Would this work?

brave inca

I know this is probably not legal but I am just wondering if anone knows if this would work.

Lets say I have 400 euro in my current account. I then go buy Items online and spend the whole 400 euro. It takes 3 days for these transactions to show on your BANK STATEMENT. If I go to the ATM my balance will say 0 and I wont be able to withdraw. Here is what I am asking. If you go into the bank before the online transactions have hIt your BANK STATEMENT and ask to withdraw 400 euro, Would they actually give you the 400 euro?

I think they would because when they look at your account on their computer system they wont see your online transactions and therefor your account will say 400 cr.

What you think?

jhegarty

The bank will see the tranactions before they appear on your online banking.

brave inca

jhegarty wrote: »

The bank will see the tranactions before they appear on your online banking.

No they wont because I used to work in a bank and those transactions do not show up on your account until 3 days or so.

100gSoma

either way, in 3 days time your account will be in -400 so what's the point?

Ste.phen

100gSoma wrote: »

either way, in 3 days time your account will be in -400 so what's the point?

Not to mention the overdraft fees

Ste.phen

brave inca wrote: »

No they wont because I used to work in a bank and those transactions do not show up on your account until 3 days or so.

On my BOI account ATM Withdrawals over the weekend show up immediately, though the date on them says Friday until either Monday or Tuesday (forget which) when the date gets updated to whatever day I actually withdrew the cash.

BuffyBot

They may not see the transactions, but they would see that the available balance was 0.

JMcCR

Laser went "Live" about a month or so ago. This means as soon as you debit the card in any retail outlet or online your balance is adjusted by the bank. It may not show up on your online statement but your available balance will be adjusted straight away.

unclebill98

brave inca wrote: »

I know this is probably not legal but I am just wondering if anone knows if this would work.

Lets say I have 400 euro in my current account. I then go buy Items online and spend the whole 400 euro. It takes 3 days for these transactions to show on your BANK STATEMENT. If I go to the ATM my balance will say 0 and I wont be able to withdraw. Here is what I am asking. If you go into the bank before the online transactions have hIt your BANK STATEMENT and ask to withdraw 400 euro, Would they actually give you the 400 euro?

I think they would because when they look at your account on their computer system they wont see your online transactions and therefor your account will say 400 cr.

What you think?

What your doing is not going to be kindly looked on by your bank. It is possible but you will be charged a excess fee and charged interest for being overdrawn. The bank may issue a charge back on the items purchased online also, this is not done very often but it is an option.

pog it

Like the above posters say with a laser card the banks know that the charge is 'hanging in the balance' so you won't be able to withdraw- possibly a portion of it if you go really fast to atm, but seriously i'm glad I copped on to personal finance stuff lately or I'd be up that kind of s*** creek with brave inca

Brave Inca, if you haven't done so already but you probably have, an overdraft is the way to handle amounts of 500-1000.

Toots

unclebill98 wrote: »

What your doing is not going to be kindly looked on by your bank. It is possible but you will be charged a excess fee and charged interest for being overdrawn. The bank may issue a charge back on the items purchased online also, this is not done very often but it is an option.

Also you may find that if you do this enough, they'll actually cancel your laser card. It'll also look pretty bad if you're trying to get a loan/credit card/mortgage in the future.