I'm overdrawn!!! :(

stephga23

Hi All,

I bank with the co-op and have two accounts with them both are cashminders. I am very careful and use their text balance service every day so i know what my balance is (as it takes off pending transactions on the account).

i text the service yesterday and had £16.57 in one account and £13.02 and the other...this would have done me untill i got paid.

i logged online this morning to find myself £14.48 overdrawn on one account and £7.23 overdrawn on the other (as you know with cashminders you can't be overdrawn)

Just got off the phone and the lady said because the services were down over the weekend at point of sale and within the banks all transactions would have gone through manually meaning my account balance was ficitous.

I'm at a loss, i don't know what to do... i have no money set aside, i am unable to repay the £21. XX to the co-op until i get paid (2 weeks) and they said the charges on each account are £15 per account plus charges every day. Please can someone help me?:(

C_Mababejive

Dont worry about it. The whole country is overdrawn...

daffodil

You must be so worried about all of this.
Im no expert but if you get your money every 2 weeks then perhaps if you printed out your balances and took them to whoever gives you your money and ask them to phone the Coop to check what you say is correct - then maybe, just maybe you can get some financial help to get you over this crisis. Keep copies of everything and when you are straight again and if you can afford it, send a letter of explanation to the bank by recorded post - costs about £1.50 - but keep paper copies of everything.
The main thing is to get some cash to see you over this period - try friends etc, dont take out a loan if you can help it, better to borrow from friends - Im sure your bank account will be ok in time.
Theres always the CAB too

stephga23

hi daffodil,

thanks for taking the time to reply... i get paid every month on the 22nd! It's ok i've phoned the rents and they are going to bail me out (although they aren't very happy about it!) i could kick myself as i litterally have just spent my 'savings' on a holiday! With the view to restart the savings when i get paid... if only!! Thank you again, Steph

daffodil

Thank goodness for that!
I know only too well what it is like to be broke:)

Tupperware_Queen

This won't help you in the immediate situation, but I have 2 cashminder accounts too, and I know how long they can take to update the internet banking. I have a little notebook I keep in my bag, I write down everything I spend, and keep a running total, I then tick off when each thing clears through the internet banking.

As a additional 'failsafe' I always round up spends to the nearest pound, so by the end of the month there is usually a few quid more than what I think I've got IYSWIM. This I transfer to my linked savings account so I start each month afresh. Works for me, and touch wood, hasn't let me down - as long as I remember to write down EVERYTHING....I did once slip up and forgot one transaction, luckily it was at the beginning of the month and I had enough to cover it.

dalesrider

stephga23 wrote: »

Just got off the phone and the lady said because the services were down over the weekend at point of sale and within the banks all transactions would have gone through manually meaning my account balance was ficitous.

I'm at a loss, i don't know what to do...:(

I would be asking if they will refund any charges as you going over was THEIR error as THEIR systems were not working. If you fail to get this resolved on the call. Say you wish to log a complaint as you think it is unfair that you are being charged due to a failure in their systems.
Don't let them resolve it at that point unless they then agree to refund.
If they won't refund say you want it taking to the customer complaint department.
Stick to your guns on this. And you may well get back more than the charges for the distress this system failure has caused you.

I am not a fan of complaints against a bank. Which many raise on a whim. But in your case the failure of the banks system is the issue and if it went to FOS, that is what would be looked at.

molerat

dalesrider wrote: »

I would be asking if they will refund any charges as you going over was THEIR error as THEIR systems were not working. If you fail to get this resolved on the call. Say you wish to log a complaint as you think it is unfair that you are being charged due to a failure in their systems.
Don't let them resolve it at that point unless they then agree to refund.
If they won't refund say you want it taking to the customer complaint department.
Stick to your guns on this. And you may well get back more than the charges for the distress this system failure has caused you.

I am not a fan of complaints against a bank. Which many raise on a whim. But in your case the failure of the banks system is the issue and if it went to FOS, that is what would be looked at.

What !!

Not having a go at the OP but they went overdrawn due to spending more money than they had in the account and not because the system went down. I am sure any cash machine or other balance would cover itself with a "not counting pending or other transactions". How did we ever manage in "the old days", I used to keep a simple pencil and paper spreadsheet, simple but effective. Now I keep an excel spreadsheet, with "pots", and compare it to my on line banking, again simple but effective.

IMO OP needs to ask nicely to waive any charges because the failure in their system confused them as to their actual balance. Shouting and threatening the ombudsman will probably make them dig their heels in and I believe the ombudsman would find in favour of the bank.

dalesrider

molerat wrote: »

Shouting and threatening the ombudsman will probably make them dig their heels in and I believe the ombudsman would find in favour of the bank.

Who said anything about shouting and threatening FOS. The best complaints are raised in a nice friendly voice, with a very reasoned point of view.

Yes, the OP did spend more than they had. But it was the bank that allowed that to happen by a failure of their systems. Had they have worked, the OP would not have overspent or been charged.


A failure of banks systems/process would mean they would lose. At least that is what we get told....

stephga23

Molerat,

Thanks for taking the time to reply... I understand what you are saying and I would have never shouted fr charges waived etc but when I pay for a text message service to tell me what my balance is (which includes pending transactions) I expect it to work, I don't expect to have to keep my own track on things. I have an excel sheet with my monthly outgoings on so I know what's coming out but since I have the use of a text message service and Internet banking I don't think I should then have to write down everything I spend.

In this case it is my fault as much as the banks and I will certainly look at a better way of managing my money for the future

Edit; I must have really had my head in the clouds on Friday as I didn't know the systems were even down!

Thanks

Steph

mgdavid

so you just spent what little savings you had - and more - on a holiday and are now o/d a fortnight before payday.
have you come to any conclusions from this situation yet?