Missing pounds from current account??

[Mermaid1104]

Hi I have a Lloyds current account, with no overdraft facility and I keep noticing £1 going missing, almost everyday, I haven't a clue where this goes or what its for as nothing shows up on my statement? Also noticed the same happening with my Halifax account (£300 overdraft) Does anyone have any clue? Experience?

 

 

I will ring them but thought I'd ask on here before I make a wally of myself on the phone!!

 

 

Thanks in advance x

[silverfox1961]

Hi

That does sound very odd. If nothing is showing on your statements, nothing should be removed. I think you should visit rather than phone as they can access your account in front of you.

[dx100uk]

they round up or down

 

I remember reading about it somewhere

 

catch the pennies or something it was called

 

dx

[Conniff]

they round up or down

 

I remember reading about it somewhere

 

catch the pennies or something it was called

 

dx

 

 

If that's the case, I bet they round up when they take out and round down when they pay in.

[Mermaid1104]

I still don't understand why nothing shows up on my online banking, For instance I had £10.36 available in my account this morning, went to draw out my last tenner at 5.30pm and its showing £9.02 available Keeps happening I don't understand where it going??

[Conniff]

Check tomorrow to see if it's £1 overdrawn.

 

 

Do as suggested above and visit the bank, that is the only way you will find out if nothing is being shown on your statement.

[Klandestine]

they round up or down

 

I remember reading about it somewhere

 

catch the pennies or something it was called

 

dx

 

You are referring to something called Save the Change. It's a tool you can add to your current account to help you save money. Every time you use your card to buy something they round the amount up and put the extra money into a savings account (if you're in credit).

 

If that's the case, I bet they round up when they take out and round down when they pay in.

 

You've misunderstood what dx100uk was talking about.

 

I still don't understand why nothing shows up on my online banking, For instance I had £10.36 available in my account this morning, went to draw out my last tenner at 5.30pm and its showing £9.02 available Keeps happening I don't understand where it going??

 

It could be Save the Change as mentioned by dx100uk. But you would've had to opt in to this and it would show up on your statements.

 

It's more likely that they are card authorisations (Lloyds and Halifax call them earmarks) - which is basically to do with the way card transactions work.

The money is reserved/placed on hold before it is actually debited from your account, appearing as a line on your statement.

(I can't post links yet but search for "card authorisations" on Google and look for the result by PayPoint.net - you might find it to be a better explanation than mine)

 

Some companies place these holds as a way of establishing whether your card is valid before completing a transaction - I'm not certain but I think Paypal/Ebay do this.

I am also led to believe that some companies place holds for amounts which don't exactly match what the amount of the transaction should be.

 

Do you have access to internet banking? Because I believe you can view these authorisation holds by looking at the "Pending debit card transactions and cheques being processed" box.

If not they can check for you in branch or through telephone banking.

Edited March 29, 2014 by Klandestine

[ashmk]

They better not be rounding down. If I put £10.09 in my account I expect £10.09 to show up or I'll take my money elsewhere.