CO-Operative bank A/C Balance Updates

First_Sea_Lord

Sorry to keep harping on about this, but why if the cashline machine tells you the correct amount, can the online available balance not be updated at the same time. My wife has a Smile account and this happens all the time. Would any debit card transaction not showing online still allow you to use your card even if it took you over your true available balance by either using the card again or by enacting by enacting a transfer online. We keep an excel spreadsheet with all our transactions so we know exactly what's what but the potential to get charged for going over the overdraft limit is always there.

Gromitt

From what I've read, Online banking is completely seperate to the network used by ATMs, so they both could give you different information. This is done for security reasons. Updates are 'pushed' from the bank to your OLB interface (and vice version if for example you make a payment). If you want a truly accurate available balance then you need to ring up your bank and ask, then they will tell you your current cleared balance along with any pending transactions.

In your example above, the FP transaction would likely fail unless you had an overdraft or reserve setup as it's not a guaranteed payment.

I_luv_cats

Some ATM's just give your balance and cash avail/you can withdraw to the nearest £10 below your avail balance.

Others give your balance and avail balance.

Some just your uncleared balance.


It gets a bit confusing with pre-auth when you register your card on a website. (that's why I try to avoid using it)

First_Sea_Lord

Understand what you mean about guaranteed payment but why would a card payment work and take you over in the limbo period but not a FP?

meer53

First_Sea_Lord wrote: »

Understand what you mean about guaranteed payment but why would a card payment work and take you over in the limbo period but not a FP?

Because a card payment is guaranteed. The retailer is guaranteed to receive their money.

First_Sea_Lord

No but why would it go through and not be declined. Why would an FP not go through. If not then they know you don't really have funds so 1) why can this not be displayed and 2) why would card payments still go through and not declined

Gromitt

Card payments can only be declined at the pre-auth stage. If you have the cash then, but later spend that cash, the money you spent on the card is still guaranteed to leave your account.

An FP will fail because its done there and then, there is no waiting period that a card transaction has.

First_Sea_Lord

Sorry for being a dope but the bank know you don't have the money in cash machine terms so how can they not know if you have the funds if you do a card transaction, i.e. you are saying they wouldn't permit to do a FP so they MUST know on their systems that funds not available. Sounds like the left hand doesn't know what the right hand doing.

First_Sea_Lord

Example I have £100 in my account. Switch a transaction in Tesco for 50 quid. Cash machine tells me I have 50 quid available, yet I go back in to Tesco the following day and my card lets me switch a transaction for £100 as this shows as available online. End result 50 quid over my limit. Bank charges to follow

I_luv_cats

Other than faster payments - some transactions (bill payments you have set up yourself etc.) are debited in around 24hrs (or more if a weekend or bank holiday the next day) so it doesn't check your available balance.

Is annoying but they are a good bank otherwise