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Laser Transactions

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  • 18-04-2009 12:49pm
    #1
    Stevek101
    Registered Users Posts: 1,281 ✭✭✭


    Laser transactions always use to take days to go through now all of a sudden they seem to be instant... Has something changed?

    They use to be listed as LR xxxx on the statement now they are listed like ATM transactions xxxx TX...


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    #2
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Stevek101 wrote: »
    Laser transactions always use to take days to go through now all of a sudden they seem to be instant... Has something changed?

    They use to be listed as LR xxxx on the statement now they are listed like ATM transactions xxxx TX...

    Depends, which bank you are with.

    Laster/Maestro transactions still take the same number of days to reach your account through the clearing system, but some banks list the authorisations as if they were transactions, showning them earlier, but all banks are different.


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    #3
    Stevek101
    Registered Users Posts: 1,281 ✭✭✭Stevek101


    BoI. They never use to do this before, in fact it only started this week.


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    #4
    sitstill
    Registered Users Posts: 1,380 ✭✭✭sitstill


    Stevek101 wrote: »
    BoI. They never use to do this before, in fact it only started this week.

    I noticed this this week as well with BOI, its weird.


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    #5
    Genghis
    Registered Users Posts: 3,024 ✭✭✭Genghis


    Might be something to do with the Payment Services directive, EU legislation which I think forces banks to process payment transactions much faster. Not in yet, but maybe BOI are ready ahead of time.


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    #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    AFAIK, BOI are upgrading their systems so that the Laser system is becoming live. Basically it's a way to avoid people going overdrawn without permission by accidentally (or otherwise) overspending on their Laser cards. Because transactions used to take a few days to go through, it meant that the balance showing on your account would not be inclusive of Laser transactions that hadn't posted yet, which was confusing for customers, because it could lead them to thinking that they had more money than they actually did.


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    #7
    KillerShamrock
    Registered Users Posts: 1,393 ✭✭✭KillerShamrock


    Toots85 wrote: »
    AFAIK, BOI are upgrading their systems so that the Laser system is becoming live. Basically it's a way to avoid people going overdrawn without permission by accidentally (or otherwise) overspending on their Laser cards. Because transactions used to take a few days to go through, it meant that the balance showing on your account would not be inclusive of Laser transactions that hadn't posted yet, which was confusing for customers, because it could lead them to thinking that they had more money than they actually did.

    Yeah this is it exactly they have introduced this, so its straight out of your account but wont tell you the name of the shop or retailer until they process the transaction so that will still take a few days


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    #8
    Stevek101
    Registered Users Posts: 1,281 ✭✭✭Stevek101


    That is pretty good will stop me from over spending too much ;P What is even stranger is that an ATM transaction from several days ago still hasn't gone through!


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