Payments taking time to go through

[DrewChan]

If I make a payment utilising my Savings account, generally a transfer is instant,
However my cheque account may take several days to go through.

What is the reason for this? Guessing the shop sends batch payments or something similar.

Additionally nedbank does not show these have been paid until the actual amounts come off, this can screw me over if I don't keep careful track of payments, I could for example max out my card now and checkers would plunge me into a negative balance when it eventually decides to deduct the money for my groceries.

Do any of the other banks do this? (A friend tells me FNB seperates the funds immediately even though they have not yet been officially deducted)

 

[Drifter]

Standard bank does this as well. I'll get a SMS notification that the transaction went through, then a few days later it actually goes off my account.

 

[asfadm]

I've been experiencing the same thing with my FNB cheque account recently, Before it would reflect the minute the transaction was done now I have to wait till the actual amount goes off. Anyone know why this has changed?

 

[The_Ogre]

The merchant actually has to "bank" your transaction first before the bank will pay them. This can be frustrating, especially over weekends and public holidays because most places would only bank the following business day, or the day thereafter.

Not much you can do about it.

 

[supersunbird]

And that's why I prefer my old capitec card without chip or online buying. When I swipe, its gone.

 

[asfadm]

But why is it that before it would notify you and deduct the amount even though the merchant hasn't actually banked the amount yet?

 

[sjm]

If the merchant does an online authorisation (the POS contacts the bank), the bank will reserve the funds (so the money is still in your account but is not available for use). When the merchant banks the transactions, the bank will then move the money out of your account into the merchant's account.

 

[Pitbull]

I've been experiencing the same thing with my FNB cheque account recently, Before it would reflect the minute the transaction was done now I have to wait till the actual amount goes off. Anyone know why this has changed?

With mine the amount will still be in my account but not part of the available balance. So you can't over spend (FNB)

My experience so far though.