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nationwide reserved card payments
rsowter
Posts: 3 Newbie
Hi all
Im after some advice as seem to be banging my head against a brick wall
I have a basic account with nationwide and made a card payment for my heating oil on the 14/2/17 for £225.00 this payment i assumed had came out of my account on the same day however it turns out it didnt and came out of my account yesterday therefore making me £71.00 overdrawn :mad:
I have spoken to the bank and they are saying the company had 7 days in which to take the payment which they did but surely this money was in a little reserved pot somewhere already allocated therefre not able to be spent??
I then spoke to the company who said the payment is taken as a pending payment and will be taken when delivery is complete which i understand that.
However going back to my bank and still dont understand why the money wasnt set aside as it was available at the time of payment??
Am i making sense ?? please can someone explain as im baffled
Im after some advice as seem to be banging my head against a brick wall
I have a basic account with nationwide and made a card payment for my heating oil on the 14/2/17 for £225.00 this payment i assumed had came out of my account on the same day however it turns out it didnt and came out of my account yesterday therefore making me £71.00 overdrawn :mad:
I have spoken to the bank and they are saying the company had 7 days in which to take the payment which they did but surely this money was in a little reserved pot somewhere already allocated therefre not able to be spent??
I then spoke to the company who said the payment is taken as a pending payment and will be taken when delivery is complete which i understand that.
However going back to my bank and still dont understand why the money wasnt set aside as it was available at the time of payment??
Am i making sense ?? please can someone explain as im baffled
0
Comments
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It's only made you overdrawn because you spent money that you didn't have. The company has 6 years (5 in Scotland) to obtain the money from you, and 6 months in which they can charge your card without informing you. The only person who has done anything wrong is you by not being aware of what was happening on your account. If you have incurred overdraft charges you can try pleading ignorance to Nationwide but don't get your hopes up, and use this as a lesson to keep better control of your finances.0
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surely when making a card payment with any bank the payment is taken straight away and set aside even if it is a pending/reserved payment in order for the funds to be available for the retailer ??
I also thought card payments were instant therefore not needing to check if it has gone out as soon as i have made any payments with my card ??0 -
No (the bank may reserve the funds but if it's not taken withing a few days it will drop off and make the funds available again) and no (they can be, but that's entirely dependent on how the retailer processes them).0
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Ok thank you x0
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