I'm overdrawn!!! :(

Bloomberg

stephga23 wrote: »

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?:(

If I understand your post properly then it seems like the co-op have a very antiquated processing system. I have read other posts complaining about this. If you don't make a habit of going overdrawn then I would digest that you ask for the charges to be waived as a good will gesture and then look to get yourself a proper bank account with a system more befitting of 2012.


I know that I will upset some people by saying this but in my experience it is not advisable to go with the Mickey mouse banks. Sticking with the main banks is the way forward. In this day and age it is not unreasonable to expect up to the minute balances. All the best.

Bravehearted_2

Bloomberg wrote: »

If I understand your post properly then it seems like the co-op have a very antiquated processing system. I have read other posts complaining about this. If you don't make a habit of going overdrawn then I would digest that you ask for the charges to be waived as a good will gesture and then look to get yourself a proper bank account with a system more befitting of 2012.


I know that I will upset some people by saying this but in my experience it is not advisable to go with the Mickey mouse banks. Sticking with the main banks is the way forward. In this day and age it is not unreasonable to expect up to the minute balances. All the best.

Especially as the "main" banks are flawless right?

RBS
Lloyds
HSBC
Natwest

Their systems haven't been incident free in recent times - they've been plastered all over the news.

Your post is inaccurate - and I don't bank with co-op.

Bloomberg

Bravehearted wrote: »

Especially as the "main" banks are flawless right?

RBS
Lloyds
HSBC
Natwest

Their systems haven't been incident free in recent times - they've been plastered all over the news.

Your post is inaccurate - and I don't bank with co-op.

I do not recall saying that the main banks are flawless. I would rather have a modern processing system which falters once in a blue moon than one which is antiquated and cannot even be trusted to provide up to the minute account information. If someone is happy to use a bank which is stuck in the dark ages then more fool them. :rotfl:

rb10

Bloomberg wrote: »

I do not recall saying that the main banks are flawless. I would rather have a modern processing system which falters once in a blue moon than one which is antiquated and cannot even be trusted to provide up to the minute account information. If someone is happy to use a bank which is stuck in the dark ages then more fool them. :rotfl:

Are there any banks that use a modern processing system?

Nationwide will do so very soon, but certainly the likes of HSBC, Lloyds etc use antiquated systems and are stuck in the dark ages. I wouldn't call Nationwide a 'main bank' though, even though their system is (will be) rather more advanced that that you'll find elsewhere.

Gromitt

Bloomberg wrote: »

If someone is happy to use a bank which is stuck in the dark ages then more fool them. :rotfl:

First Direct constantly comes top of the customer services polls, but there systems are definitely stuck in the dark ages. Just look at their online banking compared to the likes of Nationwide for example.

meer53

Why do people still rely on banks monitoring their spending for them ? Recent events have shown that none of them are infallible, so why don't people take responsibility for their own affairs ?

It's not difficult, it takes a couple of minutes each day to note down what you've spent and whats due to paid from your account. I don't believe anyone who says they're too busy to do this. Everyone has a cup of tea or coffee, thats literally how long it takes.

I use text message and internet banking but i also keep a running total of where my finances are each day.

eschaton

I started off with a degree of sympathy with the OP as I imagine it must be hard living so close to the edge financially.......

Then I read.......

stephga23 wrote: »

I'm paid enough to have 3 holidays a year and manage a household...

Then the sympathy disappeared.

It's just someone that spends every last penny that can't manage their finances that I was reading about.

mgdavid

eschaton wrote: »

I started off with a degree of sympathy with the OP as I imagine it must be hard living so close to the edge financially.......

Then I read.......
"I'm paid enough to have 3 holidays a year and manage a household..."
Then the sympathy disappeared.
It's just someone that spends every last penny that can't manage their finances that I was reading about.

yup that's the conclusion I came to as well, in post #11