Best bank account alerts?
Comments
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I can't explain the technology, but I can confirm that Monzo and Starling banks give an instant notification of every transaction, and opening the app gives complete details of the transaction, real time balance, daily spend etc. Maybe in an offline merchant situation the card would be declined, but it's never happened to me and as long as my phone has a data connection I receive the notification, regardless of the country I am in worldwide, and often while the terminal is still printing the receipt.All banks can only notify you of any transactions once they know about them. Major factors out of their control include when the retailer notifies them of purchases, whether there is a network connection between the retailer and themselves, whether their own IT systems are working properly, and whether you have a connection to the network.Evolution, not revolution0 -
Maybe in an offline merchant situation the card would be declined,
Ideally, but not always. As Monzo explain on their blog:
"If you try to buy something without enough money in your account to pay for it, we decline the authorisation request when it reaches us, and then the payment terminal (or ATM) declines your card.
There’s one exception to this. When a merchant doesn’t send an authorisation request, we don’t have a chance to decline the transaction. A few merchants, like TFL, are allowed to do this intentionally, so long as they follow extra rules imposed by Mastercard. But it can happen with other merchants, too, when their terminal can’t connect to the internet. Either way, the merchant simply collects the money without having ring-fenced it."
https://monzo.com/blog/2017/05/05/why-payments-are-declined/0 -
It appears that there is now a new generation of banks who can defy the laws of physics and, for example, operate without electricity or transmit data without needing networks. What's more, they also have customers whose devices never run out of power and which magically receive data through the ether. Both the banks and their customers live on a planet where no retailer has a floor limit, and can transmit data in realtime even though they are batching up their transactions. It's truly magic.0
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Thanks for that, it's a good explanation.Ideally, but not always. As Monzo explain on their blog:
"If you try to buy something without enough money in your account to pay for it, we decline the authorisation request when it reaches us, and then the payment terminal (or ATM) declines your card.
There’s one exception to this. When a merchant doesn’t send an authorisation request, we don’t have a chance to decline the transaction. A few merchants, like TFL, are allowed to do this intentionally, so long as they follow extra rules imposed by Mastercard. But it can happen with other merchants, too, when their terminal can’t connect to the internet. Either way, the merchant simply collects the money without having ring-fenced it."
https://monzo.com/blog/2017/05/05/why-payments-are-declined/
For those inclined not to believe in unicorns and pink fairies, there is also a good explanation about card processing, including retailer floor limits, here: http://www.theukcardsassociation.org.uk/cards-transactions/transactional-processing.asp0 -
NorthantsPete81 wrote: »im not fussed about the secuirty of it - ive just checked my app and push notifications are on but they only push when your balance is low (good i guess but too late) and if DD get set up, or if large sums come or go.
Ive made a suggestion viat the app but im going to keep looking
I find the whole logging into apps thing a pain, and something i wont do - but an sms with my current balance would at least keep me rolling without worrying if theres enough or ignoring and going into Overdraft
With Monzo you get a notification so no need to go into an app, even if you do just set up fingerprint login.0 -
I have recently opened a Starling account and the notifications are great - within seconds of making a transaction (in or out)0
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The difference between Monzo/Starling etc. and the "old school" banks is that they instantly debit your account, where most of the old school banks only debit your account once every day or two, in the meantime the funds are blocked and unavailable to you but you have no clue what for.
For those transactions Metro Bank is aware of, its app shows current and available balances and itemises the pending transactions0 -
There is only one entity which should know & is responsible for the state of your bank account at all times & that is you. You should also know if a debit card payment has vanished into the ether for 5 months only to reappear at the most inconvenient time. Because if you have no record of it then its reappearance will ALWAYS be at an inconvenient time. No app can tell you that this disaster is about to happen. Only you & your awareness of your own personal affairs. A few seconds a day is all it takes but it avoids those OMG moments when you have to deal with a financial short fall right now.0
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