put £20 in my account BEFORE the transaction actually comes out of my account i haven't technically gone over my limit, so won't get charged*, doesn't matter whether the funds have been earmarked or not. Do you see what i mean?

* Disclaimer - dont actually do this!!

wherediditallgothen

Never assume that things have been taken out. I know it's an easy thing to say, and I've been guilty of much assuming over 10 plus years of having a current account.

Never assume, the bank wants to screw you, and assuming something is giving them the chance to completely shaft you to line their pockets.