store card trickery

cos_2

bengal-stripe wrote: »

but why should the retailer allocate the money to the appropriate account over a weekend?

Indeed, but why not?

Each transaction is time-stamped, therefore, it's up to each bank (and receiver/retailer) to look at each transaction and decide what to do with it.

If the bank places the cash in the retailer's account at the weekend, the customer should benefit from that.

I suspect, of course, that the banks will benefit

StuC75

chattychappy wrote: »

Seems you don't understand it. "Allow 5 days" doesn't mean they are free to credit the account 5 days after it was sent. In this case, what with bank holidays etc., it does seem the OP was too late. In general, institutions must credit monies when received for value.



Perhaps cashflow stopped the OP? Or it was just a mistake?

The OP is complaining about the last 3 months late payment fees, so this is not a 1 one-off..

chattychappy

StuC75 wrote: »

The OP is complaining about the last 3 months late payment fees, so this is not a 1 one-off..

Yes, but it seems the fees all flow from that single payment that was too late, when the OP believed (s)he'd paid off the balance:

eminah wrote: »

I made an online money transfer from my Nationwide flex account to the New Look Ikano account for the full amount I owed for a purchase (£24.98) in April this year. The transfer was made on 2nd June, and the payment was to reach New Look by 4th June.

...

I'm now being hounded by Ikano to pay 3 months charges plus interest.

To which you wrote:

StuC75 wrote: »

A more appropriate point is why leave it so close to the due date to make the payment. nothing stopping you making the payment anytime between the Statement Date and the 'latest payment by date'.

I believe that that failure was indeed a one-off (which could have been a mistake/cashflow issue etc). Subsequently the OP just didn't notice a balance was outstanding.