Teenage finances

cougar_3

It is £200 or £250, I am certain.

Well, not completely certain of which one, but one of the two

JoseChungsDoomsday

my wee sister has a halifax electron card and she gets a good rate of interest and she has had no probs with them at all.

anyone else have any experiences with this account?

cougar_3

Electron isn't half as good as a solo card, it's much more widely accepted.

toastinbowl

Sorry no, I meant that if I had £1000 and took out £200 on Monday and £200 on Tuesday from ATMs, I could still take out the last £600 in branch despite the £200 a day ATM limit.

What I would watch though is that if a store doesn't take the money from the account instantly (i.e. the transaction is delayed), then it *could* go overdrawn. For instance, if you had £50 and spent £40 in a store which was having problems with their EFT's, you could still spend the whole £50 in another store then be £40 overdrawn.
It shouldn't be technically possible, and is illegal for under 18's to have such a credit facility. It's only happened to me twice in the past 8 years. One of those times I was under 16 - Footlocker had problems with their bank and took the money from me a month late. My bank tried to charge me a £25 fee but once I complained they waived the fee and even wrote off the £60 from Footlocker as an unrecoverable loss due to their own error.

So what I'm saying is that while it's possible, don't worry - the banks are very sensitive to the issue.

Dave

Savvy_Sue

toastinbowl wrote:

Sorry no, I meant that if I had £1000 and took out £200 on Monday and £200 on Tuesday from ATMs, I could still take out the last £600 in branch despite the £200 a day ATM limit.

After I'd finished posting I think I worked out that was probably what you'd meant ... and your explanation for how to theoretically go overdrawn is pretty close to what I remember from the bank's explanation as well. So thanks!