Co-op catches up

Archi_Bald

Noble_Savage wrote: »

Does anyone know if the available balance is now updated to take account of debit card transactions in real-time, or is it a batch job run overnight? I haven't had a chance to test this yet.

If by "real-time" you mean as soon as you have spent the money, the answer will be no. A bank can only reflect card transactions with retailers, or other banks' ATMs, once they get notified of the transaction. This does not always happen immediately, and retailers and card providers might well send transactions in batches.

Wilkins

Noble_Savage wrote: »

It certainly is a good improvement from the Co-op.

One question, though. Does anyone know if the available balance is now updated to take account of debit card transactions in real-time, or is it a batch job run overnight? I haven't had a chance to test this yet.

Not real time, I imagine, but fairly quick. I did an online DC transfer around 10.00 today and it registered in my available balance a couple of hours later. It might have been quicker, but I was not specifically logging on to look for it.

[Deleted User]

Good move. We moved our joint main account to halifax and that is proving to be a good move so far but now we are hedging our bets and have each opened a sole account with the coop. It was easy as we retained our joint savings account and credit cards. I have just loaded mine up with some cash and dh will do his as soon as it appears. No incentive yet to put more cash in but never say never. If they can provide a better rate for savings then we will move more cash back

brettcta

FireWyrm wrote: »

Funnily enough, I've just cleared out my old account with them prior to moving to Santander. The online banking is appalling compared to the others, the security impossible to remember and if you get it wrong, you get locked out and have to phone in to have it unlocked again and it took 3 days at least for any transaction to show up in the balance. I was sick of it. It's not like the Co-Op is my main running account, but all these things just annoyed the heck out of me. I'm gone to see what Santander are like instead. Shame, as I have most of my utilities and other things with the Co-Op, banking was the logical step.

memorable name
memorable date
first school
last school
place of birth

bar the first two if you're pretty lax, i don't see how they're impossible to remember, it's not like they're asking riddles. the last 3 are factual questions.

realaledrinker

Wilkins wrote: »

Not real time, I imagine, but fairly quick. I did an online DC transfer around 10.00 today and it registered in my available balance a couple of hours later. It might have been quicker, but I was not specifically logging on to look for it.

Confusion here. Basically the change reflects debit card purchases that take a day or two to come through the clearing system. The available balance now includes these. They will show by the time you have the retailers receipts in your hand.

Faster payments into the account will not register on either the ledger balance or the available balance until they are received into te account. Co-op updates the balances for faster payments received approx every 15 mins rather than near real time as some of the competition does. I think that's what you are referring to.

realaledrinker

Archi_Bald wrote: »

If by "real-time" you mean as soon as you have spent the money, the answer will be no. A bank can only reflect card transactions with retailers, or other banks' ATMs, once they get notified of the transaction. This does not always happen immediately, and retailers and card providers might well send transactions in batches.

The vast majority of transactions are pre-approved these days rather than relying on a retailer's 'floor limit'. So you are correct strictly speaking but for all intents & purposes the available balance will be correct.

MamaMoo_2

I'm hoping they update the mobile banking to allow you to do some stuff too. Would love it if I could transfer between my savings and current accounts on the mobile app.

Chrisblue1962

Well Done Co-op. Nice to see a bank getting something right. They also issued a new debit card to me recently, which now actually works at my local train station, whereas previously their POS terminal always spat it back at me .

chuckley

good for them but too little too late. I gave up. not even changed my adress with em. mind u the account is zero so whatevs.