Bank Moneyspinner - end of day take all outgoings before incomings ..grrr

kennyjosiah

Little gripe of mine, that I dont think is fair or right

For example I have received cleared funds into my account by lunchtime e.g £100 cheque and my account then shows your available balance £100 ~ then at say 8pm at night (several hours after my account is shwing £100 cleared balance) I use my cashcard and draw out £10 this at the end of the days banking will then be shown as going overdrawn by £10 and I will be charged the daily overdraft usage fee, despite my account showing as cleared available balance when I took out the money ,, but due to banks computers at the end of the day taking outgoings before incomings it shows as overdrawn despite showing as cleared on my balance !!! I think it is one big moneyspinner dont show it as cleared if it isnt there to take !!! :mad:

cottager

Yes, read about this before but it doesn't happen at Natwest so haven't experienced it.
But I'd be very surprised if a cheque showed as available/cleared on the same day you paid it in, even if it was before lunchtime. The only time at Natwest it would show up as available more quickly than usual is if it's another Natwest cheque, which I can draw on the following working day. With a cheque from any other bank it's 2 working days before I can draw on it -- and even then I know it's only at the discretion of my bank, as this is quicker than the 2-4-6 cheque clearing cycle and could still be returned.

pmduk

If you're with a bank that does that then why not move?

Lokolo

A cheque won't be in your available balance the same day, it will show in your account balance yes, but not available balance. Unless I've misunderstood your post?

Twister84

When did you pay the cheque in? Are you sure the cheque hasn't been stopped?


Cottage, there will be no such things as "house cheques" from September. They will go through the exact same 2-4-6 clearing cycle.

cottager

Twister84 wrote: »

Cottage, there will be no such things as "house cheques" from September. They will go through the exact same 2-4-6 clearing cycle.

Ah, OK - didn't know that. Pity....
As a matter of interest, why the change?

ihateyes

kennyjosiah wrote: »

Little gripe of mine, that I dont think is fair or right

banks computers at the end of the day taking outgoings before incomings it shows as overdrawn despite showing as cleared on my balance !!!

think of why outgoings go out first... il give you a clue....

you get paid by your employers.. their money et paid out of thier account before it is credited to your account.... see the trick????


how would you get paid if the money hasnt let their bank account???

Thats why outgoing 1st, incoming 2nd!

hermante

ihateyes wrote: »

think of why outgoings go out first... il give you a clue....

you get paid by your employers.. their money et paid out of thier account before it is credited to your account.... see the trick????


how would you get paid if the money hasnt let their bank account???

Thats why outgoing 1st, incoming 2nd!

But he was talking about his own account, say his balance is £6, at 11am £20 comes in, so he tries to withdraw £10 at 3pm. Apparently the withdrawal takes him into his overdraft (-£4) before the £20 is credited when the bank sums up the day's transactions.

Of course if he was mistaken about the time taken for cheques to clear it's a different matter.

With HSBC I go deep into debt when my credit card bill is paid by direct debit. There's normally nothing in my current account, and the bill gets paid before my forward dated transfer goes through. Although if I log on to online banking, everything shows up at once at around 4am

Twister84

kennyjosiah wrote: »

...but due to banks computers at the end of the day taking outgoings before incomings it shows as overdrawn despite showing as cleared on my balance !!!

ihateyes wrote: »

think of why outgoings go out first... il give you a clue....

Credits always go in before debits.

cottager wrote: »

Ah, OK - didn't know that. Pity....
As a matter of interest, why the change?

Think they just trying to standardize everything.

cottager

Twister84 wrote: »

Think they just trying to standardize everything.

Will this change also mean outward online payments to other Natwest accounts will from September go as Faster Payments?

On OH's business a/c currently, whenever we pay suppliers with another Natwest a/c -- not just at our branch but held anywhere -- they don't go FP like the ones to other banks. They still arrive the same day, but not apparently via FP. There isn't the usual FP reference for these payments on statements, nor the same online message or confirmation which you see for FP, though it does say they should arrive the same day and we know they do.

[OP, sorry for going off-topic from your question]

JuicyJesus

House cheques are fraud magnets. Stopping them is a sensible precaution.