Debit card query
Discussion
I paid a tax bill today by debit card, I called my bank ahead to see if there were any limits on debit card transactions (they weren't aware of one, which surprised me). Anyway, the payment seemed to go through and I received a confirmation email from Santander (HMRC payment processing bank it seems) but hours later the amount hasn't gone from my account. This got me wondering, what then stops people from spending money they have twice ?
Clearly I'm not considering doing this, just got me thinking about how it is prevented - if they've already debited it that means the bank is aware and should presumably be able to apply it, if they haven't debited it then one could spend the money twice? Or is it like cleared and uncleared funds so they've flagged the amount as spent so it couldn't be used, but until it actually goes it shows up as balance ?
Otherwise I envisage there'd be people making trips in quick succession to buy cars
Clearly I'm not considering doing this, just got me thinking about how it is prevented - if they've already debited it that means the bank is aware and should presumably be able to apply it, if they haven't debited it then one could spend the money twice? Or is it like cleared and uncleared funds so they've flagged the amount as spent so it couldn't be used, but until it actually goes it shows up as balance ?
Otherwise I envisage there'd be people making trips in quick succession to buy cars
Someone very close to me has just waited 10 full days 
for the considerable sum of money transferred online to his new "Post Office Online Account" to be debited from his current account. It debited today, the same day they received a letter confirming it. In the meantime they had an £80k liability invisible to their account.
Good old Post Office. Although I guess the real moral is to keep track of your spending. It's taken me several decades to learn.
for the considerable sum of money transferred online to his new "Post Office Online Account" to be debited from his current account. It debited today, the same day they received a letter confirming it. In the meantime they had an £80k liability invisible to their account.Good old Post Office. Although I guess the real moral is to keep track of your spending. It's taken me several decades to learn.
MrBarry123 said:
Are you sure it's actually there OP? It can show on your balance for a day or so after however will have gone from your available funds.
Well done that man, this wasn't obvious from online banking or maybe I missed it but just popped into mobile banking app and available funds a lot less than the balance (by the amount of this debit)So I guess it was a bit like I suggested, they mark the funds as unavailable but don't actually debit them. That seems odd to me, once the banks have exchanged messages you'd think they'd hav exchanged the money also
LOL to the most PH thread ever. Thought Iit might all get a bit PH with people accusing me of wanting to try and get away with this or fhaving a pop because of the eye watering tax bill... All tax bills are surely eye watering.
My Metro account doesn't take debit card payments off the account total immediately, but it does immediately show the funds as having been earmarked for something. So the online statements have a total amount in the account and a second total showing the funds available, i.e. the total minus the amount spent on the debit card. I assume I can only spend the funds available, not the total.
silverous said:
MrBarry123 said:
Are you sure it's actually there OP? It can show on your balance for a day or so after however will have gone from your available funds.
Well done that man, this wasn't obvious from online banking or maybe I missed it but just popped into mobile banking app and available funds a lot less than the balance (by the amount of this debit)So I guess it was a bit like I suggested, they mark the funds as unavailable but don't actually debit them. That seems odd to me, once the banks have exchanged messages you'd think they'd hav exchanged the money also
LOL to the most PH thread ever. Thought Iit might all get a bit PH with people accusing me of wanting to try and get away with this or fhaving a pop because of the eye watering tax bill... All tax bills are surely eye watering.
It may still show in your account on the balance for a few days but your available funds will have been reduced by the amount you paid.
The reason for the delay is the card processor pays the recipient by direct debit and there is usually about a two day delay between the payment being made and it then being received.
The reason for the delay is the card processor pays the recipient by direct debit and there is usually about a two day delay between the payment being made and it then being received.
HenryJM said:
It may not be your live bank account that you see, just a copy of it that's updated periodically.
indeed the HSBC on line statements ( whether the website or the 'full' app ) show what has been credited or debited from the account it doesn;t appear to show reserved amounts - although the available balalnce on the 'fast balance' app or at an ATM shows 'account balance' and 'available balalnce' the available balalnce does take account of reserved funds .
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