This is odd, anyone else?

vintagebrighton

I recently got a co-op current account in addition to my cashcard account. With my basic account, everything is reported in 'real time' ie if I spend I can see straight away the amount available and the amount yet to come out. Works brilliantly on my phone. The current account doesn't do this... any idea why? It's a bit disconcerting and just seems a bit archaic!

VB x

MrSilk

The card is offline, thus when you spend the funds don't get taken straight away, not until the retailer requests the funds from your bank

vintagebrighton

MrSilk wrote: »

The card is offline, thus when you spend the funds don't get taken straight away, not until the retailer requests the funds from your bank

Yep, I get that, but it doesn't show the balance then the available balance ie items pending. Maybe it's more important when you have a basic account.

Guess I'll get used to it!

Thanks

VB x

eskbanker

vintagebrighton wrote: »

Yep, I get that, but it doesn't show the balance then the available balance ie items pending.

Not sure you do fully get it to be honest - the point is that with an offline card, the bank doesn't know about some transactions at all until presented by the retailer (potentially days or weeks later), so can't even report them as pending.

vintagebrighton

eskbanker wrote: »

Not sure you do fully get it to be honest - the point is that with an offline card, the bank doesn't know about some transactions at all until presented by the retailer (potentially days or weeks later), so can't even report them as pending.

Aah, ok, maybe not. Are you saying with a current account the card doesn't authorise with the bank when you spend so the bank doesn't know to deduct that amount from your available balance? So when I input the pin it's just checking the pin not the funds?

VB x

sevendials

Best guess as to why this is.

Your cashcard is a VISA Electron and therefore each time you use it- it contacts the bank to check that you have enough money.

Your current account is a VISA.. All that does is check with VISA that the pin number is correct. It is only later during the clearing period that the retailer/ visa report and request money from you account.

vintagebrighton

Thanks all, I didn't know that..... you learn something every day

VB x

agrinnall

sevendials wrote: »

Best guess as to why this is.

Your cashcard is a VISA Electron and therefore each time you use it- it contacts the bank to check that you have enough money.

Your current account is a VISA.. All that does is check with VISA that the pin number is correct. It is only later during the clearing period that the retailer/ visa report and request money from you account.

While the effect is what the OP is experiencing pretty much everything you have said is incorrect , but I'll stick to one point: the PIN is not checked with VISA, who have absolutely no idea what the PIN is.

MrNickel

Also worth remembering that even an Offline card will often phone home and check. It just won't decline if it is unable to.

vintagebrighton

Well, whatever the reason guess I'd better be careful to note everything spent by card!

Thanks everyone

VB x