Lloyds SNEAKY debit card payments

pinkdalek

What is sneaky about a bank taking money out of your account that you have spent? It won't be long before debit card payments will be debited immediately the way technology is going.

If it bothers you that much don't spend anything that takes you under your balance so you don't lose out on your massive interest rate.

Other option - use a credit card, pay your balance off in full each month.

Brewer20

You could also get sneaky and put the spent money in just before they take it out. If you can time it just right you won't lose any interest, that'll wind them up!

molerat

pafpcg wrote: »

Are you sure this makes any difference? Just because the displayed balance does not show debits overnight doesn't stop the bank from retrospectively calculating the overnight balance using the date when the purchase was made.

For example, debit card payments on my Santander123 account don't appear for two days, but the entry on my statement displays the date when the payment was actually made. I assume that when the interest is calculated it is based on the daily balance after any outstanding payments have been subtracted.

born_again wrote: »

No. Interest is calculated from the date the transaction debits your account.

They only add date of transaction to help you reconcile the purchase.

A few years ago Santander paid out an awful lot of compensation for lost interest because they were caught calculating current account balance interest based on spend date rather than posting date.