Is this fraud?

MrImpossible

We recently cleared our HSBC credit card balance in full and reduced our limit on the card at the same time. We did this at the bank and one of their advisors telephoned through to the credit card section to confirm our actions. This happened on the 5th day of the month and our current account duly shows that the transfer was made on that date. We were not expecting the money to appear on our credit card the same day, as that would be too much to hope for but felt that the funds would be there the following day.
That day at 10.05 pm we tried to use the card to pay for a meal in a restaurant to the value of £65.00 and the card was refused. We got home and immediately checked on-line the state of the balance. It was just 7 mins past midnight, therefore technically it was the 7th, and the on-line statement showed the balance as of the 5th, no balance cleared. At 11.10 am on the 7th, we checked our balance again and lo and behold our balance as of the 6th was now zero. If this was the case, then why could we not use the card. I appears to me that the bank is making a fraudulent statement by showing that funds were available yet clearly they were not. Help?

Cardinal-Red

I'd suggest that 'fraud' was a bit strong - are you sure that the reason for the declining of your card was insufficient funds?

MrImpossible

Absolutely

Rafter

When you tried to use your card your credit limit was below the amount outstanding so 'the computer said no'

As you state, it is unrealistic for funds to clear the same day.

The bank should have told you that you may have a problem, but every advisor in every branch is unlikely to understand the complexities of credit card authorisation systems.

It isn't fraud. You have been embarassed. Complain that you weren't advised you might have a problem and you might get a small gift from them. Next time wait until you have cleared the balance before reducing the limit.

R.

mummytofour

My bank takes five days to clear the funds from my account to my cc, even tho they go stright out of the bank account it takes five days to get to the cc

Krisp_3

My bank takes a couple of days - it goes straight out of the current account though! However, they do state that for interest calculation purposes, the payment is deemed to have hit the card on the actual day the transfer was made from my current account. Luckily, I've never had a problem like Mr Impossible, but it is a bit frustrating...!