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

Twister84

JuicyJesus wrote: »

House cheques are fraud magnets.

That is another reason, but I didn't want to say :P

simax

Twister84 wrote: »

Think they just trying to standardize everything.

Nothing to do with keeping your money for a few days making a few pennies in interest, no? <cynical smiley>

kennyjosiah

Twister84 wrote: »

Credits always go in before debits.


yes, but my argument is that ..for example.. my cheque (could be direct debit or cash) has physically cleared in the morning, and the bank has shown on my account as cleared and available balance (bearing in mind cheques take 3 days to clear before they show on your account as cleared balance), then late in the evening of that day say 11pm I go to the cash point check my balance and take out £10 ...then at midnight when the banks computers rollover, the bank will show this as overdrawn (even tho they have told me they have received and cleared the money) cos they take outgoings first ... sorry im not very good at explaining my point (i know what i mean) :rotfl: using the overdraft isnt much say 50p but it just annoys me and multiply this by a million people :mad:

kennyjosiah

Lokolo wrote: »

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?

On my bank A&L it definitely shows as available balance and I dont want to move because other than this one gripe i actually like A&L was with natwest for years and they were c**p ... until recently using my agreed overdraft was free but they have now introduced the daily usage fee.

noh

You are only charged overdraft fees if your account is overdrawn at the close of business not if you go overdrawn intraday. Therefore it makes no difference in what order the transactions are listed.

Twister84

kennyjosiah wrote: »

sorry im not very good at explaining my point (i know what i mean) :rotfl: using the overdraft isnt much say 50p but it just annoys me and multiply this by a million people :mad:

You're right - I did not understand a word you explained.

Please could you do a time line, and we can try and clarify the issue.

(Date - what happpened - balance)


Natwest shows both account balance & available balance.

Twister84

simax wrote: »

Nothing to do with keeping your money for a few days making a few pennies in interest, no? <cynical smiley>

Pennies are better than nowt


PS. It's more to do with fraud - at least now if they go through the normal clearing cycle there's a chance they could get stopped.

ERICS_MUM

noh wrote: »

You are only charged overdraft fees if your account is overdrawn at the close of business not if you go overdrawn intraday. Therefore it makes no difference in what order the transactions are listed.

I agree that this is how it should work, and does work for most banks.

I do remember though posting on another thread months ago that Santander had a glitch in their accounting system whereby they charged interest on the account's lowest intraday position IN ERROR. Instead of them picking up the end of day balance they were picking up the lowest intra-day balance and if it was a negative they used it as the overnight balance even though the actual end of day true balance had changed.

Perhaps this glitch has been transferred to A&L when they migrated them onto the Santander system ?

On the other hand it might be perfectly fine now - I don't want to cast aspersions on a bank.