Natwest transactions - Is this even legal?
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What kind of transactions are we talking about?joojoobeans wrote: ».. Assumed it would display all transactions that had left my account that day and that no more could go through. Woke up to an additional 5 transactions having left my account on 9th april!! This senario happens all the time. ...
Because, I remember reading a post on here that said banks like Starling bank posts transactions immediately.0 -
OceanSound wrote: »What kind of transactions are we talking about?
Because, I remember reading a post on here that said banks like Starling bank posts transactions immediately.
Doesn't really matter what type of transactions they are. Once you've spent money, you should deduct it from your balance, not wait for the bank or retailer to process it. If you do that you'll never incur any charges as you'll always know how much you have in your account. It's not the banks job to watch your balance for you.
I have a Starling account and the transactions show straight away but i don;t rely on them to keep tabs on my spending !0 -
joojoobeans wrote: »My main concern is people getting charged for going overdrawn as transactions are being processed in the small hours but still being included in the previous days banking. Therefore, the information provided to customers about their account is inaccurate. Where do the banks stand on this? Is it legal?
I don't know about NatWest, exact processing and cut-off times must be somewhere in T&C.
My recollection from the Lloyds T&C is that if your account went to overdraft because of overnight processing and then you put (by visiting a branch or online) enough funds to your account by 3pm, the overdraft fees are not charged and the overdraft is not recorded in the credit history.
It happened to me once some four years ago. However, I spot it at 10am and there was no records/charges related to this short-term overdraft.0 -
Doesn't really matter what type of transactions they are. Once you've spent money, you should deduct it from your balance, not wait for the bank or retailer to process it. If you do that you'll never incur any charges as you'll always know how much you have in your account. It's not the banks job to watch your balance for you.
I have a Starling account and the transactions show straight away but i don;t rely on them to keep tabs on my spending !
huh?, no ones asking it to. Pretty sure the need for clear, up to date records of the transactions have nothing to do with bank being your nanny....It's not the banks job to watch your balance for you.
How do propose customers do this? (other than rely on their recent transactions and available balance). Enter it on a spreadsheet?. Have ANOTHER app to enter each and every transaction they carry out?..Once you've spent money, you should deduct it from your balance,...
What about the elderly?, do you propose they carry a notebook with them to write these transactions when they are out and about. Or do you propose that they remember them?0 -
OceanSound wrote: »huh?, no ones asking it to. Pretty sure the need for clear, up to date records of the transactions have nothing to do with bank being your nanny.
How do propose customers do this? (other than rely on their 'recent transactions'). Enter it on a spreadsheet?. Have ANOTHER app to enter each and every transaction they carry out?
What about the elderly?, do you propose they carry a notebook with them to write these transactions when they are out and about. Or do you propose that they remember them?
Actually you'll find that the elderly and previous generations managed without App based banking for a good 200-250 years?
You also have to remember some retailers don't process their transactions till the end of the day either, Which is why some shops transactions appear immediately in "Pending Transactions" and some retailers don't. Same with fuel it earmarks £1 until they do their processing to tell the bank who tells you.
Now go have a shouting match in an empty room.Save £12k in 2019 -0 -
** white space removed from quote above to keep it tidy.AstroTurtle wrote: »Actually you'll find that the elderly and previous generations managed without App based banking for a good 200-250 years?
You also have to remember some retailers don't process their transactions till the end of the day either, Which is why some shops transactions appear immediately in "Pending Transactions" and some retailers don't. Same with fuel it earmarks £1 until they do their processing to tell the bank who tells you.
Now go have a shouting match in an empty room.Actually you'll find that the elderly and previous generations managed without App based banking for a good 200-250 years?
Was their credit/debit cards 200-250 years ago?Now go have a shouting match in an empty room.
you mean you don't like it when someone points out the elephant in the room.0 -
OceanSound wrote: »** white space removed from quote above to keep it tidy.
Was their credit/debit cards 200-250 years ago?
you mean you don't like it when someone points out the elephant in the room.
What we mean is that people should take personal responsibility for their spending and not come on here to rant and blame the banks systems when they've overspent and had to pay charges. It's very simple to monitor what you're spending, it takes 5 mins a day at the most, no need for spreadsheets or complicated recording systems, i find pen and paper works quite well. I also use internet banking and have text message alerts too, it's never been easier.
Or, you could just carry on and be surprised/shocked every day ! It's your choice.0 -
What we mean is that people should take personal responsibility for their spending and not come on here to rant and blame the banks systems when they've overspent and had to pay charges. It's very simple to monitor what you're spending, it takes 5 mins a day at the most, no need for spreadsheets or complicated recording systems, i find pen and paper works quite well. I also use internet banking and have text message alerts too, it's never been easier.
Or, you could just carry on and be surprised/shocked every day ! It's your choice.
It's actually retailers who delay processing of funds quite often. For instance, contactless transactions usually show on the statement a few days later. Transaction made on the Lufthansa website appeared on the statement about a week later. Moreover, Amazon makes the charge when the goods are dispatched which could be a month after the order was made. In addition, quite often hotels can charge first night fee any time between the booking and check-in day.
There was a lot of noise some month ago when Tesco suddenly processed a bunch of December transactions with several months of delay.0 -
What we mean is that people should take personal responsibility for their spending and not come on here to rant and blame the banks systems when they've overspent and had to pay charges. It's very simple to monitor what you're spending, it takes 5 mins a day at the most, no need for spreadsheets or complicated recording systems, i find pen and paper works quite well. I also use internet banking and have text message alerts too, it's never been easier.
Or, you could just carry on and be surprised/shocked every day ! It's your choice.
So you admit that you're working as a team.What we mean is that people should take personal responsibility for their spending...It's very simple to monitor what you're spending,...
The OP is clearly monitoring what he is spending. I believe it was one of your "we" team that turned the post in to something about financial discipline.
For purely card transactions, there is no way you can go overdrawn, because with most systems these days, when the retailer swipes the card and you've hit your limit, it will simply decline the transaction.
I'm not saying don't keep track of your spending. I do it religiously (Clearly, the OP is doing the same). But don't make this what it's not. "backdating" transactions is never good. Especially when done by a bank for their own gain.0 -
So you admit that you're working as a team
I think any non-argumentative poster would see "we" as a recognition that some other posters agree with a point.
That can and does work both ways in a discussion.
To see it as some sort of pre-meditated online teamwork is one hell of a stretch.0
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