£184.06 POS sale taken from my account

tom129

I've just looked at my Nat west step account and there is a pos transaction on my account of £184.06 it says

15 Mar 2011 POS 7591 10MAR11 - 184.06

This has basically taken me £180 overdrawn, however I didn't think a transaction would go through without money being in the account in the 1st place.

I've phoned up nat west and they said It belongs to a company called streetcar ( which I do recognise and I do owe money to them) and I will be charged £6 a day until I get the account out of the red.

I don't get paid until the 25th so they are going to change me £60 is that correct.

The thing that infuriates me is I told street car to take it out on the 25th not now!

How can that sale go through with no money in the account, if I went to tesco and tried to use it with no funds it surely would be declined so why did this POS sale go through


thanks

Lawpf2001

When I was working in banking customer services we were told there was a thing called a shadow limit. Its an amount that you can go over your overdraft usually very small just to stop purchases returning.

As for street car taking their money, they can do it whenever they wish doubt they would have taken much interest in what you had to say.

premierfella

Check again with NatWest. My reading of their scenarios at the bottom of this page:
http://www.natwest.com/personal/current-accounts/g6/rates-charges.ashx
indicates that they would have charged you a fee if they had bounced the Streetcar payment, but that paying it and leaving you in unarraged overdraft does not incur a fee (because as I understand it they do not apply unarranged overdraft fees to Step accounts).

However, I do not hold a Step account and thus the above should be confirmed with NatWest.

dan77_2

As this is POS I am affriad you made a mistake in trusting the company not to take the payment. If in doubt DONT give your debit card details until you have the funds to pay. Natwest obviously took the decision too pay it, dont think there is much you can do there.

I do agree with the previous poster I am not sure you will have to pay £6 a day, read the link right through and see what applies to you.

tom129

dan77 wrote: »

As this is POS I am affriad you made a mistake in trusting the company not to take the payment. If in doubt DONT give your debit card details until you have the funds to pay. Natwest obviously took the decision too pay it, dont think there is much you can do there.

I do agree with the previous poster I am not sure you will have to pay £6 a day, read the link right through and see what applies to you.

Thanks for all your reply's they have been very helpful, so basically when I get paid on the 25th my negative balance will go positive and it seems I wont get changed (hopefully) so I'm at an even keel.

if It gets paid today and I get a minus balance of £184.06 on the 25th it gets out of the red without a charge.

or it doesn't get paid today and my account stays in credit but I pay £184.06 on the 25th

they both have the same outcome ( assuming I don't get charged £6 a day that is) and that makes sence

zppp

Natwest don't charge the daily £6 overdrawn fee on Step accounts.

notafan

Lawpf2001 wrote: »

When I was working in banking customer services we were told there was a thing called a shadow limit. Its an amount that you can go over your overdraft usually very small just to stop purchases returning.

As for street car taking their money, they can do it whenever they wish doubt they would have taken much interest in what you had to say.

When i worked for barclays there was this type of system. From memory it showed as UAL and EAL i cant remember what the letters stood for but one was the actual overdraft limit you had (if you didnt have one it would be 0) and the other was a figure which would get upto if you asked for an overdraft, example you might have an overdraft of 100 but you might have been allowed 1500 if you asked. We was never allowed to mention it or say the you can have upto 1500, but if they rang and asked to go from 100 to 800 it would get approved because of that figure. There was sometimes big differences between the UAL and EAL. Was a while ago so may have changed now.

I know theres normally floor limits with some cards too that will let say something upto £20 go before it checks you've got it, but figure if they let a few hundred pounds go through with cards, direct debits other payments go through on what they think your ability to pay is and if they can make money from you doing it. If they pay it and have a pretty good idea you've got regular money going in and can charge interest on the amount your over and a charge for doing it they dont loose out.

I always wondered though how my bank (not barclays) decided how to pay some direct debits if i was overdrawn and then othertimes it wouldnt even if it was for the same amount around the same time.

premierfella

tom129 wrote: »

Thanks for all your reply's they have been very helpful, so basically when I get paid on the 25th my negative balance will go positive and it seems I wont get changed (hopefully) so I'm at an even keel.

if It gets paid today and I get a minus balance of £184.06 on the 25th it gets out of the red without a charge.

or it doesn't get paid today and my account stays in credit but I pay £184.06 on the 25th

they both have the same outcome ( assuming I don't get charged £6 a day that is) and that makes sence

I assume today it will be clearer on your account what NatWest have done. Others have now confirmed that if the payment was indeed paid, there are no fees on the Step account. Your account would indeed return to positive balance on 25th with the credited funds.

However (just for clarity) were the payment to have been somehow bounced, you would have fees from both NatWest and Streetcar (£6 and £10 respectively I believe) with the potential for Streetcar to try again before the 25th and double those charges.

tom129

Just an update The following message has now popped up on my statement

18 Mar 2011 POS 7591 10MAR11 , STREETCAR.CO.UK , 0845 6448475 GB , CHARGEBACK 184.06

my account had gone from -184.06 back back to £0.00, however my street car account it still coming up as payment received

What exactly has happened. Have nat west got the money back from street car so I still owe street car money and no longer nat west.

thanks...

tom129

Can any one help

pcombo

Basically you have disputed the transaction, And Netwest have taken the funds back from there account to give to you, Normaly they waive all charges when a chargeback or unauthorized claim has taken place.

But you still owe the company money, why are you avoiding paying them thats the question.