Debit card - How long before ur account is debited?

eonone

Hi

Just got off the phone to Lloyds TSB and was told that my debit card immediately debits my account

The reason I phoned was because I made 2 payments on the 29th of August for 39 and 109 pounds (because I get paid on the 31st) and they got debited from my account on the 30th causing me to be overdrawn and theoretically costing me 60quid in fees.

I was under the impression that debit cards debited 2 days or more later, and this has been the case for as long as I can remember, has this changed recently?

ps. I bought something on 17th Aug for 250quid which didnt get debited until 21st which seems a lot more typical

Toomuchdebt

Mine (before I stopped using it 3 weeks ago) sometimes went out immediately and sometimes a few days later-I think the lesson to learn here is that a debit card isn't a credit card-if you don't have the money in the account,don't use the debit card.

MPH80

It depends - a company can 'reserve' the money on the same day - for example - I have an Orange top-up waiting on my current account from Saturday which debited the available balance immediately. How soon the charge makes it to the card can vary depending on the company and how quickly they run their payment process.

Basically - assume that if the money isn't there on date of presentation - it can't be spent and you'll be safe.

However, 2 days is average as a general time frame for actual appearance of charge time.

M.

eonone

Ah well thats crazy, this is the first time this has ever happened in 20 years of banking, so annoying, something to remember now I suppose. A lesson of 60quid in fines tho

Have I got a leg to stand on when I call them in the morning?

wacko911

Ask them, how going overdrawn for 1 day for a few quid COST them £60? How is this fee incured on them, for them to pass it on to you. Its unlawful to charge this hiddious amount and many many people have been taking action and getting these fees back.

mrmajika

eonone wrote:

Ah well thats crazy, this is the first time this has ever happened in 20 years of banking, so annoying, something to remember now I suppose. A lesson of 60quid in fines tho

Have I got a leg to stand on when I call them in the morning?

If this is your first time going overdrawn in 12 months then they will waive it for you as a 'good will gesture' - phone them.

Funds are usually 'earmarked' right away on your debit card when you use it and then show on your statement a few days later.

The amount of time it takes to show on your statement depends on the system the shop has and how quickly they run their batch process to take your money. Generally this is about 2 or 3 days.

Hope this helps.

oldagetraveller

My experience with Cahoot and debit cards was that the "available balance" dropped immediately by the amount of the transaction and the transaction usually showed the following day.
With smile the transaction doesn't appear until a couple of days later. However, on one occasion I tried to buy fuel with my card and the card transaction was refused by smile. I found out when I 'phoned them that my account had insufficient cleared balance to fund the transaction. So 10/10 for their system in not letting me overdraw. Only a minor temporary embarassment at the time:rolleyes: , fortunately I had a credit card with which to make the payment.

Kilty_2

When I use my Electron debit card the available balance drops by the amount almost immediately, it then clears from the actual balance within a few days (or weeks, sometimes)

humfer

All depends on the company but I always assume that as soon as you pay by debit card, its straight out of your account

mitchb

The transaction can debit your account up to 6 months after the authorisation was given.

However most companies will take the payment within 3 days as this is generaly how long the funds are reserved against the account.

Switch is a guarenteed payment method and if they take the funds later when you dont have the funds the bank will debit your account and charge accordingly.

PBA

It will usually be a couple days before the funds come out. However I have seen times when I've used my card in the morning, then checked internet banking and the transaction already shows up. I guess you should be prepared for it to come out straight away.

You ought to get the charges back though for a first offence. If not switch, before the fact that you've been charged shows up on your credit file.