Money vanishes without a trace!

choosewisely

Banks really annoy me - I've been on holiday for a week and before I left I made sure I had sufficient funds in my current account to cover my direct debits and cash withdrawals.

I made 3 cash withdrawals during the week and the first two times my cash machine receipt reported my balance at a reasonable figure, then my last cash withdrawal on Friday said I was £25 overdrawn.

So when I get home I check my account and since my earlier cash withdrawal which gave me a balance of over £800 there'd only been a switch transaction of £13 and a cash withdrawal of £70 so how come the bank said I was £25 over drawn?

I checked my online statement which was completely up to date and exported all transactions from my last printed statement date to Excel and added it all up and yes I should have a balance of over £700. Not being able to contact my branch I hurriedly check which direct debits are due on Monday and then phone the credit card company to explain that if they try to take my full balance payment (I automatically pay my cards off in full every month) the direct debit is likely to fail. They tell me I should pay the minimum payment now and phone my bank Monday morning and suspend my direct debit for this month.

I wake up this morning and before I phone the bank I check my account online and as if by magic 2 direct debits are there dated today (including my credit card) which have been appeared even before I checked my account at 8am and which explain the missing money

What really annoys me is that though the debits were due on the 11th they left my account without trace 2 days earlier leaving me thinking there wasn't enough money in my account to cover them.

How do banks expect you to manage your money when they take money from your account but don't give you any idea where it's gone for 2 days?

BenL

Banks get told on the working day before about the DD's to debit the next working day.

It looks like your bank chooses to process the BACS tape on the Friday night ready for midnight monday to debit.

Some do, some don't.

Some bansk have the online facility to show you what has been processed on the friday but will be debited on the Monday.

Looks like you've been caught out by the systems and processing arrangements.

Your CC company would have requested the DD as well on the Wednesday or Thursday in their systems. Friday at BACS and your bank debits on the Monday fully from your account and shows on your statement.

Hope this helps.

Ben

choosewisely

Thanks Ben - That explains it but I just think it is misleading to customers to reduce their balances but not leave any trace of where the money has gone. If it's 2 or 3 debits at once too it isn't obvious what's happened by the value of the missing amount.

If it's a bank holiday weekend you're left with 3 days where any amount of money can just de-materialise!

I guess some banks make it clear whilst others just keep you in the dark.

frepol

Advantage is that the same system allows you to get paid on a Saturday instead of having to wait until Monday.

choosewisely

I'm self employed and they seem to clear my outgoing cheques much faster than incoming ones

robnye

i know is is gonna sound silly.....

but dont you keep a tally of what money is going in and out of your account?
using the balance from a machine is a bad idea.... always has been!

choosewisely

I do keep a tally on my account and don't rely on a cash machine balance but when you look at your detailed up to date statement online and the balance it is reporting doesn't match the transactions displayed and is hundreds of pounds less than it should be it is confusing.

Especially when you have variable direct debits which can vary by date (depending on which day the date falls) and by amount and the amount missing is composed of 2 or more debits (though you don't know that as there's no transactions displayed at this point) you end up with a misisng amount of money which isn't always readiliy identifyable as a payment you were expecting.