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Listen in, listen Ian!

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Not so current account [Apr. 16th, 2009|03:43 pm]
Listen in, listen Ian!
We've got a new water machine in the kitchen, which says "borg and overstroem" on it. They sound like they may be the Bang and Olufsen of water coolers.

I don't understand online banking. When I check my account, the balance and the amount available often differ, due to there being outstanding seitch transactions which haven't hit my account yet. If the bank know about them to deduct them from the available balance though, why can't they show them on my statement?

Also, the difference when I checked at lunchtime was £15.28, yet the only outstanding transaction I'm aware of is for £14.30. What's happened to the other 98p? I'm not really bothered, because I've spotted this kind of discrepancy before and it's always mended itself, but it seems like the kind of thing that shouldn't really happen.

[User Picture]From: eyekiller
2009-04-16 03:03 pm (UTC)
they've taken your 98p and are investing it in something really risky in order to make vast profits, no doubt.
The one I don't understand is when the account balance is, say, £75 but the available balance is £102, and yet there is NO OVERDRAFT. How? How can it be?
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[User Picture]From: chiller
2009-04-16 03:13 pm (UTC)
I always think the bank has two "nows". There's the now represented by your current available balance, and there's the now represented by the balance that might exist, but they haven't quite decided, yet.

I think current accounts represent how much of a clue they have, generally.
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[User Picture]From: just_wait
2009-04-16 03:22 pm (UTC)
I once had this big issue with my bank account which involved them deducting all of our transactions two or three times, thus causing our account to go (MASSIVELY) negative. Then there were all of these random fees and nothing ever matched up. I spent a lot of time trying to sort this all out with them on the phone and the silly woman kept telling me that "online banking isn't online!" meaning not current, I guess? But why do my balance and amount available differ then? I never got a clear answer, even after all of that time on the phone.

There is no point to this story except that I never got my money back for those damn fees and I don't understand any of it.
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[User Picture]From: caramel_betty
2009-04-16 03:57 pm (UTC)
But why do my balance and amount available differ then?

Uncleared cheques or transfers at the time online banking got its latest data? Various of my accounts show different balances just after a transfer has gone in. My recently-acquired INGDirect account does this a lot with Faster Payments stuff, in particular. (I've been moving money around, hence noticing.)

Also, some debit cards are capable of making reservations, similar to credit cards. Like when you book into a hotel, they'll reserve (say) 500 quid against your card even though you're only staying for one 60 quid night, in case you wee all over the room and steal the bathrobes. I'm fairly certain that Visa debit cards can do something like this, but no idea about Maestro / Solo.
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From: ex_humanfema327
2009-04-16 03:34 pm (UTC)
yeah but where is your write up of date??
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From: liquidindian
2009-04-16 11:17 pm (UTC)
"the only outstanding transaction I'm aware of is for £14.30."

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From: ex_humanfema327
2009-04-16 11:21 pm (UTC)
im just not reading carefully enough
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[User Picture]From: vodka_fairy
2009-04-16 08:25 pm (UTC)
I can't explain the 98p, unless you have a savey thing like what my bank do, as in when you pay a with a debit card it rounds up to the nearest pound and deposits the pence into a savings account.

However, the available balance is always what is actually available. When you use your card (cash usually debits from your account immediately) you get an earmark on your account which might take a couple of days to hit your statement. The reason it takes so long is so they can check for fraud and stuff before allowing your payment to go through. Whilst this is pretty annoying for us regular types, it is actually a REALLY GOOD tool for stopping fraudulent transactions.

Now I will go and sit in my financial crime seat, and stay there...
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[User Picture]From: ruudboy
2009-04-16 08:33 pm (UTC)
That makes sense! Excellent!
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