123 Lite low balance notification by text

brewerdave

inspectorperez said:

colsten said:

"Good luck finding a 1.2% account after the end of this month."

Couldn't agree more!

RCI Freedom savings still paying 1.2% and no notification of a reduction - yet !!

colsten

It isn't the end of the month yet.

brewerdave

colsten said:

It isn't the end of the month yet.

It was my understanding that they had to give 30 days notice in writing of a change - however, I'm unable to find that in any current ts & cs.
EDIT - In my files I have a recent document which states 60 days notice of changes in interest rates.

inspectorperez

brewerdave said:

colsten said:

It isn't the end of the month yet.

It was my understanding that they had to give 30 days notice in writing of a change - however, I'm unable to find that in any current ts & cs.
EDIT - In my files I have a recent document which states 60 days notice of changes in interest rates.

Saga Savings (Goldman Sachs) have given notice today of rate reduction effective 30 May. Bit less than 30 days by my arithmetic, more is the pity!

colsten

brewerdave said:

It was my understanding that they had to give 30 days notice in writing of a change - however, I'm unable to find that in any current ts & cs.
EDIT - In my files I have a recent document which states 60 days notice of changes in interest rates.

I thought it was obvious that I was talk about new accounts, no existing ones. So notice doesn't come into it.

Hammer_Time

My alert for the high balance worked right away, email first, text a bit later. Lower balance not sure but will inform when I get one.

colsten

Just digging this out again, in response to the OP.

My 123 Lite balance dipped into my arranged overdraft overnight. I had expected this, and topped up manually about 2 hours ago. My account is now well in credit again.

Just now, they texted me to say my account went into a chargeable overdraft and I have until 8.15pm today to pay in to avoid the charges. Whilst this is would still give me enough time to sort things out (had I now sorted them already....), it is further evidence that Santander alert messages aren't arriving immediately after the time a relevant situation occurs.

I also came across a post from a couple of years ago which reports a much delayed alert. May be Santander have improved since then, may be not. My recommendation remains that you have to monitor and track your transactions yourself.

inspectorperez

colsten said:

Just digging this out again, in response to the OP.

My 123 Lite balance dipped into my arranged overdraft overnight. I had expected this, and topped up manually about 2 hours ago. My account is now well in credit again.

Just now, they texted me to say my account went into a chargeable overdraft and I have until 8.15pm today to pay in to avoid the charges. Whilst this is would still give me enough time to sort things out (had I now sorted them already....), it is further evidence that Santander alert messages aren't arriving immediately after the time a relevant situation occurs.

I also came across a post from a couple of years ago which reports a much delayed alert. May be Santander have improved since then, may be not. My recommendation remains that you have to monitor and track your transactions yourself.

Good to know that they have given you a small period of grace to avoid the incidence of charges. I have the same alert set up, but it did occur to me that if you went into overdraft on a particular day, which you rectified withing the course of the day, would they have regard to the closing day balance or the fact that an overdrawn situation had occured during the course of the day in establishing whether a charge was appropriate or not.

It might have been obvious to some, but you have certainly cleared that up in my own mind thank you.

badger09

inspectorperez said:

colsten said:

Just digging this out again, in response to the OP.

My 123 Lite balance dipped into my arranged overdraft overnight. I had expected this, and topped up manually about 2 hours ago. My account is now well in credit again.

Just now, they texted me to say my account went into a chargeable overdraft and I have until 8.15pm today to pay in to avoid the charges. Whilst this is would still give me enough time to sort things out (had I now sorted them already....), it is further evidence that Santander alert messages aren't arriving immediately after the time a relevant situation occurs.

I also came across a post from a couple of years ago which reports a much delayed alert. May be Santander have improved since then, may be not. My recommendation remains that you have to monitor and track your transactions yourself.

Good to know that they have given you a small period of grace to avoid the incidence of charges. I have the same alert set up, but it did occur to me that if you went into overdraft on a particular day, which you rectified withing the course of the day, would they have regard to the closing day balance or the fact that an overdrawn situation had occured during the course of the day in establishing whether a charge was appropriate or not.

It might have been obvious to some, but you have certainly cleared that up in my own mind thank you.

I don't use either unarranged or arranged overdraft facilities, but AFAIK, all banks allow this 'small period of grace'.

As long as your account is back in credit by the bank's cut off time, which varies between banks , you will not incur any charges