Advantages of Holding a Traditional "Mainstream" Bank Over Mobile Current Account Providers

eskbanker

d123 wrote: »

I mean what sane person actively wants to give their bank money without cause? You donate to charities, not banks...

Triodos customers?

d123

eskbanker wrote: »

Triodos customers?

They’re multiplying :eek:

peachyprice

JuicyJesus wrote: »

It's clearly not clear as day because you don't seem to have understood what I've said.

You're not seeing the transactions any earlier, you're seeing authorisations. These can change or be reversed at any time, or be for different amounts than whatever transaction eventually gets posted on your account. This can lead to confusion - it works absolutely fine day to day, until it doesn't.

Oh dear, shall I explain it slowly for you?

With most banks you see your balance reduce by the amount of pending transactions, you haven't got a clue how many transactions there are, how much each individual transaction is or who they are payable to.

So say you go shopping and spend money in 10 shops, you will have no idea which transaction have hit your account as pending instantly, which ones will take three days to hit or how much each transaction was for. But your available balance will be reduced by a lump sum.

With Monzo each transaction is listed, you can see instantly which ones have hit as pending, you can see if some have not hit yet, and your available balance is reduced by the same amount.

In both cases you are seeing authorisations. In both cases these can change or be reversed at any time, in both cases they can be or for different amounts.

How is it more confusing to be able to see individual pending transactions than a lump sum pending? How?

MisterMotivated

peachyprice wrote: »

Oh dear, shall I explain it slowly for you?

With most banks you see your balance reduce by the amount of pending transactions, you haven't got a clue how many transactions there are, how much each individual transaction is or who they are payable to.

I’m curious to know which banks don’t now have a pending transactions section showing individual transactions, the merchants and the value. The ones I use show me exactly that.

I’m sure it’ll only be a matter of time before any stragglers add this information

EarthBoy

MisterMotivated wrote: »

I’m curious to know which banks don’t now have a pending transactions section showing individual transactions, the merchants and the value. The ones I use show me exactly that.

I’m sure it’ll only be a matter of time before any stragglers add this information

Nationwide current accounts show the pending amounts, but not the merchant. It just shows "Visa debit £xx" until the payment clears. Their credit card doesn't show any pending transactions at all, only a reduced available credit amount.

JuicyJesus

peachyprice wrote: »

Oh dear, shall I explain it slowly for you?

Thank you for being patronising, I do actually have an account with Monzo (albeit one I don't use for anything) and I have worked in a bank for a good portion of my life so I know how pending transactions work and also how Monzo shows them.

How is it more confusing to be able to see individual pending transactions than a lump sum pending? How?

I didn't say it was. I said it can lead to confusion if the amounts on pending transactions don't match what's debited or an authorisation is reversed or any one of the other things that can happen with an authorisation.

Like, say, happened in this thread right here, which some very handsome chap who doesn't need things explaining to him slowly posted the answer in: https://forums.moneysavingexpert.com/discussion/comment/75965928#Comment_75965928