Post Office - change in T&Cs re: positive balance

frivolous_fay

Hi,

Did a quick search but didn't find anything - thought this might be worth mentioning.

As of a leaflet dated 1st November:

'...you will not be permitted to have a positive credit balance on your Account. Accordingly, after this date, any payment you make that results in a positive credit balance will be rejected.'

I think this is worth pointing out for those who occasionally incur interest, and intentionally overpay in order to cover the interest that will have been added by the time the payment arrives. This leaflet implies your entire payment will bounce back.

I have only needed to do this after stupidly missing a payment or accidentally underpaying - thankfully not often - but it would be a pain to pay off the balance in one go without incurring more interest.

exel1966

Posted here;

https://forums.moneysavingexpert.com/discussion/2735931

I don't think it implies, it actually makes it very clear what will happen and as my other post suggests it could have further consequences for those that don't manage manual payments very carefully.

frivolous_fay

Thanks exel, all credit for the dupe goes to MSE's masterful forum search function

mountainofdebt

I've actually rung Post Office cards regarding this and I was told that if say you want to clear your account and pay a bit extra so that you didn't pay interest, you could still do that.

What wouldn't be allowed is to put the account massively into credit so that you are effectively preloading the account to make cash withdrawals .......which are apparently free if the account is in credit.