Can these be reclaimed or are they legit? (Nationwide)

dunstonh

Alpine_Star wrote: »

Groan.

It is possible to stop the vast majority of them but banks choose not to in order that they can charge accordingly.

You may groan but how do you stop an under floor limit transaction?
how do you stop a transaction coming in after an earmark has expired before the transaction it related to has been debited?


Yes, the banks do have the ability to mark an account as a nil strict basis but even that cannot prevent certain transactions going through.

Alpine_Star

dunstonh wrote: »

You may groan but how do you stop an under floor limit transaction?
how do you stop a transaction coming in after an earmark has expired before the transaction it related to has been debited?

It's the banks who are entirely responsible for setting up floor limit arrangements & levels. To imply that somehow it is out of the banks' hands is ridiculous.

dunstonh

Alpine_Star wrote: »

It's the banks who are entirely responsible for setting up floor limit arrangements & levels. To imply that somehow it is out of the banks' hands is ridiculous.

To imply that it is the banks' fault that someone cannot control their finances is ridiculous.

Curious_Yellow_2

There's always a way if they're willing to implement it.

I take your point that it is up to the individual to manage their finances, but to say the banks are not culpable when allowing them to over spend at all is quite generous.

You're clearly someone who has some knowledge on the subject. Would you care to explain why it is so difficult to stop these transactions? I ask purely for knowledge.

dunstonh

There's always a way if they're willing to implement it.

Floor limits exist because could you imagine the queues in shops if every single transaction had to be checked in full?

The earmarking for 3 days works if the retailer submits their data quickly. If they use the old slot machines or don't deal with their processing quickly then the earmark will expire before the transaction comes through. The bank has no control over the retailer.

There are a few other potential loopholes that can allow multiple transactions to go through without the balance. To make every transaction verifiable would cost a fortune and introduce delays. The software is not ready. It will come. However, not until real time banking is in. With overnight processing, there are always going to be windows when the real balance the available balance do not match.

If an account goes potentially overdrawn and it is a guaranteed payment then they cannot bounce it. It it is a transaction they can bounce then the person sitting there at a desk with a list of say 4 pages of potentially overdrawn customers that morning has to decide on each one whether to pay or bounce. The banks cant win on this one. If he/she decides to bounce the item then the person complains that their bill or whatever wasnt paid. If he/she decides to pay the item the person complains that they should have bounced it. Put yourself in their shoes for a moment. You have to make decisions on pages of customers, often by 12 o clock. You will know some of the account holders (as some will be serial offenders, some will be blatant try it ons, some will have decency to discuss it with you first). Others you have no knowledge as its their first time on the list or infrequent enough not to know them. So, in those cases, you look at the account history and what income comes in etc and decide from there.

If the customer doesnt contact the bank you are putting it in the hands of a third party as to what they are going to do. By spending that money you put yourself in that situation.