Flippin' Banks!!

~evanesco~

We've started using a spreadsheet, we're still learning!! We're not actually starting our full blown repayment plan until January. We usually know exactly how much money we've got. We don't usually even touch that account, it's our weekly shopping one.

Evans. xox

poppy_f1

from what i understand, each shop has a floor limit say a fiver so for any transaction under that fiver wont go for authorisation and will go through automatically and potentially take you overdrawn

this was the explanation i got from abbey a few years back by calling them and asking the same question

Millionare

poppy_f1 wrote:

from what i understand, each shop has a floor limit say a fiver so for any transaction under that fiver wont go for authorisation and will go through automatically and potentially take you overdrawn

this was the explanation i got from abbey a few years back by calling them and asking the same question

That is correct. It costs shops to get authorisation so shops have a floor limit where they wont get authorisation and accept that the moneys in the a/c.

I do agree that banks should decline transactions that take you overdrawn, but thats how they make their money. with charges.

roswell

No offense but its not the bank that sent you the letter, Mr Computer when at midnight " Who has gone over there limit" Another computer said " Bob smith 25 XYZ road ... " Computer went "Letter printed and sent"


Theres no human intervention its a case of Computer says " Black or red"

Its not the banks fault someone goes into a shop and spends more than is in there account woudl it be better if the purchase was refused ?? In some contrys its illegal to go overdrawn.

Why not get a overdraft in place as a security measur it will be a lot cheaper and a lot more hassel than going over the limit and claiming back charges, Or as clapton says get an account with out a overdraft facility.

~evanesco~

No offence taken!!

I do honestly think it would have been better if the card was refused. Maybe it should be illegal to go overdrawn. There is a £50 overdraft on my partner's account, it was the card transaction that took her 47p over it's limit.

Evans. xox

Lazy_Runner

It is my understanding that my bank has a 'secret' limit on my account on which they will allow me to spend/withdraw cash. This limit will be 'higher' than any overdraft I may or may not have agreed with them.

This means I can go overdrawn and they will charge me.

With my bank this is possible, even if you ask for an account with no overdraft, they will let you go into the negative.

Hard as this may be to believe, they will also let you go overdrawn on a savings account; as has happened to the OH of one of my colleagues (twice).:eek:

I am not entirely happy about this situation as I want an account that I can give out to the likes of Quidco. So if any money is withdrawn from the account without authorisation, the maximum they can take is the amount in the account.