Co-op CA - stupid mistake

smallgingerone

I have a Co-op CA which was set up for Everyday Rewards but has recently had another account switched to which contained SO to go between several accounts to meet paying in requirements. All of the SO pairs (ie to and from 1 current account in to another) are set up for the same day.

However, the co-op account only had £200 in it when a SO to pay out £500 to TSB went through, so it was for a short time with a negative balance. Later that day £500 came in from TSB so by close of play the account went back to having £200 in it.

Will this be classed as an unauthorised overdraft and will be charged for accordingly, or as it all happened on the same day, possibly within minutes of each other is it ok?

I have had a read through the terms and conditions and can not see anything. Does anyone know? Does anyone have any experience of this?

Thank you - and before anyone asks I will sitting down this evening and reorganising all the SO to make sure it doesn't happen again!

mt99

I believe it's 12 noon for the Co-op...





"Available balance This is the total amount of money in your account that is available for you to spend (not including any uncleared items e.g. a cheque deposit).
Your available balance is made up of the following:


Account balance (not including any uncleared items e.g. a cheque deposit)
Overdraft limit (if you have agreed one)
Debit card transactions that have been authorised, but not debited from your account


If your available balance displays a minus (-) sign, this indicates that your account is about to go over or is over your agreed overdraft limit or about to go informally overdrawn. This means you will need to put money in your account to cover the outstanding amount. You must do this by 12 noon on the working day your account balance is over an agreed overdraft limit or informally overdrawn. "

dggar

here is my post on a similar thread about a similar situation that I had with the Co-oP last September.


http://forums.moneysavingexpert.com/showpost.php?p=71176840&postcount=10

smallgingerone

Thanks for the replies. Hopefully everything went through by midday if the T&Cs that mt99 referred to are correct!

I'm not sure that they do list all the debits before the credits anymore as on another day the credit came in before the debit went out.

I suppose i will have to play the waiting game until the end of the month.