Available balance not correct - HELP

Eltjuh

Hi,

I'm currently with Halifax, but experiencing problems with the available balance. I always check my available balance to make sure I have enough money to pay for whatever I'm buying (unless I know I have a few hundred £ and only spending £10). I don't have an overdraft set up, and don't want one either.
I avoid paying contactless as much as possible, because I know contactless payments tend to take a few days to show on your account.

Now my issue is that I will check my account one day, know how much my available balance is, spend a bit of it, then check back the next time I want/need to buy something and all of a sudden the available balance is a lot lower than what I was expecting, because some payments have come out that should've come out days ago (before the last time I checked my available balance).

For example: Last monday I had to buy my son some new shoes, so I checked my available balance, which was £202. I spent £22 on shoes, and about £12 for a Christmas present. Went home, put £98 in my rent account and checked my available balance, which showed 'correctly' as £70 (202-22-12-98=70)
Went to the cinema with a friend yesterday and thought I'd just double check how much money I had left, and all of a sudden my available balance was £24 instead of the £70 I was expecting! I hadn't spent anything in between!
Obviously the available balance I was told I had on monday wasn't correct, which had led me into a false sense of security thinking I'd have £70 to last me until the next time I get paid.

I contacted Halifax about this and they said: it's upto the retailer how long it takes for it to come out of your account! What even is the point in having an available balance if it isn't accurate???

Can anyone share their experience with their bank with me please??? I feel like this didn't happen as frequently before, when I was with different banks.

alanq

Most cards can work offline which means that the first a bank knows about a transaction is when a retailer submits a claim. If the bank doesn't know it cannot update you. The available balance also does not take account of future direct debits, cheques, charges etc.

The onus is on the customer to keep track of what they have spent and are about to be charged.

You will find many other threads on this topic on the forum.

System

Ask Halifax for an online debit card - It was called an Ultra 2 in 1 or use cash!

meer53

When you use your debit card, write down what you've spent and deduct it from your balance, then it doesn't matter when the retailer claims it because you've already accounted for it.

colsten

OP, you are making the mistake many have made before you - using your current account as a budgeting tool. It isn't, and you shouldn't be using it as such. If you browse the forum, you will find this has been discussed before.

Get yourself a proper budgeting tool - pen and paper might be good enough, a notepad on your phone, a custom spreadheet, or a personal finance app such as YNAB might be better.

18cc

Or use Starling Bank - the balance on debit cards is update instantly - even world wide. And you can see monthly by category what you hve spent

Money_maker

Or use cash instead. Instant. Shows immediately. Just check purse/wallet for balance.

18cc

... and mattress

Eltjuh

I know you can just write it all down, and also realise direct debits etc are not included. All my direct debits come out on the 1st or within the first 4 days of the month. (obviously depending on what day the 1st falls on). And I am actually quite good at budgeting, thank you!
I just don't see the point in having a difference between your balance and your available balance, if it's not accurate.

Mr_Goodkat

Eltjuh wrote: »

I know you can just write it all down, and also realise direct debits etc are not included. All my direct debits come out on the 1st or within the first 4 days of the month. (obviously depending on what day the 1st falls on). And I am actually quite good at budgeting, thank you!
I just don't see the point in having a difference between your balance and your available balance, if it's not accurate.

You are TERRIBLE at budgeting

You expect an organisation who are not your bank to request payment instantly so your bank can process a transaction instantly to update your balance rather than taking ownership for yourself?

What if you get paid late?
What if your company goes bust?
What if your bank freezes your account?

You live from hand to mouth and expect your bank to budget for you

You are one of the many a recent study found an unexpected £50 bill would out you under!

boo_star

Eltjuh wrote: »

I know you can just write it all down, and also realise direct debits etc are not included. All my direct debits come out on the 1st or within the first 4 days of the month. (obviously depending on what day the 1st falls on). And I am actually quite good at budgeting, thank you!
I just don't see the point in having a difference between your balance and your available balance, if it's not accurate.

Because some retailers don’t release “authorisation holds” when a transaction is cancelled so the bank does instead. This avoids people having a hold on their account for 6 months.

The solution, as others have said, is to keep your own note of your spending.