Laser Card - How long to debit from A/C

G

gotsomenow

Registered User
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160
Hello,

I was issued my new laser card to replace the normal ATM card a couple of weeks back. I used it for the first time on Wednesday evening around 5pm. This morning I checked my bank account online to see it still has not been debited from the account.

What is the standard time it takes to debit from the a/c. I can imagine this being a pain to keep track of spending!

Thanks

G
 
Thanks Clubman. That's a pain. At least with the credit card you get an immediate notice on 'un-posted' transactions. At least I know now.

Thank you again

G
 
gotsomenow said:
At least with the credit card you get an immediate notice on 'un-posted' transactions.
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Are you sure that this is guaranteed? I have seen time lags between CC transactions and them appearing at all on the card (e.g. phone or online banking).
 
When I use my laser, the transaction does not show up on my online account but the available balance is less the transaction ammount.
K
 
As Clubman says, it depends on the retailer. also, you will notice that you may not be able to withdraw the amount quoted on your balance as uncleared items have not been deducted yet. That can be puzzling to new users. i suppose the beauty of the laser is that you can't inadvertantly overdraw and attract ridiculous bank charges!
 
ClubMan said:
Are you sure that this is guaranteed? I have seen time lags between CC transactions and them appearing at all on the card (e.g. phone or online banking).
Click to expand...


It would appear so with mine. I got my first CC last year and was checking it everything time I spent with paranoia, and it always showed up as un-posted, then a day or so later it would show up who the payment was for.

I will learn as I go on I suppose. Laser will the handy though when I can't access an atm.

Thanks

G
 
Yeah,
I find I use Laser more and more when shopping as I couldn't be bothered queuing up at ATMs to get cash out. Oh, adn the fact that my local pub gives me cash too is great!

"A pint and a hundred euro please ....!" :D
 
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Welfarite said:
i suppose the beauty of the laser is that you can't inadvertantly overdraw and attract ridiculous bank charges!
Click to expand...

I don't know if it's the case with all banks, but with AIB you can (currently) overdraw your a/c as the system is not online - not all transactions are checked to see that you have available funds.
 
A few times now, I've been able to withdraw funds from my account despite the fact that a pending laser transaction should mean I have no funds. I've done this a day or two before pay day so that the lodgement covers the laser transaction. I've never been charged overdraft charges so I presume it isn't actually instant.
 
Sort of related to this topic ... it's useful with PTSB to be able to set text alerts when your current account balance reaches some "low water mark" so that you don't get overdrawn. Ditto for large deposits and withdrawals (lets me know when I got paid! :)). I presume that at least some other banks offer this facility?
 
Welfarite said:
As Clubman says, it depends on the retailer. also, you will notice that you may not be able to withdraw the amount quoted on your balance as uncleared items have not been deducted yet. That can be puzzling to new users. i suppose the beauty of the laser is that you can't inadvertantly overdraw and attract ridiculous bank charges!
Click to expand...

what's ridiculous about the bank charging you for overdrawing your account?
 
With most Laser cards the transaction is conducted 'online'

You pay at the terminal : Terminal dials up and sends the transaction.
Your bank will then 'ring fence' the funds for that transaction i.e. you can't spend them.
The transaction will then post on your account within about 3 working days max.

Not 100% sure why it's such a convoluted process, but that's how it happens.

It can lead to a frustrating situation where you might have say €50 balance, but you've spent €49.99 in tescos and an ATM will tell you you've no funds.
 
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