No Running Balance

Consumer66

What is happening with banks, credit cards, paypal, store cards and even Nectar doing away with showing a Running Balance on Statements?
We are in the computer age - providing that basic information is simple. So why are they stopping this?
Yet another unnecessary "little change" in the way things were done.
I think this is a big concern.
I do not believe it is in the consumer / customer / client's interest not to have a running total of their finances..
Not knowing your balance probably allows people to spend more - just take a chance that there are enough funds available - and who benefits if there is not - the bank . company who can now charge penalty fees and more interest. While also lecturing customers about staying within budget, they have removed one obvious and easy way of helping people to do this!
As well as being a bit of sharp practice to increase profits, it is surely against the basic rules of good book-keeping and accounting?
I complain to individual organisation about this - and get no where.
Seems this is yet another unnecessary "little change" forced on us that is against previous good practice and against our interests that most people just accept and that we cannot reverse.
So sick of this money grabbing big company loving / small people exploiting country.
:mad:

masonic

Can't say I've noticed. I have three credit cards and about 10 current accounts, none of which fail to list a closing balance in their statements. I can't comment on Paypal (they issue statements?), or loyalty cards (I don't use any)

Edit: I see you mean a balance against every transaction. Not sure I'd find that very useful, although my online current accounts statements show it at least by day.

Not knowing your balance probably allows people to spend more - just take a chance that there are enough funds available - and who benefits if there is not - the bank . company who can now charge penalty fees and more interest. While also lecturing customers about staying within budget, they have removed one obvious and easy way of helping people to do this!
As well as being a bit of sharp practice to increase profits, it is surely against the basic rules of good book-keeping and accounting?

And with the above, I'm left thinking you actually mean closing/current balance rather than a running balance against each historic transaction. Which brings me back to, can't say I've noticed / doesn't apply to any of my numerous accounts. Perhaps you could suggest an example where they don't give you the balance at the end of the statement period, or the current balance in an online statement, if that's what you mean.

Consumer66

Lucky You!
I suppose this post is meant more for those who do have this problem.
It would however, be helpful if you would list the names of the all banks, credit card companies etc, that you use , which do still show running balances?
Ta

masonic

Consumer66 wrote: »

Lucky You!
I suppose this post is meant more for those who do have this problem.
It would however, be helpful if you would list the names of the all banks, credit card companies etc, that you use , which do still show running balances?
Ta

It would be unwise for anyone to list the names of all the banks and credit card companies they hold accounts with. How about you share just one example of a bank that does not and it's quite likely I use them also.

I'll go first with one bank where I hold a current account: TSB. They treat me to balance against each transaction with my current account in my monthly statements and online statements, and a current balance right at the top of my online statement.

Zanderman

Not sure what you mean by running balance on statements? All statements show a closing balance surely?

Or do you mean a current balance on online or app-based banking? Those will often be out of date, particularly these days when contactless payments may not be reported 'live' to the bank so the balance you see online may be higher than what is available. It can only become accurate when the retailer reports the sale to the bank.

If that's what you're worrying about it's a common complaint - but the bottom line (no pun intended) is only you know what you've spent, and whilst the bank may be a few hours behind it's up to you to keep tabs.

masonic

Could be I guess but when have current accounts or credit cards ever shown a current balance that's fully up to date with your spending?

...while I'm pretty sure Paypal lists transactions and accurate current balance immediately because of the way they operate.

AnotherJoe

I don't recognise / understand what you are saying. I can go to an ATM and get my current bank balance. Same for online access I can go to my credit card companies websites and geta current balance.

mgdavid

Consumer66 wrote: »

What is happening with banks, credit cards, paypal, store cards and even Nectar doing away with showing a Running Balance on Statements?
We are in the computer age - providing that basic information is simple. So why are they stopping this?
.........

You're wrong on at least 2:


Paypal do, on the statement screen it says clearly:
'Looking for a running balance in your statement? Choose the Custom option.'


and Barclays do.

Consumer66

https://en.wikipedia.org/wiki/Running_total

A running total is the summation of a sequence of numbers which is updated each time a new number is added to the sequence, by adding the value of the new number to the previous running total.

masonic

Consumer66 wrote: »

https://en.wikipedia.org/wiki/Running_total

A running total is the summation of a sequence of numbers which is updated each time a new number is added to the sequence, by adding the value of the new number to the previous running total.

Well then your comment...
"Not knowing your balance probably allows people to spend more - just take a chance that there are enough funds available - and who benefits if there is not - the bank . company who can now charge penalty fees and more interest. While also lecturing customers about staying within budget, they have removed one obvious and easy way of helping people to do this!"
...is irrelevant to the discussion, because knowing what your balance was after each historic transaction gives you no information about your present balance or how much you have in available funds. Only your present/available balance determines that.

Back to the subject of running balances, TSB shows you your running balance and offers 5% interest on up to £1,500. Perhaps its time for you to switch. For your information, Lloyds group also show a running balance, HSBC group show a daily balance and I'm sure all others show one or the other.

I still don't see why it is useful to see what your balance was after each and every transaction, as opposed to your balance at the end of each day for current accounts (the figure used for determining overdraft usage etc), or your statement balance for credit cards (the figure used for determining how much you should pay)

societys_child

Consumer66 wrote: »

Lucky You!
I suppose this post is meant more for those who do have this problem.
It would however, be helpful if you would list the names of the all banks, credit card companies etc, that you use , which do still show running balances?
Ta

Are you really serious?


I don't have any that don't show the running balance, you've not listed any that don't.
You first.