BEWARE making B of I LASER transactions at weekends.

ArdDonagh

I have noted a previous thread on this issue.
I made a Laser transaction last weekend and the money was debited twice from my account on the same day leaving me overdrawn. (This was, luckily, a big amount as if it was something like Euro 20, I might not even have noticed!!!). I immediately went back to the retailer and they told me they would be unable to deal with it until Monday. I contacted my bank (BofI) first thing on Monday morning to advise them that I was overdrawn but it was not my fault. They advised me that I might incur a small charge (which I disputed at the time) and advised me to contact the retailer, which I had already done. My account was still overdrawn on Monday afternoon and I rang the retailer who informed me that it is a common problem with LASER transactions and is known as a banking SHADOW and that they had not, in fact, taken/received the money from my account. I then contacted my branch again who told me that they had never heard of this and it would be the next morning before they could give me any information!!!! They rang me the next morning to tell me that it "might take a few days to rectify" but that the money was not actually gone from my account. (I again disputed this as I was unable to withdraw money from my account at the bank machine) In the same conversation, I was told that the retailer should have returned the money to my account even though it was already established that it was NOT the retailer who had taken orreceived it! I then rang the Bank Manager to make a complaint (he was somewhat helpful in offering to lodge the "missing sum" to my account and would then take it out when it was properly returned). To me, this is unbelieveable. Bank of Ireland know that they have taken this money from my account and I have now been informed that it will be next SUNDAY before my account is rectified. I was also advised by the bank that "it could happen again"!!!!:eek:
CHECK your LASER transactions carefully.

Arciphel

How much are we talking about here?

dirtynosebeps

the thing i've noticed with B.O.I. is that when transactions are done over W/E's it usually shows up as being done on the following mon, there been plenty of days here i'd be tearing my hair out wondering where i paid for stuff on a mon only to realise it's been the transactions from the previous W/E.

foggy_lad

has this bank offered to refund or waive any charges AND interest arising out of this unauthorised overdraft? seems that delaying fixing things like this could be a nice little earner for our hard pressed banking institutions

jor el

I've noticed that sometimes Laser transaction don't show up for days, other times it's almost immediate. I've put it down to how the retailer submits their accounts as there seems no consistency to it.

If the bank try to charge you over their mistake, kick up a stink over it. In fact, you should already be kicking up a stink, go to BOI head office about it, as you're without money now for a week, facing charges, and it's all BOI's fault.

dudara

Moved to Banking & Insurance & pensions

dudara

ArdDonagh

jor el wrote: »

I've noticed that sometimes Laser transaction don't show up for days, other times it's almost immediate. I've put it down to how the retailer submits their accounts as there seems no consistency to it.

If the bank try to charge you over their mistake, kick up a stink over it. In fact, you should already be kicking up a stink, go to BOI head office about it, as you're without money now for a week, facing charges, and it's all BOI's fault.

From what I now understand, the retailer has no control over when it actually shows up on your account. The retailer in question was able to tell me on Monday that they had got the amount due (it was Monday because they had no one in the office to check on the Saturday when the transaction occurred).

The Bank branch were in total ignorance of this and had to keep conferring with Dublin! I have no intention of paying any charges.

But it is unbelieveable that in this day and age that it could take a week to rectify a computer error. Where is this "virtual money" going or showing up? And why are banks claiming not to have any knowledge of it when the retailers are saying it is now a common occurrence! Bank of Ireland in Dublin are saying "it could happen again" apparently!

stepbar

I received correspondence on this recently. I'll search for it tomorrow.

ArdDonagh

stepbar wrote: »

I received correspondence on this recently. I'll search for it tomorrow.

That would be great, thanks a mil.

Gamesnash.ie: Pat

jor el wrote: »

I've noticed that sometimes Laser transaction don't show up for days, other times it's almost immediate. I've put it down to how the retailer submits their accounts as there seems no consistency to it.

If the bank try to charge you over their mistake, kick up a stink over it. In fact, you should already be kicking up a stink, go to BOI head office about it, as you're without money now for a week, facing charges, and it's all BOI's fault.

It depends on what system the retailer uses. If it's linked directly to the bank the transaction can be instant. Some retailers use terminals that dial out at night time and send a batch of that days transactions. In most cases these days this is automatic but there have been cases of batches not being done for months :eek: ( this btw is not an exaggeration and yes what sort of idiot etc etc but my wife worked on a credit card terminal providers help desk and personally dealt with a retailer who had not batched in 6 months )

The incident in question can be caused by various glitches within the system and can be at the retailers end or with the bank. ( never heard it called banking shadow either )

What can happen is the retailers machine requests authorisation of the amount, captures it but somewhere along the way requests and obtains authorisation again. This way they will only capture the amount they expect but have effectively locked up your account of the same amount again. So although you have it in your account you cannot access it because it is "promised" to someone else. The authorisation lasts a few days and this may have been the issue here.

Toots

That's pretty much it Pat! This has always happened, but before BOI's system wasn't 'live' so by the time the TX had posted to your account, the second TX would have fallen off the system, so you'd never have known about it. You won't incur any fees or charges for this, because it is a 'shadow' and hasn't posted to the account properly. It will also not affect any credit decisions made on your account, or any decisions whether or not to pay/unpay cheques, direct debits, etc.

ArdDonagh

Toots* wrote: »

You won't incur any fees or charges for this, because it is a 'shadow' and hasn't posted to the account properly. It will also not affect any credit decisions made on your account, or any decisions whether or not to pay/unpay cheques, direct debits, etc.

Thats a relief. Though still very annoying that in this day and age it will take them a week to rectify it on their system!

stepbar

ArdDonagh wrote: »

Thats a relief. Though still very annoying that in this day and age it will take them a week to rectify it on their system!

Such is life. Systems are largely automated but this piece is manual and as such takes time to review.

Having reviewed the email correspondence on this topic, the fact that you're a/c is overdrawn because of a incorrect laser transaction will not effect how interest and fees are calculated. Only when the tx is approved do same apply. Trust me the system we have now is better than the system of old where you would have been charged fees (however, you would have been entitled to a refund if it was found to be an error on the part of the retailer).

ArdDonagh

What annoys me the most about this issue, is the attitude of my Bank of Ireland branch. It was they who told me that I would incur charges for being overdrawn. They appear to be in complete ignorance of their own systems and their failures. And even after contacting Dublin and being advised in relation to same, they were still denying responsibility and advising me to go back to the retailer for a refund!!! :mad:

dimejinky99

This is bizarre, 'I'm with AIB and i've noticed a load of what look to be double charges on my laser as well.. nothing more than €50 but it has happened a fair bit..****, i'm not reading the statements wrong then?

Toots

Hmmm, you might want to query that, dimejinky99. Are you talking about the printed statements that are sent out to your house? These 'shadow' transactions shouldn't show up on those.

stepbar

ArdDonagh wrote: »

What annoys me the most about this issue, is the attitude of my Bank of Ireland branch. It was they who told me that I would incur charges for being overdrawn. They appear to be in complete ignorance of their own systems and their failures. And even after contacting Dublin and being advised in relation to same, they were still denying responsibility and advising me to go back to the retailer for a refund!!! :mad:

You're well entitled to be annoyed. Staff are "supposed " to read memo's on subjects like this (amoungst others). But often same are not bothered. Sad but true. Vote with your feet.