Understanding bank account balances?

gwynfil

Hi everyone:j


I'm just having a quick moan as usual;)


I'm helping my mum with her bank account a bit at the moment as she is having trouble with her eyesight.


We printed out a mini statement with her Halifax current account. There was a balance of £2759.84 and a funds available balance of £2900.84. I thought the available funds were more because she had some refunds due that were not yet itemised on her mini statement. However, going in to the bank it seems her current available funds include a £200 overdraft facility, minus a £59.00 debit. If you take the 2759.84 from the 2900.84 you get 141.00- which is 200.00-59.00.



We totally agree with the debit- it is for a known purchase. The refunds have not shown up yet, as they can take a few days to show up. We will look out for those.


My Question is......


Does anybody else's bank show available funds as including the overdraft? I have an account with Barclays and if I am £200 pounds in credit, that is what it shows as current available funds. I have a £700 overdraft which i can use and i'm glad it does not show as funds available as £900, as if i went in to overdraft I would incur charges. My mother is very unlikely to go in to overdraft, but it is a bit annoying to have to remember that the available balance also includes a £200 pound overdraft everytime. My Barclays mini statements usually show a cleared balance and available balance, but this does not include the overdraft, although this is available for me if i need it.



I spent ages trying to work out my mother's refunds and realised that the balance was not true as it included a £200 overdraft facility.


Anyway rant over- seems to me it is a bit of a tricky way to get you to use your overdraft facility.



Thanks for listening to my moan:rotfl:

Willing2Learn

I used to have a NatWest account overdraft, where the available balance would always include the overdraft. I currently have an overdraft with Nationwide, and they do not include the overdraft in the available balance.

I agree with you, that banks should not ideally include overdrafts when calculating the available balance. It can be a bit misleading imho

Tiexen

Lloyds Bank show balance including overdraft

fuzzything

Yes in the Natwest App Home screen it shows
1) £ aaaa (this is the statement balance)
2) Available £ bbbb
‘Including overdraft limit: £ cccc’

I agree I think it would be easier if it wasn’t included.

Fingerbobs

My only current account with an overdraft facility is Barclays, and its Available Balance excludes the overdraft.

(I never asked for an overdraft - I seem to remember it being added some time after I opened the account, and I couldn't be bothered to decline it, so there it is, all £150 of it.)

gwynfil

Yes, quite agree. Because my Barclays account shows my available balance without including my overdraft, I was expecting the same with my mother's account and the Halifax. We live and learn as they say. Been interesting to read the replies and see how the different banks approach this. Will know in future. Thanks to everyone who replied on here.

charlieboycat

FWIW, in online banking Santander also include the overdaft limit in the "available balance".

Socajam

I have a £3000+ overdraft with NatWest and I can clearly see what my actual balance is with and without the overdraft. Even on the mini statement it clearly shows that.
I use online banking and ensure that I check my account at least twice weekly.

jennifernil

We have Halifax accounts. The headline balance shows correctly but as well as that balance there is a line below in small print saying "funds available including your overdraft" with the larger amount.

sausage_time

Why not request removal of the overdraft if she will never use it?

Dean000000

If you have an overdraft, it’s quite right to have that as ‘available finds’ as its available funds...