Paying 0% interest on ATM withdrawal Halifax Clarity ?

NoviceAngel

YorkshireBoy wrote: »

.......

.......But even if it's not "instantaneous" it doesn't matter, since you're not charged interest until the cash withdrawal is posted to your account...not from the date of the withdrawal itself which many people assume....which may be some 1-3 days or so after the withdrawal.

I must admit, I would have thought interest would be payable from the withdrawal date not the posting date, good bit of info there YorkshireBoy.

So there's absolutely no problem with crediting the Halifax by internet banking as you withdraw cash, a good legitimate way of not paying interest and keeping within the rules...

YorkshireBoy

fifeken wrote: »

When I pay my Halifax Clarity from my (non Halifax) current account, it takes a few days for the money to get there, which I understood (perhaps wrongly) to be due to it not being a Faster Payment.

The payment services regulations dictate that all payments MUST arrive by close of business on the next working day.


So unless you're sending the payment on a non working day (or sending it after that day's payment instruction cut-off time, eg 11:30pm) then you will ALWAYS beat the posting date of the overseas cash withdrawal...providing you initiate it on the day of the withdrawal itself.

fifeken

YorkshireBoy wrote: »

The payment services regulations dictate that all payments MUST arrive by close of business on the next working day.


So unless you're sending the payment on a non working day (or sending it after that day's payment instruction cut-off time, eg 11:30pm) then you will ALWAYS beat the posting date of the overseas cash withdrawal...providing you initiate it on the day of the withdrawal itself.

I'll keep a closer eye on it in future.

Would I then run the risk of the payment getting there too early and being refunded if the cash withdrawal doesn't show up for another day or so?

YorkshireBoy

NoviceAngel wrote: »

I must admit, I would have thought interest would be payable from the withdrawal date not the posting date, good bit of info there YorkshireBoy.

It's in your T&Cs. In the copy I'm looking at it's condition 4.3

So there's absolutely no problem with crediting the Halifax by internet banking as you withdraw cash

Well there's always the danger of creating a positive balance, which may or may not be a problem. Then again, these payments won't be that 'large' will they? And on that point...

a good legitimate way of not paying interest...

You do realise that, if you're on 12.9% APR, you're doing all this to save 3p per day per £100 withdrawn? There are more important things to do whilst on holiday, my personal favourite being nothing!

PeacefulWaters

YorkshireBoy wrote: »

It's in your T&Cs. In the copy I'm looking at it's condition 4.3Well there's always the danger of creating a positive balance, which may or may not be a problem. Then again, these payments won't be that 'large' will they? And on that point...You do realise that, if you're on 12.9% APR, you're doing all this to save 3p per day per £100 withdrawn? There are more important things to do whilst on holiday, my personal favourite being nothing!

New cards are marketed at 18.9%. A horrific 4p-5p per £100 per day!