Co-op say its Retailers fault if you go overdrawn?!

[Deleted User]

Stuart_W wrote: »

As I think plenty of posters have explained, you will not remove this issue by moving to another bank.

If you "need" an up to the minute real-time definite exact cash balance, the best thing I can suggest is going cash-based and using a cashcard account - so you've got a cash card to get money out from a cash machine, but no debit card facility - such as moving from Co-op's cashminder account to Co-op's smartsaver account. Money can go in and out at post offices, cash machines and branches, and the balance is instant, real time, up to date. There is no "end of the day" updating or delays in items showing when it is cash (or at least not with the Co-op there isn't). Or you could discipline yourself to not use the debit card facility on your existing account, and your account could work in this way, using your card solely as a cash card.

good point there
Metro Bank seem to clear it quickly and avaliable balance is real-time

pmduk

The co-op could make life a lot easier in this regard by including any pending items in the available balance. Most other banks can manage it. I've been told by their advisors it causes confusion for many people.

savagej

They do it with their credit cards which is odd, you have your credit limit showing and your available credit which immediately decreases when the card is used. It is real-time. Why they cant do this with current accounts rather than showing both the balance and available balance to be the same is a mystery to me. It would take a programmer 5 mins to change the variable behind the screen to show the correct figures, it is not rock science.

DrSyn

pmduk

I do use the system with a debt card and it works just as well (still without any charges).

(a) Just with draw cash for the week and up date the running balance as quoted. Then just spend cash only. Simplest way.

or

(b) When you use the debt card in stores, just deduct the money spent from the running balance. You are after all given a slip with the amount when you use the card. All accounting can be done at the end of the day.

Cmdr_Bond

years ago I had an electron card, I tried to make a purchase from a shop (with funds available and nothing pending) and it was declined twice. I couldn't then draw the cash that was in my account because both the failed transactions had reserved the money Grr.

That said, I have always had a good idea of how much money in my account IS available even if the figure a machine shows is different.

That said, if they can give you the right figure over the counter - then the online system and ATM should also give the right figure - if you check an atm and then ask over the counter almost immediately and the numbers are different - then I would say there is a problem. but only then.

chuckley

thanks for all the latest comments.

Another thing Coop told me was that BACS payments can 'clear' anytime 'that day'. They said its 'down to when it's sent, so its not always midnight'. Is this true?!

I no Chaps payments arent same day, always the next day it shows up.