£50 buffer on halifax account, wont let me use?

ZoHow

So what about if I have Reward Debit card account with £50 buffer, will I'll be able to take cash out from ATM if I'm stock somewhere without cash and I'm two days before monthly pay day?
Or is it just for small purchases like guy stated here? Why would it be called "£50 buffer" if I could only go over like friend of mine on -£1.68 which was on online banking next day as he had more than exact amount for his shopping which he made.. next day -£1.68 when on day of transaction he had no awaiting transactions to go to statement etc.. After purchase checked account and still had under pound on his account. It wasn't over weekend if anyone wonder..

SnowTiger

ZoHow wrote: »

So what about if I have Reward Debit card account with £50 buffer, will I'll be able to take cash out from ATM if I'm stock somewhere without cash and I'm two days before monthly pay day?

If you had an arrange overdraft or Halifax were willing to give you an unarranged overdraft you would be able to withdraw money.

Typically, banks will already have decided how much of an unarranged overdraft they're willing to allow each customer to have. Nationwide, for example, displays this figure in online banking.

ZoHow wrote: »

Or is it just for small purchases like guy stated here? Why would it be called "£50 buffer"

It's a buffer before overdraft charges kick in.

Westie983

Hi, OP,

As others have explained the £50 buffer is the grace given before fees are applied or calculated, it not free money to use if you dont have an authorised OD to use.

The buffer helps those transactions that go out like contactless payments where authorisation/balance check has not been done, so they are still processed but you are not charged for them if you are within the buffer amount...

Hope this helps

Westie983

mt99

As others have siad, I think this is what is happening:

1. you have a current account

2. it is possible to have an overdraft on that account but in your case it is set to zero (ie you can't go overdrawn)

3. you could apply for (say) a £200 overdraft. If that were to be granted, you would not pay costs if you went overdrawn by up to £50 (ie the 'buffer').

System

Traditionally, a buffer was something the customer could avail themselves of e.g. £8 in account can take £10 out of the ATM.

The Halifax one can't be directly used, the minimum overdraft limit is £100 (so you can't even set it to match the buffer) and you lose your £3 reward if you use it overnight.