Debit Card payments gone one day back the next

dunstonh

are you perhaps mixing up earmarks with the actual transaction?

A debit card transaction can reduce your available balance down straight away but take anything from a day or two to a couple of weeks or even months. The earmark would go away after about 3-5 days.

Biggles

I've had this problem with LTSB and the online banking 'available balance'.

Once I used the card, the available balance reduced by the transaction amount.

A couple of days later, my available balance would increase again by the same amount, before finally the transaction appeared on my statement and was deducted from my balance.

When I originally queried this 'now you see it now you don't' business, LTSB's tech support said they knew it was happening and were working on a solution.

A year or so later, I sent another message to see whether they were resolving it and customer services denied it could ever happen! But that's LTSB for you......

noh

As dunstonh says the funds have been earmarked.
More info here http://www.apacs.org.uk/resources_publications/faqs/debitcards_1.html

Nigel

Biggles

noh wrote: »

As dunstonh says the funds have been earmarked.

Yes, I understand 'earmarking', that wasn't my point.

What I was saying was that sometimes the funds would become 'un-earmarked' and the money is added back onto the 'available balance' for a day, then the next day it is deducted from the statement balance. Doesn't seem to happen so often now, must have been a glitch in their system, but it sounds very like what happened to Sonia.

sonia73

It is still not showing as paid on my account, thats almost a week on now. and it was showing on my online statment for less than 12 hours! Its naughty of the bank I think. Still i'm sure it will come out in the end so i just have to careful not to spend it.

Cheers every1 :beer:

noh

Biggles wrote: »

Yes, I understand 'earmarking', that wasn't my point.

What I was saying was that sometimes the funds would become 'un-earmarked' and the money is added back onto the 'available balance' for a day, then the next day it is deducted from the statement balance. Doesn't seem to happen so often now, must have been a glitch in their system, but it sounds very like what happened to Sonia.

I understand what you were saying.
Funds only stay earmarked for a fixed period of time normally about 3 days, if the actual transaction hasn't been processed in that time they will become 'unearmarked'. Its not a glitch in the system its how its meant to work.

Nigel

Biggles

noh wrote: »

Funds only stay earmarked for a fixed period of time normally about 3 days, if the actual transaction hasn't been processed in that time they will become 'unearmarked'. Its not a glitch in the system its how its meant to work.

So you're saying that, in cases where the actual transaction is delayed for some reason (can't think what reason, I thought it was all on an automated schedule like BACS), the amount may become un-earmarked before the transaction actually hits your account, giving the false impression that you have that money available to spend again?

If that's the case, it's a shame LTSB Customer Service didn't know (and put in writing to me) that it could possibly happen. Still, that's LTSB CS for you.... ;-)

dva99999

I note with interest the electronic system and how it works. Around the middle of April 2007, I made a debit card payment of £750 for labour services, to a high profile company who only had one of those old manual swipe things (high profile??) that took an imprint of the card details. I signed for it (as you do), but on checking my account regularly online to date, the amount still has not been debited. Am I to assume that I would need to wait 6 years before I can safely assume that the company will probably not deduct that amount from my account...?

jonesMUFCforever

dva99999 wrote: »

I note with interest the electronic system and how it works. Around the middle of April 2007, I made a debit card payment of £750 for labour services, to a high profile company who only had one of those old manual swipe things (high profile??) that took an imprint of the card details. I signed for it (as you do), but on checking my account regularly online to date, the amount still has not been debited. Am I to assume that I would need to wait 6 years before I can safely assume that the company will probably not deduct that amount from my account...?

6 years from the date of the transaction - yes. Keep your copy of the imprint safe as it is the only proof you have about the date.

exel1966

It's no difference to writing a cheque. You have no idea when that cheque will be presented for payment, therefore you have to take it into account and be aware that those funds could be removed at any time. The money is now not yours so consider it as gone, then you won't spend it.
It's all down to being aware of what you have available to spend at all times.