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Current Account payment - money held in Trust?


andrew1
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This is a question of Principle.

 

scenario:

 

17th August my bank balance was £72 in credit (so, I'm not rich! :wink:)

 

Same day, I shop in supermarket, pay by debit card £65. ATM shows balance available £7

 

18th I pop in to B & Q and buy goods for £4.49 and pay again by debit card

 

So at this point every transaction has had enough money in the account to be covered.

 

The bank statement shows the £65 leaving my account 2 days later on 19th August

 

Question 1) As the money had effectively left my account when the transactions were executed as my available balance reduced according to the ATM, does my bank hold that money in trust for the supermarket and B & Q whilst the actual money is being requested and transfered by/to the shops?

 

 

Same day as the supermarket money went out the 19th, a standing order hit my account for £49.57 which tips me into Overdraft of -£42.15 and the £4.49, despite having been seen on the ATM to have come out actually shows on my statement as coming out on the 21st.

 

Now the bank (Santander) charged me £35 for paying the Direct Debit whilst effectively in O/D - fair enough

a £5 Paid item fee for the B & Q purchase ????

 

and

 

£25 Unarranged Overdraft Monthly fee making a total charge of £65

 

 

Using my extrordinary charm and persuasive manner on the lady I spoke to (I'm not not rich but full of s**t! :lol:) I managed to get the two larger charges rebated so just £5 for charges, but in fact the 2 larger charges were bone fide and the £5 the real one I was annoyed about and I felt unreasonable, so it begged this question I asked above.

 

When the monies are reduced from our balances when the transactions executed does the bank effectively hold that money in trust? If they do, then the purchase I made in B & Q was for all tense and purposes not made when I did not have the money in the account, it was made whilst I was in-funds and should not have attracted a £5 penalty charge.

 

If I paid by cheque I could understand the delay, but this was an electronic transaction which registered immediately.

 

Give it some thought.

Edited by andrew1
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